Buyouts at Ford Foundation show no sector is immune to layoffs

A buyout or pink slip may be less hard to swallow when you know your sacrifice helps preserve programs that help the neediest communities in the world.

At least, that's how the Ford Foundation is spinning its latest cost-cutting move: An offer of buyouts to staff members at its New York City and foreign offices, according to the Chronicle of Philanthropy.

So far the Ford Foundation has eliminated 30 jobs this year, and closed offices in Russia and Vietnam. These moves, along with other budget trimming, have saved $40 million.

But with the endowment 30% down and economic recovery expected to take a long while, the foundation decided those cuts weren't enough. Hence, the buyouts, which were reported in the Chronicle of Philanthropy this week (Wednesday.)