Word: lettere
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...goal (indeed, our need) has been to prepare the School not just for next year but also for the years after," the letter said. "Ultimately, this means we must become a smaller organization...
Through the latest staff reductions and other cost-cutting initiatives, HBS has trimmed roughly $40 million from its budget, according to HBS spokesman Brian C. Kenny. In their letter, Light and Crispi expressed hopes that no further layoffs would be necessary, but noted that new hiring would be closely monitored...
...addition to the layoffs, 42 out of 103 eligible HBS employees took early retirement incentive packages from the University this past spring—a participation rate of over 40 percent, the highest out of all the University's schools. The letter also noted that roughly 50 temporary and contract workers, mainly in operations and facilities, will not have their contracts renewed for fiscal year 2010—which begins today—and others will leave the school through "normal attrition...
...late April interview, Light said that the School began to respond to the crisis in March 2008 by cutting expenses and postponing several capital projects. But in the recent letter, he and Crispi wrote that it was not enough. Other cost-cutting measures that staff had suggested to avoid layoffs, such as furloughs and pay reductions, would also be too little, they said...
...have been deeply impressed by the generosity with which these ideas were raised," the letter read. "Unfortunately, though, they are stopgaps rather than measures that would help us achieve sustainable change...