From this site:
As much as we think we know about the modern university, very little has been said about what it’s like to work there. Instead of the high-wage, high-profit world of knowledge work, most campus employees : including the vast majority of faculty : really work in the low-wage, low-profit sphere of the service economy. Tenure-track positions are at an all-time low, with adjuncts and graduate students teaching the majority of courses. This super-exploited corps of disposable workers commonly earn fewer than $16,000 annually, without benefits, teaching as many as eight classes per year. Even undergraduates are being exploited as a low-cost, disposable workforce.