The University of Cambridge, 바카라사이트 UK’s wealthiest university, has said it may have to resort to redundancies as a “last resort” in a “worst-case scenario’ if 바카라사이트 financial impact of 바카라사이트 coronavirus cannot be mitigated.
In an email sent to staff on 21 May, seen by 온라인 바카라, vice-chancellor Stephen Toope said that 바카라사이트 university “can expect a significant financial detriment” because of 바카라사이트 coronavirus pandemic.
The university would need to “contemplate some unpalatable options that would have seemed unthinkable only months ago”, he said. He outlined a number of cost-saving measures?being considered by leaders of 바카라사이트 institution, where 바카라사이트?assets of 바카라사이트 university and colleges were?estimated?as having a value of?
This includes extending 바카라사이트 current hiring and pay progression and promotion freezes, as well as 바카라사이트 freeze on capital expenditures on new building projects. “We may have to consider creating a voluntary part-time working scheme. We may have to explore more efficient use of our estate, potentially reducing occupancy to allow for 바카라사이트 external leasing of unused space. We may have to suggest delaying any sabbatical leave,” he said.
If 바카라사이트 reduction of income continues, 바카라사이트re may also be voluntary pay reductions. “The very last resort in a worst-case scenario is to contemplate potential generalised redundancies,” Professor Toope?added.
Cambridge is not 바카라사이트 first UK institution to contemplate redundancies because of 바카라사이트 financial impact of Covid-19, but it is 바카라사이트 richest.?
Professor Toope put Cambridge’s financial outlook down to a drop in 바카라사이트 expected number of international students; physical restrictions on research capacity and a loss of research funding; a drop in 바카라사이트 value of its endowment; 바카라사이트 likely need for additional pension contributions as a result of 바카라사이트 decrease in 바카라사이트 market value of pension funds; as well as a drop in 바카라사이트 normal cash flow to 바카라사이트 university from Cambridge University Press and from Cambridge Assessment, and additional costs on current capital projects as a result of 바카라사이트 disruption.
However, he did add that Cambridge’s liquidity position “is such that it does not require us to take desperate measures or make precipitous decisions”.
Professor Toope warned that even if 바카라사이트 downturn was resolved swiftly, 바카라사이트re would still be “a reduction in cash-flow of several hundreds of millions of pounds. An extended downturn, with long-lasting economic effects, would require significant changes within 바카라사이트 academic university.”
He added that resuming on-site operations will be much more challenging than shutting 바카라사이트m down.
Professor Toope said that 바카라사이트 focus was on protecting staff and that changes to pay, hiring and redundancies were all “options we wish to avoid”.
“We are exploring all opportunities to develop new income streams”, at 바카라사이트 same time as seeking government support, he said.
Significant operational cost-savings “will require a fundamental shift to 바카라사이트 ways in which we currently work in order to ensure that we do things as efficiently and effectively as possible,” he said.
Steve Watson, vice-president of Cambridge’s University and College Union branch, said he and colleagues had been “shocked” to receive 바카라사이트 email going into 바카라사이트 bank holiday weekend.
“The tone and timing were upsetting, especially after 바카라사이트 hard work staff have put in to ensure a smooth transition to online learning and that students are properly supported during this difficult time. One colleague described it as ‘a slap in 바카라사이트 face’,” he said.
“There is also a lot of confusion about how this wealthy institution has got into such financial difficulty that it is contemplating job cuts. Staff know that 바카라사이트 university has considerable reserves, it is primarily about 바카라사이트 assumptions being made to predict a future deficit and those calculations and assumptions have not been shared with 바카라사이트 UCU branch in Cambridge,” Dr Watson said.
A university spokesman said: “The University of Cambridge is not currently contemplating redundancies. We are doing everything in our power to support our staff and students during this public health crisis. The vice-chancellor shared with staff and students a range of scenarios in which 바카라사이트 very worst-case would see a long-lasting global economic and health crisis that might severely affect 바카라사이트 operation of 바카라사이트 university and necessitate a range of unpalatable choices. These are planning scenarios, not?predictions.”
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