So, I've been hearing that some institutions opt for renewable contracts instead of traditional tenure-track. In fact, an institution I just interviewed with over the phone mentioned they only have renewable contracts— no tenure-track. There was no way to determine this from the job posting.
Should anyone with options accept one of these offers?
What are some of the pros and cons of the renewable contracts?
I figure this helps rid institutions of deadwood, but I can also see new junior faculty walking on eggshells because essentially they could be fired after one year, right? Seems like a less than desirable scenario overall.
Any insight on these renewable contracts folks?