University Business - July/August 2012 - (Page 94)
CAmpus FINANCE
RetiRing Minds
Want to KnoW
How institutions are making voluntary retirement programs work
Administrators, faculty, and staff at Ohio U could opt to begin their "twilight years" early.
I
t’s an increasingly common move by campus officials during challenging economic times: voluntary retirement. Offering these incentives to faculty and staff provides a ready means of reducing personnel costs while not being seen as severe and traumatic as layoffs, salary reductions, and furloughs tend to be. Although the details of such plans vary from one college to the next, they all rest on the potential for shrinking the workforce during times of static or declining budgets. Even where employees will be replaced, costs may be lowered by using part-timers or hiring less experienced full-time personnel. New employees may also come with less expensive benefit
packages than those negotiated in earlier eras. “The most common reason an institution would promote early retirement would be to meet budget cuts,” says John Cothern, senior vice president at Middle Tennessee State University, which carried out a voluntary incentive program in 2009-2010. “This could be from either reduced state funding in the case of public institutions, or reduction in enrollment that translates to reduced funds.” Accelerating the retirement of existing staff also opens opportunities for bringing in new talent. “Colleges and universities want to be able to attract and retain the best and the bright-
94 | July/August 2012
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Table of Contents for the Digital Edition of University Business - July/August 2012
University Business - July/August 2012
Contents
Editor’s Note
Ad Index
College Index
Behind the News
Viewpoint
Admissions
Models of Efficiency
Floor Plans
Consulting Guide
Limited Liability
Touch to Begin
A Sound Investment
Voluntary Retirement
Human Resources
Money Matters
What’s New
End Note
University Business - July/August 2012
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