Loyola University New Orleans announced today it raised $1.2 million to give retention bonuses to long-time faculty at a time when concerns about pay, morale, and faculty turnover are prevelant.

Loyola President Xavier Cole shared the news with students, saying the money is part of a bigger plan to invest in their faculty who make a Loyola education possible.

“In December 2024, we began a fundraising effort to better support the dedicated educators who teach, mentor, and inspire you every day,” Cole said in an email to students. “Today, I’m thrilled to share that we have raised $1.2 million, and we’re just getting started.”

The bonuses will go to tenured faculty members who have been with Loyola for at least 10 years. 

This announcement comes after a period of growing concern from faculty, who say that low pay and a lack of support are making it hard for Loyola to hold onto professors. Some faculty say Loyola’s pay doesn’t keep up with national averages or what other similar schools offer, and it’s caused some professors to leave for better-paying jobs elsewhere.

Faculty have also raised concerns about extraordinary and part-time professors, who take on a lot of teaching but don’t always get the same chances for research or professional growth.

At a Faculty Senate meeting in March, professors talked about how these issues are making it harder to keep the quality of Loyola’s academics strong. They said losing experienced teachers not only hurts the students now, but could hurt the university’s reputation in the future too.

Former Loyola professors have also said it’s tough to stay at the university long-term when pay hasn’t kept up with the rising cost of living in New Orleans.

President Cole said that faculty pay and retention are priorities in his five year plan for Loyola.  More details are expected to be shared soon.