Reduction in Workforce at Memorial Sloan Kettering Due to Rising Expenses
Memorial Sloan Kettering Cancer Center Announces Workforce Reductions
Memorial Sloan Kettering Cancer Center (MSK) has sent an email to its employees, announcing plans for workforce reductions due to a projected budget deficit of over $200 million in the next year. The exact number of employees to be laid off and which departments will be affected have not been disclosed in the email.
According to the email, which was viewed by Bloomberg News on Monday, the cuts will be made within the next two months. The hospital group's workforce reduction is expected to be less than 2% of its total staff.
MSK, one of the world's leading cancer treatment and research institutions, has already taken cost-saving measures. The hospital group has closed some open job postings as a means to lower expenses.
As of last year, MSK employed 21,175 people. The total budget deficit for the hospital group has not been specified in the email.
The message did not specify which departments would be subject to cuts. However, it is understood that the reductions will be strategically implemented to minimise the impact on patient care.
The news of workforce reductions comes as healthcare institutions across the United States grapple with financial challenges due to the COVID-19 pandemic and rising costs. MSK has been no exception, as the pandemic has led to a decrease in elective procedures and an increase in expenses related to personal protective equipment and testing.
MSK leadership has emphasised their commitment to transparency and communication with employees throughout this process. The email sent to MSK employees on Monday was the first official communication regarding the workforce reductions.
The hospital group is continuing to work on finding ways to mitigate the budget deficit and is exploring various options to ensure the long-term sustainability of the institution. MSK remains dedicated to its mission of providing exceptional cancer care and leading-edge research.
This article is based on information available as of the time of publication and may be subject to updates as more information becomes available.
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