New Orleans, La. A hiring freeze will take effect next month at Loyola University in New Orleans, as the university works to deal with an anticipated budget shortfall of as much as $9.5 million. The university blames money problems on lower-than-expected freshman enrollment. Loyola says it expects an incoming first-year class of approximately 600 to 625 students, short of its enrollment goal of 875.
In addition to the August hiring freeze, the university is considering other cost-saving measures, including the elimination of jobs. Under consideration are retirement and severance packages as well as reduction of work hours for some positions and reduction of 12-month positions to 10-month positions.
Over the last century, Loyola has been successful in overcoming its fair share of challenges, and we will meet this new test with the same commitment to prevail," Loyola President Kevin Wm. Wildes said. "This university is not alone in facing reduced enrollment and budget cuts. We know that many other schools across the nation have confronted the same or similar issues recently, including higher education institutions here in New Orleans."
Loyola administrators are currently developing strategies drawn from input from the entire university community to increase enrollment and balance the budget shortfall. Most of these strategies will be implemented throughout the next fiscal year, however, the most immediate of these will be a hiring freeze, which takes effect Aug. 1.
A committee of university leaders has also been formed to guide and monitor enrollment management issues for the short- and long-term. This committee, chaired by Loyola Provost and Vice President for Academic Affairs Marc Manganaro, Ph.D., will work closely with the Office of Enrollment Management on issues such as pricing and setting enrollment and net revenue targets.