Creighton University is tightening its purse strings during the slow economy. It's offering two new programs to non-faculty employees.

One allows workers to voluntarily work out a plan to cut their regular hours. The second plan is a voluntary retirement or separation plan in which the employee would receive a lump sum payment.

Eligible non-faculty employees must apply for one of the two programs by January 15, 2009.

According to the Faculty Handbook, faculty members can not be offered the same buyout options due to existing contracts. However, the President of the University says any individual faculty member who is interested in a voluntary separation from Creighton should contact the Dean of their college.