BALTIMORE - Loyola University announced it has laid off 15 employees and eliminated 22 vacant positions due to financial constraints.
Loyola President Rev. Brian F. Linnane said the decision on the layoffs was made official Tuesday “as part of an ongoing university-wide initiative to increase operational efficiencies and identify opportunities for new revenue sources to form a stronger and more sustainable Loyola for the future.”
“The decision to reduce our workforce is one of the most challenging I have faced in my nine years as president of Loyola,” said Linnane in a statement. “However, we, along with our peer institutions across the country, can no longer expect families to pay large tuition increases as they have in the past, and we face a greater demand for financial aid in light of the nation's economic struggles.”
According to figures provided by Loyola, the 37 eliminated positions total roughly a 4 percent reduction in in the college’s yearly cost for compensation and benefits. Also, the 15 employees who were laid off will receive severance packages and be offered outplacement services.
“We have already taken great care to exhaust as many other options for cost-cutting, fiscal responsibility, and efficiency as possible-and we will continue to do so without compromising on educational quality,” said Linnane in a statement.
“Our decision this week is no different. Each position that was eliminated was considered carefully, strategically, and objectively, with the greatest concern for how we can best operate as a university and continue to deliver the exceptional, high-quality educational experience that is a hallmark of Loyola University Maryland."