Word: budgeting
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Desperate times call for desperate measures. We have seen one million layoffs in the United States this year, many concentrated in specific industries such as automobiles and computer technology. And, although Harvard faces its largest budget shortfall in history, FAS has announced it will avoid having to fire employees in order to cut costs. Instead, department chairs were notified earlier this week that non-union salaries will be frozen and most searches for tenure-track and tenured faculty will be put on hold. While the salary freeze may be unfortunate, it is a fair and logical step given the dire...
Asking departments to limit their searches for new faculty also helps send a message that budget issues are serious and likely to persist. This will hopefully help departments internalize the need to collectively tighten the belt and not expect to adhere to prior spending levels...
...profit institution with a long-term horizon, Harvard can afford to take relatively low-impact steps to address its budget shortfall. So far, Harvard has not had to follow the lead of the market in issuing a shower of pink slips. However, Harvard is far from immune to the market downturn, and, while we would ideally want to avoid cutbacks altogether, restricting salary increases and new hires is a reasonable decision that will minimize impact to our community, while hopefully helping to ease a significant portion of the $100 million shortfall...
...CORRECTION: Due to a typographical error, this paragraph cited the need to cut $100 billion from the FAS operating budget, when in fact the amount is $100 million. The figure has since been corrected within the text. The Crimson regrets the error...
Hayward emphasized that the deal could still fall through. A budget proposal will be presented to FAS in the next few weeks, and the administration will then determine how to proceed, according to Mitchell...