Emory and the Economy
April 2009
Message from President Jim Wagner to the Emory Community on April 29, 2009
View Frequently Asked Questions about Emory and the Economy
Dear Emory Community,
As the academic year draws to a close, we find ourselves in a period of transitions. First, of course, is the annual transition of conferring degrees and celebrating the commencement of yet another chapter in the lives of our graduates. To those of you leaving our community, know that we wish you well and are better for what you have given us. We are proud of you and of the fact that you will take Emory with you wherever you go. Be assured that those of us you leave behind will continue to do our best to ensure that you will always be proud of Emory.
Secondly, for all of us – graduates, others leaving the community, and those of us remaining – there is another transition underway. It is the ongoing world-wide transition to new economic circumstances. How we address this imposed transition will determine whether we merely survive or, rather, triumph. Perhaps even to those leaving us, it will be interesting and instructive to know about Emory’s next steps in addressing the coming economic environment. So I encourage you to read on.
Given the collapse of what had been an inflated investment market, Emory is adjusting to a projected long-term reduction in revenues. In addressing this transition to a new economic environment, we are applying three broad principles.
The first is that we are choosing to apply fuller funding to fewer activities rather than lesser funding to all that we have been doing. Being committed to excellence, we are finding it necessary to do fewer things, so that we can emerge in the new economy fully supporting those activities that are essential and those through which Emory can demonstrate excellence and provide leadership. This necessarily means that, to the extent possible, cost-cutting is not merely a maintenance strategy but a way of concentrating our reduced resources to invest in what is truly excellent. At the same time, we must seek to grow revenues through new efforts and programs.
The second principle is that recommendations for decision-making must come from the deepest appropriate levels within the organization. There is wisdom in collective engagement, and, going forward, the deans, directors, and vice presidents are committed to engaged planning within their units and between the units to consider difficult questions, the answers to which will inform our path to a successful future. In the coming weeks you may expect communications from these leaders about opportunities for all of us to help define aspirations and design steps to ensure Emory’s leadership position in the new economy, beginning with the formulation of initial plans by October 1. Please participate.
The third broad principle may require even more discipline. It calls for a constructive double vision, viewing our current circumstances clearly without losing focus on our longer range vision. We must neither mortgage our future to postpone today’s difficult decisions, nor allow our fascination with our long-term vision to distract us from today’s real challenges. The health of our community will depend on our ability to deal realistically with today without losing sight of tomorrow.
Perhaps this is a good thought to leave with our graduates as well. May you be committed to, and even enjoy, the pursuit of the challenges of each day, never forsaking your visions for the future.
With best wishes for this summer and all seasons,
Jim Wagner
