DeVry to Cut 570 Jobs

DeVry Inc. is getting ready to cut back on 570 jobs in order to set its balance sheet to right. The company cited some downturned finical numbers, with up to $19 million less in revenue then experts outside the company were expecting. To that end the school is most likely going to be inciting several mass layoff actions, as these types of layoffs are going to be spread about the schools campuses. For those of you who are not familiar with the idea of a mass layoff action here is a look at how the federal government defines the term, “The Mass Layoff Statistics (MLS) program collects reports on mass layoff actions that result in workers being separated from their jobs. Monthly mass layoff numbers are from establishments which have at least 50 initial claims for unemployment insurance (UI) filed against them during a 5-week period. Extended mass layoff numbers (issued quarterly) are from a subset of such establishments—where private sector nonfarm employers indicate that 50 or more workers were separated from their jobs for at least 31 days.”

Of course this is not the only private education company that is cutting back on jobs in order to make ends meet. For those of you who do not recall our earlier coverage of cuts to Kaplan University here is a look that will get you up to speed in no time at all, “How many people will be getting the axe? Well according to official reports the company is getting ready to be rid of about 200 workers when all is said and done. While that is only about two percent of the overall number of staffers that the company employs on the whole, it is still more than enough to qualify as a mass layoff action under the current federal guidelines.”

Even more traditional schools have bee cutting back on jobs. Here is a look at those job cuts that illustrate the depth of the problems, “The New Mexico Institute of Mining and Technology sounds like an innocuous enough of a place, right. When you hear the name you probably picture students heading towards their classes, people working in a lab or maybe even some of the Greek life, depending on your college experiences. I bet you did not know that the college actually owns a small town…Well, it looks the facility is getting a serious staff reduction. The school announced that it is going to be laying off all of the members of the support staff for the facility. For those of you who are in search of hard numbers, that is a loss of about 70 jobs from the facility.”

Interestingly enough, instead of writing a press release about the jobs that the company is cutting back on, or making any kind of a statement about the losses the company instead put out its most recent release about the Olympic Games. The release is titled “WPFO-TV Talks to Former Olympian Carl Lewis About DeVry University’s Partnership with Team USA”, in which the company said the following, “In November 2011, the United States Olympic Committee announced that DeVry Inc., a global provider of educational services, was named an official education provider of Team USA. As part of the agreement, initially, DeVry University and its Keller Graduate School of Management will provide higher education opportunities at undergraduate and graduate levels, for U.S. Olympic and Paralympic athletes and training hopefuls through 2016.”