The university will … However, most of the endowment is restricted in its use and cannot be used to support deficits. Privacy Policy August 17 (Mon) Axess opens for course enrollment for M.D. Many of the UG2 employees who clean and maintain parts of the campus were immediately affected due [&hellip Stanford University has laid off 208 employees as part of workforce cuts under its recently approved 2020-21 budget plan. PR MediaRelease students. I suspect they will mostly lay off the worst-paid employees, including secretaries and facilities support such as custodians and groundskeepers. Uploaded: Wed, Aug 5, 2020, 9:26 am Community Calendar “At this time, we expect to be able to communicate more detailed decisions about layoffs in late July.”. In June, the university Board of Trustees approved a budget plan for 2020-2021 that maintained financial aid for students, though the university said it … Stanford has not made any final decisions about how classes will be conducted in the coming academic year. Contact Us Of those applicants who were admitted, 82% chose to enroll. Healthcare workers at Stanford Health Care hospitals in the South Bay are facing 20 percent pay cuts and furloughs starting Monday, a move that will affect about 14,000 healthcare workers as … Overdose Deaths Far Exceed COVID-19 Deaths In San Francisco. Uploaded: Wed, Aug 5, 2020, 9:26 am During the 2008 recession, for instance, Whole Foods laid off fewer people than Stanford University, which has a multibillion-dollar endowment. and J.S.D. Get daily headlines sent straight to your inbox. Employees who have been laid off, either temporarily or permanently, will stay on the payroll for 60 days, he said. "Although cuts to non-financial aid budgets have been less deep than we initially feared, they have still meant that units and departments have needed to make reductions in spending," Tessier-Lavigne wrote. Those who are among the unfortunate individuals being terminated cannot help but look at the size of the endowment and wonder what message this round of layoffs sends about Stanford's priorities. Doesn't the university have lawyers and mechanisms to revise how the endowment is administered in extraordinary circumstances? Embarcadero Media Mobile site. Though the university's board of trustees approved a budget plan for 2020-21 that includes a 3% increase in endowment payout to support student financial aid, a 10% decrease in payout from other endowment funds to "mitigate market volatility" and the tapping of $150 million of unrestricted endowment funds to help balance the budget, the workforce cuts were still necessary, he wrote. 2 of 2 Medical researchers perform serology, testing blood samples to find out whether someone already had and recovered from COVID-19, in Stanford University s Clinical Virology Lab in March 2020. President Marc Tessier-Lavigne announced the cuts in a message to the campus community last week. Mountain View Voice We hope they will be limited, but they will be driven by the program needs and budget capacity of individual units. Even with a $27 billion endowment, Stanford University expects layoffs will be ‘unavoidable’, On Wednesday, Stanford University president Marc Tessier-Lavigne announced in a letter to the Stanford community that the school was facing financial challenges related to the coronavirus pandemic and that some reduction in the school’s workforce would likely be “unavoidable.”, “We don’t yet know the scale of job reductions. "If the pandemic continues to worsen in our region and we are not allowed to bring back students as planned, there could be further significant impacts on our operations and revenue streams. The university previously announced layoffs of nearly 1,000 dining-service employees and adjunct professors, who won't be returning in the fall. Gavin Newsom. 02, 2020 This article has been updated to clarify that Stanford Health Care cook Sarah Jane Von Wettberg chose a mix of paid and … All rights reserved. Obituaries Unfortunately, some temporary and permanent layoffs could not be avoided,” said Miranda. Categories: Finance, Workplace & HR Last modified on May 7, 2020. August 17 (Mon) Stanford Bulletin publishes academic year 2020-21 degree requirements; ExploreCourses opens with Autumn class offerings.   As a result, at this time we cannot exclude the possibility of further layoffs, temporary or permanent, at some future date, although we earnestly hope they will not be necessary," he wrote.Stanford is encouraging undergraduate students and their families to make back-up plans for fall housing, to purchase refundable tickets for travel and to bring to campus no more than two suitcases and a backpack — "in other words, what a student can reasonably carry," university leaders said.The university said it will provide another update on plans for the fall quarter in mid-August.California's colleges and universities are also awaiting specific reopening guidance for higher education institutions from Gov. Layoffs may be temporary or permanent, and may occur because of budgetary reasons, lack of work, reorganization, or redefinition of the university’s or the department’s needs. Sorry, but further commenting on this topic has been closed. Stanford Medicine leaders offered updates about local testing for COVID-19, as well as information about transmission and treatment of the respiratory disease, during a virtual town hall on March 12.. Tessier-Lavigne wrote Stanford is forecasting a “$267 million negative financial impact from COVID-19” between March 1, 2020 and August 31, 2020, which marks the end of the Fiscal Year 2020. Home and J.S.D. Stanford University continues to tighten its budget to address lost revenue due to the pandemic shutdown, including permanently laying off 208 employees, putting 30 additional employees on furlough and eliminating more than 400 vacant positions.President Marc Tessier-Lavigne announced the cuts in a message to the campus community last week.Though the university's board of trustees approved a budget plan for 2020-21 that includes a 3% increase in endowment payout to support student financial aid, a 10% decrease in payout from other endowment funds to "mitigate market volatility" and the tapping of $150 million of unrestricted endowment funds to help balance the budget, the workforce cuts were still necessary, he wrote.   The Almanac 4 Support Palo Alto Online for as little as $5/month. It is located in Palo Alto, California. Stanford University has laid off 208 employees as part of workforce cuts under its recently approved 2020-21 budget plan. Stanford is encouraging undergraduate students and their families to make back-up plans for fall housing, to purchase refundable tickets for travel and to bring to campus no more than two suitcases and a backpack — "in other words, what a student can reasonably carry," university leaders said. Stanford’s commitment to continue pay for employees March 16, 2020. The university has also paused approval for new capital projects. To be sure, Stanford’s endowment, like most others, has restrictions on how much can be withdrawn each year and what those funds can be used for, which means Stanford administrators do not have complete access to the full $27.7 billion. “To be clear, we will provide pay continuation through August 31 in all cases, and we will be providing more information about assistance the university will provide for anyone we’re unable to retain.”. Sponsored content But the resurgence of COVID-19 cases locally and across the state could disrupt that plan — and lead to further layoffs, Tessier-Lavigne said. Visitor Info, Send News Tips Stanford University Human Resources (UHR) is seeking a Senior Employee & Labor Relations Specialist who will contribute to all areas of employee and labor relations university-wide. "Because salaries are such a large component of the budgets of all units, unit leaders have had to make difficult choices about their workforces over the next year.". Not even law firms at the top of the heap could avoid making cuts. We hope they will be limited, but they will be driven by the program needs and budget capacity of individual units.”. Stanford University, projecting a $267 million loss from the first six months of the coronavirus shutdown, is planning for program reductions, layoffs and budget cuts in the next fiscal year. "Because salaries are such a large component of the budgets of all units, unit leaders have had to make difficult choices about their workforces over the next year. TheSixFifty.com, © 2020 Palo Alto Online Stanford University Provides Financial Support to UG2 Employees Affected by Pandemic-Related Layoffs Like every other college and university in the country, Stanford University had to close substantial portions of its campus as a result of the Coronavirus pandemic. All rights reserved. https://vpge.stanford.edu/diversity-initiatives/commitment. But the resurgence of COVID-19 cases locally and across the state could disrupt that plan — and lead to further layoffs, Tessier-Lavigne said. Tessier-Lavigne expects this will result in program cuts as well as layoffs, some temporary and some permanent. Stanford announced last month that it would cut administrator salaries, with Tessier-Lavigne and Provost Persis Drell each taking a 20% pay reduction. August 24 (Mon) M.D. Stanford University Expects Layoffs Despite $27 Billion Dollar Endowment Posted by Mike LaChance Saturday, May 30, 2020 at 11:30am | 5/30/2020 - 11:30am … But is it possible to retain employees in such difficult economic times? July 24, 2020: Investor Place: Schlumberger Layoffs: SLB to Cut 21,000 Jobs Amid Oil Woes. Due to violations of our Terms of Use, comments from this poster are only visible to registered users who are logged in. Special Pubs Use the links at the top of the page to Register or Login. August 17 (Mon) Axess opens for course enrollment for J.D., J.S.M., L.L.M. August 17 (Mon) Stanford Bulletin publishes academic year 2020-21 degree requirements; ExploreCourses opens with Autumn class offerings August 17 (Mon) Axess opens for course enrollment for M.D. The university would have to borrow the money and may have to anyway. Embarcadero Media file photo by Sinead Chang. Both nationally and here at Stanford, employees have been wondering what coronavirus-related issues will mean for their jobs and pay. Advertising Info Subscribe Follow Palo Alto Online and the Palo Alto Weekly on Twitter @paloaltoweekly, Facebook and on Instagram @paloaltoonline for breaking news, local events, photos, videos and more. Express / Weekend Express Interim policy updates as of May 27, 2020. Stanford still plans to bring undergraduates back to campus in the fall with numerous safeguards in place, including mask requirements, regular testing, temperature checks at dining halls and contact tracing in the event of infections. “We don’t yet know the scale of job reductions. Promotions Categories: Finance, Leadership communications, President, Workplace & HR Last modified on October 1, 2020. To our Stanford community, Over these last many weeks, our university community has persevered through a time of disruption and uncertainty. Why do schools have these massive endowments if they’re not for use in a time of emergency? Terms of Use Home & Real Estate Print Edition/Archives A&E I wonder how targeted the layoffs are at these wealthy universities. "If the pandemic continues to worsen in our region and we are not allowed to bring back students as planned, there could be further significant impacts on our operations and revenue streams. The university said it will provide another update on plans for the fall quarter in mid-August. TownSquare Part-time employees will also be cut, as will any workers in the gig economy that haven’t already lost their jobs because of CA’s new law. Registrar's Office. The proliferation of well-paid administrators (each with his/her own retinue of assistants and secretaries) will continue, as will the grievance establishment. Sports Of course it is — because layoffs are, in part, a choice. With a $27 billion endowment, the obvious question is why doesn't the Stanford board of trustees decide to simply absorb the expected losses as a "once in a lifetime" event? “The endowment consists of thousands of individual gifts from donors, with most gifts restricted to specific uses,” reads the school’s website. SLB layoffs come alongside declining revenue: Oil & Gas: July 24, 2020: Above The Law: Layoffs Come To Top 20 Am Law Firm. Employees who are temporarily laid off may continue medical benefits and people who have permanently lost their jobs will be eligible for career transition services, severance pay and continued medical benefits. August 17 (Mon) Axess opens for course enrollment for J.D., J.S.M., L.L.M. students. Stanford University typically accepts and attracts "A" average high school students. Stanford University, one of the world's leading teaching and research institutions, is dedicated to finding solutions to big challenges and to preparing students for leadership in a complex world. Undergraduate Admission at Stanford University--one of the world's leading research and teaching institutions. “I know this is difficult news to hear, and it is difficult for me to share, knowing the dedication and contributions of the people across our Stanford workforce,” he added. students. The university’s president made $1,556,669 in 2018, while Drell made $927,005 in 2018, according to Stanford. Failure to do this will be sufficient cause for removal from the University." Circulation & Delivery, About Us To determine the new steady state, in April we asked units across the university to develop budget plans for 2020-21 that incorporated a potential 15% reduction in endowment payout and a 10% reduction in general funds (two important components of each unit’s budget) — a worst-case scenario for the 2021 fiscal year. "The permanent layoffs include reductions to Stanford's athletic staff, announced in July.Employees who have been laid off, either temporarily or permanently, will stay on the payroll for 60 days, he said. , Legal Insurrection, All Rights Reserved. editor: ‘Democracy Dies in Darkness’ slogan not going anywhere, WELL, WHAT ELSE IS THERE LEFT TO DO? “A…. Gavin Newsom.Find comprehensive coverage on the Midpeninsula's response to the new coronavirus by Palo Alto Online, the Mountain View Voice and the Almanac here. 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