AKRON, Ohio —The University of Akron plans to offer voluntary buyouts to employees, increase recruiting efforts of international students and restructure its scholarship system to address a looming deficit and declining enrollment.
University of Akron President Matt Wilson outlined a two-year plan last week to shore up the school’s finances.
The university hopes to finalize a voluntary buyout program by early next year that is expected to save $8 million in the next budget year, Wilson said.
“We are not looking at personnel cuts or involuntary layoffs or program cuts with this plan,” Wilson told The Akron Beacon Journal.
Some faculty members have declined raises after being promoted to save the university money. Wilson accepted a $370,000 annual salary when he was appointed president last month after being hired as interim president in July. University presidents earn an average salary of $430,000, according to the Chronicle of Higher Education. The university has also only been filling critical positions.
Wilson’s plan calls for boosting the recruitment of international students and dedicating dormitory space for them.
The plan also calls for increasing student retention by locking in scholarships for juniors and seniors and by making more financial help available to them if they began college without scholarships.
