The clock is ticking for Ohio University faculty and staff to accept a buyout option, and so far, about half the expected number of employees have chosen to take the money and walk.
The university projected 114 of the 778 eligible employees would take part in the program, implemented last year as a cost-cutting measure. But so far, only 72 have taken the buyout, according to a report from Executive Vice President and Provost Pam Benoit.
“We hoped to have more faculty participate, so it’s a bit of a concern, but it is still open until June 30,” said Greg Fialko, OU’s senior human resource director, adding that the estimate of how many people would take a buyout was formed based on buyouts in past years.
“It is difficult to define any benchmark data on how many people will take these,” Fialko said.
Faculty and staff initially were offered a cash buyout ranging from $5,000 to $80,000, but that offer expired in May. In the current buyout option, which is offered to faculty who have worked at OU for more than 30 years, OU buys a year’s worth of service from the state pension program, which boosts the employee’s pension. The offer will remain on the table until June 30.
If the desired number of employees take the buyouts, the plan would save OU about $8.7 million annually — savings necessitated by cuts in state support for higher education.
So far, buying out 72 employees cost OU $4.3 million but has saved about $5.8 million in salary payments, Benoit said.
In order to refill some of the positions vacated by buyouts, OU has implemented a three-part plan. In the first phase, which took place during the summer, the university filled necessary positions to ensure every needed academic class was sufficiently staffed, Benoit said.
OU is in the middle of the second phase, which involves hiring “critical Group I faculty,” Benoit said.
“We need to look at what we need from a Group I faculty member five years from now,” Benoit added. “Someone who is a good fit now may not be in five years.”
So far, only Heritage College of Osteopathic Medicine Dean Jack Brose has filed the plan for his college, Benoit noted.
“I would have liked to have (the other deans’) plans months ago,” she said.
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