It's no secret. Higher education institutions face unprecedented challenges that are forcing strategic changes. Since the start of the pandemic, institutions have grappled with financial sustainability concerns exacerbated by drop in registration fees and political pressures on academic freedom. As Dissatisfaction among higher education employees increasesThere is growing concern about retain faculty between general exhaustion.
In response to these pressing challenges, higher education institutions are engaging professional services to help them effectively navigate turbulent times. Rather than simply reacting to immediate crises as they arise, institutions hope to anticipate and plan for future uncertainties, implementing forward-thinking strategies to address both short-term obstacles and long-term sustainability.
Recently, EdSurge spoke with John McGrathDirector of sales and strategy Solutions on, where he specializes in the education and government sectors in the firm's Workday Adaptive Planning practice. McGrath's experience as a former budget manager and director in for-profit and nonprofit higher education and his experience in financial and operational planning consulting across diverse industries position him well to support higher education institutions as they address challenges. planning.
“We implemented a forecasting and reporting tool that aggregates data to inform solutions,” McGrath says. “But we don't just implement the software; We provide change management advisory services to help organizations achieve their goals.” He explains the importance of proactive measures supported by data analysis tools, such as technology-partners/workday-adaptive-planning-partner” target=”_blank” rel=”noopener nofollow”>Adaptive planning of the working dayto align resources with an organization's strategic priorities.
EdSurge: How do higher education institutions balance the need to increase enrollment with the imperative to remain accessible to students from diverse economic backgrounds?
McGrath: A common approach by higher education institutions is tuition discounting. For first-year college students, the average tuition discount rate is 56 percent. This has an impact when you consider an annual tuition of $50,000!
It is vitally important that institutions ensure that students are aware of the programs available to help finance their tuition, whether they are state and federal grants such as Pell or private donations through fundraising efforts such as academic or athletic scholarships.
In addition to implementing tools to assist with workforce planning, what other creative tuition pricing strategies and alternative revenue streams have higher education institutions explored to improve enrollment and maintain financial health?
One option is transparency-based tuition, which does not include hidden fees, such as an activity or student government fee. Many universities have taken another approach with a fixed tuition structure, where the tuition charged today remains constant throughout the student's education.
Another interesting approach is subscription-based tuition, which eliminates the cost per credit and allows students to take as many courses as they want during a given period. The challenge here is that it requires the incoming generation to complete a faster timeline to graduation, but allows students to graduate with a degree at their own pace.
A third option is to try before you buy, where students can attend for three weeks of a semester, get a taste of what the program is like, and then determine if they want to continue. Using these different pricing strategies requires institutions to establish various scenario-based planning structures to ensure viability and financial accountability.
How can institutions effectively attract and retain top talent while mitigating the negative impact of vacancies on workforce morale and turnover?
Institutions must have an effective workforce planning strategy. A common strategy for both recruitment and retention is to offer flexible work arrangements, either with fully remote or hybrid approaches, to promote a healthier work-life balance. The flexibility of working remotely or knowing you can take unexpected time off is important for mental health. Other wellness programs are expanding, including fitness classes, mindfulness sessions, stress management workshops and counseling services, contributing to greater employee satisfaction.
For recruiting purposes, it is helpful for candidates to see senior employees across campus. But it is also important to establish transparent hiring processes that make clear the employment criteria, the time required from interview to offer, and the specific expectations of the position. Once used, it is important recognize and reward individuals when they take on additional responsibilities beyond their reach.
Another key strategy involves taking a multi-level approach to workforce feedback, which challenges the traditional top-down model. Institutions like Harvard advocate for feedback to be multidirectional, incorporating both top-down and bottom-up perspectives. This fosters a supportive leadership culture that understands campus dynamics and provides greater support accordingly.
Workforce planning strategies like these encourage collaboration between different departments and highlight efficiency or improvement opportunities. For example, with communication between Human Resources and Finance, they can coordinate a faster replenishment strategy, reducing the time and resources that would be needed if planning strategies were not established.
Once an institution is ready to make the transformation, how can it overcome stakeholder resistance and successfully adopt system-wide changes?
Integrating multiple new systems, such as enterprise resource planning (ERP) like Workday, to enable institutions to move from reactive to strategic approaches requires significant change management. System-wide changes tend to provoke a natural human reaction of resistance. Stakeholders ask themselves: “What do I get out of this?” This is known as the WIIFM factor. To ensure greater acceptance, institutions can employ a few strategies.
First, there must be clear and transparent communication about the system change, including objectives, benefits and likely impacts. The soul of an educational institution is its teaching staff; Getting their buy-in early in the process is critical. Explore how the implementation will improve workflow, productivity, or student outcomes, or improve collaboration among teachers. Provide assurance that this change will positively impact the organization and highlight specific personal and professional benefits.
Secondly, there must be training and support for everyone involved. Ask about specific employee needs and tailor implementation support to ensure those who resist change can overcome their concerns. Cultivate implementation champions who motivate others and celebrate successes during implementation, even if they are small. Recognition really helps foster a positive culture for change and innovation.
It's important to remember that no system will be perfect after implementation, so soliciting ongoing feedback from people across the organization helps adapt and refine the approach and ensures continued success.
A great aspect of higher education institutions is their collaborative nature. Whether it's financial planning, enrollment planning, or IT planning, they share experiences and solutions across the industry. We just need to have systems in place to take advantage of that collaboration and communication.