In response to the upheaval caused by the coronavirus pandemic, more than 72% of college presidents expect to lay off employees, almost 55% project across-the-board budget cuts and almost 40% will likely cut research-and-development spending, according to a recent survey of higher education leaders’ priorities amid campus shutdowns.
The survey, conducted by ABC Insights, along with the Association of American Colleges & Universities (AAC&U) and the rpk Group, drew responses from 142 presidents from 77 private universities, 38 public ones and 27 community colleges. Researchers had sought responses from 285 college leaders.
College presidents “are clearly planning to weather a storm,” wrote researchers.
“This is a time of shaking out,” Paul Friga, principal researcher on the survey, told Diverse. “This will induce innovation. Pressure is turning way up.”
Here are some of the key findings from the survey:
– 70% of all responding presidents said they expected at least a 10% decline in revenue, with 12.1% expecting drops of 15-19.9% and 10.6% expecting a 20-24.9% dip.
– 2% of leaders at private colleges, 10.6% of those at public ones and 6.7% of community college presidents said they expected to “significantly” pare administrative costs.
