Even before the COVID-19 pandemic struck, higher education institutions were already facing unprecedented budget pressures. In response to COVID-19 budget woes, college and university leaders are considering widespread layoffs to remain solvent.
However, an EAB analysis of 1,300 institutions’ budgetary data shows that most institutions that make these kinds of across-the-board cuts to staffing end up paying more in labor costs over the next three years. Watch this short video to learn why that happens, and how you can secure sustainable cost savings that won’t jeopardize staff morale.
