From the Vice President for Human Resources:
We are all aware of the economic impact the COVID-19 pandemic is having on the nation, the region, and higher education. Fordham, like other institutions of higher learning, is dependent on tuition, as well as executive and continuing education, as its major source of funding. Enrollment projections for the Fall semester are uncertain. While the extent of the economic impact is not yet fully known, Fordham has begun planning for a range of scenarios. Therefore, the University has had to take a renewed approach at a realistic budget for next year, and find cost-cutting measures.
Adjustments to the 2020–2021 Budget – Guiding Principles
- Fordham will focus on strategies that enable us to retain all of its employees.
- The culture and mission of the University must be preserved.
- Budget adjustments should not undercut Fordham’s capacity to deliver on its strategic plan.
While many decisions and choices will come into sharper focus in the future, it is already clear that some actions must be taken immediately to align Fordham’s spending with the decline in revenue.
- With the cooperation of the Faculty Senate and the Unions, the University plans to implement a salary freeze for fiscal year 2021
- The University will be instituting a University-wide hiring freeze
We are still working to obtain a more complete picture of the financial conditions of the University, and we will be scrutinizing the FY21 budget to determine what other steps may be necessary to respond to the financial impact of the pandemic on our operations. We will continue to communicate with you as more information becomes available.
We recognize the strain and the disruption that COVID-19 has caused for every member of our community. Challenges will continue to confront us in the days ahead, but we are confident that, together as a community, we will adapt to meet these new challenges as they arise.
We thank you for your flexibility, patience, and teamwork. Together, we will find our way through this crisis.
Kay Turner, Esq., SPHR, SHRM-SCP
Vice President for Human Resources