OUR VIEW: Early retirement may be a rough ride

Well, according to the numbers, the Voluntary Separation Incentive Program was a roaring success.
    The program, which gave faculty nearing retirement the opportunity to be bought out of their last few years, received so many applications that 13 percent had to be declined.
    At the surface, this seems like a great program and a win-win situation for everyone. The university saves money, students might be able to enjoy a class without that notoriously cranky teacher who qualified and is now basking in the Alaskan sunset on a fishing boat, able to spend time doing what he or she wants a few years ahead of schedule.
    With the budget crisis at the center of seemingly every issue on campus today, this is a great way to streamline things and have the full cooperation of those who are leaving. Their salaries are higher than new professors and faculty because they’ve been around long enough to see raises and bonuses. They’ve all had a good run. And because of this program, fewer people have had to be fired which, obviously, is a good thing.
    However, around that silver cloud is a very gray lining indeed.
    Yes, newer, younger faculty are cheaper, and tend to have more enthusiasm because the bureaucracy of academia has not yet worn them down. But what they lack is the wisdom and experience of their older counterparts.
    This is a problem sweeping the nation as the economic woes continue and older members of companies and schools are asked to step down. The people replacing them might be equally or perhaps even better educated, but they are generally fresh into their respective businesses and have a limited perspective due to their limited time in the field. In the past, entry-level professionals in every discipline have had the opportunity to draw upon the expertise of their older fellows.
    But now, with the wide-spread loss of the experienced generation to an early Florida home, this mentoring process has been virtually lost. Sure, there might be one old-timer or two who did not opt to trade in the board room for Bingo, but he or she can’t teach every newcomer the ins and outs of the business.
    Ultimately, this loss of experience, this “brain drain,” will come back to hurt the companies and, in this case, students the most. A ship without experienced crew can still sail, but it might be a rougher ride than it should be.