Mirroring a University-wide trend in faculty turnover, the College of Veterinary Medicine is facing the expected loss of 30 to 40 percent of its professors in the next 10 years.

As Cornell braces to offset its largest wave of retirement in history, administrators warn that the lack of a mandated retirement age and worsening financial prospects for retirees could impede its faculty renewal initiative. 

As the University prepares to replace retiring professors as part of an ongoing faculty renewal initiative, administrators say they are prioritizing securing employment for the spouses and partners of new recruits. This push comes despite some challenges Ithaca poses to hiring.

Having taught more than 65,000 students in 48 years, Prof. Jim Maas, psychology, retired on Dec. 31, 2011. Maas’ most popular course, Psychology 1101: Introduction to Psychology, will resume in fall 2012 under a new professor. 

University administrators are looking to hire large numbers of new tenure-track professors over the next several years to replace rising levels of faculty retirements.

The University announced on Friday that it accepted all 423 Cornell employees who applied to participate in the optional Staff Retirement Incentive Program.

The SRI, which has originally publicized in February, aimed to reduce the size of the University’s workforce. Personnel costs for the University’s more than 10,000 employees comprise 60 percent of Cornell’s operating budget, according to Vice President for Human Resources Mary Opperman.

The University currently faces a shortfall of approximately $230 million in its operating budget.

Opperman said that the University will save money by eliminating “a majority” of the positions vacated by the 423 employees.

This story was originally published on March 16.

Addressing Cornell’s approximately $230 million deficit, President David Skorton summarized the University’s current financial situation and answered pointed questions from an audience of at least 200 this afternoon in an open forum aimed for faculty and staff in Statler Auditorium.

Most of the questions raised were centered on the subject of workforce reduction. Skorton said several times during the question-and-answer session that there would be more layoffs in the future.