What are they going to have to do next to make payroll? They have already cut expenses, 10% reduction in pay, and now furloughs. Short of laying people off, what else can they possibly do to make payroll in late Sept and early Oct?
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Lemonade stand? Mow the neighbors' lawns? Make students pay for official transcripts? One out of those three may actually help, and I love me some fresh lemonade.
I am like all the other smart folks out there that are actively looking for a job. Seems like short of a miracle (sale/DOE releasing $) that payroll is going to be reduced drastically. They almost have to reduce the number of employees. They can't keep doing these "short term" fixes to cover payroll.
Remember that our sole source of income is student FA. That's it. No students, no money. We close even sooner. They probably consider ads necessary. If we don't get students, that's it.
Don't let CCI decide your fate.
Very good question. No easy answers. Layoffs is the simplest, quickest solution, starting with the highest-paid non-essentials (divisional and regional directors/VPs). Essential personnel probably includes instructors, financial aid, admissions and careeer services (although fewer leads and lower enrollment means less of those folks needed as well).
501: I understand what happens in 4 months...I was just throwing out the question as to what happens between now and then. I know things are going to get bad but it doesn't seem like they are many options left on how the are covering payroll between now and closing.
Of course the obvious answer is cut payroll. But how? More pay cuts, layoffs, furloughs ?
Just some thoughts to spur a "what if" discussion.
They're still hiring left and right. So I would say they are dumping employees for cheaper labor. That way payroll is cheaper.
Since they announced they were closing or selling in six months, and we are at about 4 left, I would say the end to this story is obvious.
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