Tulane promises job security – and maybe raises

College campuses are starting to look a lot like a bad horror flick these days. State funding slashed. Faculty and staff getting the axe. Endowments bleeding millions. Enter Tulane University. President Scott Cowen has instituted something called a “Faculty and Staff Headcount Stabilization Plan,” which in plain English means that even though the economy stinks right now, no one has to worry about losing their jobs. Tulane is even looking to give raises. It’s a dramatic departure from other higher-education campuses in Louisiana, which are preparing for severe budget cuts this year by announcing faculty and program cutbacks. It’s also apparently unique among private institutions nationwide. Consider Harvard University, which lost 22% of its $36 billion endowment, leading to hiring freezes in some departments and a reassessment of expansion plans. So why is Tulane different? For one thing, the university is already at its leanest, having cut some 1,500 employees after Katrina [it now has 5,200 workers]. For another, although its endowment has lost money, too, its income generates just 6% of total revenues. By contrast, Harvard’s endowment covers more than a third of its operating budget. “I think the most important thing for us is that this has created somewhat of a sense of certainty for our employees,” says COO and Senior Vice President Yvette Jones. “We really wanted to send a message to our faculty and staff that they could feel secure in their position at Tulane.” – PBF