Employment volatility in the academic workforce: Implications for faculty financial and retirement plans
Short-term appointments in the academic workforce account for roughly two thirds of all faculty positions. Yet little is known about this segment’s financial needs, experiences and professional stability.
This study examines how faculty with volatile and insecure appointments (“adjunct faculty”) navigate their financial planning and retirement needs. The findings are intended to inform programs and strategies that financial firms and employing institutions can implement to help these individuals improve their saving and retirement prospects.
The researchers collected data on a wide array of faculty holding volatile appointments at a diverse set of institutions and interviewed 40 faculty members. Responses provided by each participant were contextualized by relying on data mining and visualization techniques. The evolution of participants’ responses are shown.