■ Virginia Tech announces pay cuts,
Virginia Tech announced Thursday it plans to regain nearly $15 million in its athletic budget through salary reductions, financial contributions and “efficiencies” as a response to losses accrued during the coronavirus pandemic.
During the 2021 calendar year, individuals in Virginia Tech’s athletic department making at least $115,000 will have a 10% salary reduction imposed. For employees making between $40,000 and $115,000, a sliding percentage scale for reduction will be adopted.
Tech’s board of visitors revealed last month in a budget meeting that the university has lost almost $60 million since the start of the pandemic.
“No collegiate athletics department has been spared from the harsh financial reality of revenue shortfalls directly attributable to COVID-19,” Tech athletic director Whit Babcock said in a statement released by the school’s athletic department. “At Virginia Tech, home football and basketball games, especially, are significant sources of revenue and support all of our varsity sports programs. Although we’ve had to make some very difficult decisions, we are more fortunate than others in being able to keep our commitment to all varsity athletics programs and our student-athletes.”
In addition to the salary cuts, Tech’s athletic department has made a small reduction in its number of employees and will look to decrease operational costs and streamline operations.
Tech has also reduced overtime in recent months and has kept select position vacancies open. Several employees have voluntarily returned or forgone benefits, such as car stipends and performance bonuses, according to Tech.
No varsity sports have been cut as a result of these cost-reducing measures. Tech has 22 varsity sports — 12 men’s sports and 10 women’s sports.
“We’re all in this together,” Babcock said. “We worked hard to develop a plan that was equitable across the board while protecting as many employees as possible in lower compensation brackets. Importantly, no individual making $40,000 or less will be impacted by our salary reduction plans.”