Vanderbilt University and Medical Center announced plans earlier this week to freeze salaries for faculty and staff for fiscal year 2010, which begins this July 1.
The move is being made to help keep the institution’s costs in line with reduced income from endowment earnings during the current economic climate.
Harry Jacobson, M.D., vice chancellor for Health Affairs, said this difficult decision was the right thing to do.
“While we regret that the outstanding efforts of staff and faculty will not be recognized financially during this time, we are confident that our approach to next year’s budget will ensure that Vanderbilt continues to perform as a world-class institution in all of its missions: education, discovery and service to all who need us,” Jacobson said.
Exceptions to the FY 2010 salary freeze include salary adjustments for faculty promotions, staff promotions and certain market sensitive, mission-critical positions.
Many other large employers across the country, including major universities, academic medical centers and health systems, are taking similar — and in many cases — more drastic action.
“This is being done to ensure that we have the financial resources to keep our outstanding staff and faculty on the team and to support the missions we all value,” Jacobson said.