The GREAT Re-calibration in Universities

The GREAT Re-calibration in Universities

This is a very serious matter: what happens if they close your precious department in college?  The news is that most U.S. schools are cutting costs and eliminating departments as money dries up, and enrollment drops. I mean, Covid-19 continues to distort the equilibrium of the global system. Now, schools will have to review their products and ascertain which ones make sense for the market (yes, students and parents as demand). Schools have operated without any regard to market fitness. Today, Covid-19 will get most of them to recalibrate what makes sense. Unfortunately, most Nigerian universities will not be exposed to such as they are evidently NOT part of the market systems with near-full government funding. So, those neglected departments remain with all the full rights to strike at will.

After thousands of students were forced to leave university in the middle of the school year due to lockdowns, the pandemic’s effect on higher education continues. With a drop in enrollment due to coronavirus, many institutions are facing budget shortfalls and having to cut programs and departments. The University of Alaska says it will cut 39 academic departments, while Elmira College in New York says it’s eliminating several academic programs, as well as reducing staff by 20%. Universities have had to furlough thousands of employees and announce revenue losses in the hundreds of millions, per CNBC.

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