Stanford Business School Lays Off 12 Percent
Various parts of Stanford are cutting back in order to get the school's budgets in line with shrinking revenue.
The Stanford Graduate School of Business is implementing across-the-board cuts and reducing its workforce by about 12 percent, the Stanford Daily reports. The GSB predicts a $15 million shortfall, 10 percent of its total budget. Forty-nine staffers were laid off, eight were put on a reduced schedule, and 12 temporary positions were eliminated. Other expenses—such as travel, food, library services, printing, and marketing—were cut off.
Meanwhile, Stanford athletics expects to lose $5 million in revenue, and officials are discussing ways to increase cash flow or decrease spending, the San Jose Mercury News reports. First in the line of tactics: limiting travel and charging for parking at football games. Worst-case scenario: cutting sports and coaches.
Tags: colleges | Stanford University
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Should the depression continue without abating more business schools will join this one in cutting staff. Education industry is not without its problems of shortsightedness since sound prudent financial management applies to a business school just like any commercial organization. Many business schools teach fundamentals to be a business leader with a holistic viewpoint but really they should be looking at micro-financing and basic bookkeeping so as to balance the books and make sure there are no funds chasing after a never ending rainbow. Secondly, the paradigm shift should be that business schools should foster less elitism and encourage a process of alleviating the ills of the world like environment, social entrepreneurship and alleviating domestic and international poverty. In terms of learning on Operations Management it should not be on an ad-hoc basis just because something is nascent like learning about JIT during the 1980s and now about China since it is the fastest growing economy. It should innovative management on the forefront of its syllabus and make certain that globalization issues are not just academic but pragmatic. Unlike other sciences, business subjects are prone to being impacted by social and psychological issues. Finally, business schools will have to lower their fees charged if they want to remain competitive as the world is now minting business schools and universities like chocolates.
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