It’s no secret. Higher education institutions are facing unprecedented challenges that are forcing them to change their strategies. Since the beginning of the pandemic, institutions have grappled with challenges such as: Concerns about financial sustainability aggravated by Decline in admission rates and Political pressure on academic freedom.as Highly educated employees become increasingly dissatisfiedThere are growing concerns that. Retention of faculty members middle widespread burnout.
In response to these pressing challenges, higher education institutions are providing specialized services to effectively navigate these turbulent times. Rather than simply reacting to the immediate crisis as it arises, financial institutions are anticipating and planning for future uncertainties, and using advanced strategies to address both short-term hurdles and long-term sustainability. We hope to implement a strategic strategy.
EdSurge recently spoke with: John McGrathDirector of Sales and Strategy Alight solution, whose Workday Adaptive Planning practice specializes in the education and government sectors. Mr. McGrath’s background as a former budget manager and director in for-profit and not-for-profit higher education, as well as his experience in financial and operational planning consulting across a variety of industries, makes him well suited to help higher education institutions address their planning challenges. Masu.
“We are introducing forecasting and reporting tools that aggregate data to provide solutions,” McGrath says. “But we don’t just implement software. We provide change management advisory services to help organizations achieve their goals.” Supported by data analysis tools such as: It explains the importance of proactive measures. Workday adaptive planningaligning resources with the organization’s strategic priorities.
EdSurge: How do higher education institutions balance the need for tuition increases with the need to maintain access for students from diverse economic backgrounds?
McGrath: One common approach from higher education institutions is tuition discounts. The average tuition discount for first-year college students is 56%. Considering that annual tuition is $50,000, this has a significant impact.
For educational institutions, students have access to programs that can be used to finance tuition, whether it is state or federal grants such as Pell, or private donations through fundraisers such as academic and athletic scholarships. It is very important to make sure that you are aware of this.
In addition to implementing tools to help with workforce planning, higher education institutions have explored what other creative tuition pricing strategies and alternative revenue sources to increase enrollment and maintain financial health. mosquito?
One option is transparent tuition, which does not include hidden fees such as activities or student government fees. Many universities have adopted a different approach: a flat tuition structure, where the tuition fees currently charged remain constant throughout a student’s education.
Another interesting approach is subscription-based tuition. This eliminates the cost per credit and allows students to take as many courses as they want in a given period of time. The challenge here is that new students have to accelerate their graduation timeline, but students can complete their degrees and graduate at their own pace.
A third option is try-before-you-buy, where students attend classes for three weeks a semester to see a sample of what the program is like before deciding whether to continue. I can. When using these different pricing strategies, financial institutions must establish planning structures based on different scenarios to ensure feasibility and financial responsibility.
How can educational institutions effectively attract and retain top talent while mitigating the negative impact of vacancies on employee morale and turnover?
Educational institutions need to develop effective workforce planning strategies. One common strategy for both recruitment and retention is to offer flexible working arrangements with fully remote or hybrid approaches to foster a healthier work-life balance. The flexibility of working remotely and the ability to take unexpected time off is important for your mental health. Other wellness programs, such as fitness classes, mindfulness sessions, stress management workshops, and counseling services, have also been expanded to help improve employee satisfaction.
For recruiting purposes, it’s useful for candidates to be able to see tenured employees across campus. But it’s also important to have a transparent hiring process that clarifies hiring criteria, time required between interview and offer, and specific role expectations. What is important when you get a job is Recognize and Reward When an individual assumes additional responsibilities outside of his or her scope.
Another important strategy involves taking a multi-layered approach. employee feedback, challenges the traditional top-down model. Institutions like Harvard University encourage multidirectional feedback, incorporating both top-down and bottom-up perspectives. This fosters a collaborative leadership culture that understands campus dynamics and provides enhanced support accordingly.
Such a workforce planning strategy fosters collaboration between different departments and highlights opportunities for efficiency and improvement. For example, communication between human resources and finance allows for faster alignment of backfill strategies, reducing the time and resources required when planning strategies are not properly set up.
Once your organization is ready to transform, how can you overcome stakeholder resistance and successfully implement system-wide changes?
Integrating various new systems, such as enterprise resource planning (ERP) like Workday, and allowing institutions to move from a reactive to a strategic approach requires significant change management. System-wide changes tend to trigger a natural human resistance response. Stakeholders ask, “What’s in it for me?” This is known as his WIIFM factor. To ensure greater buy-in, institutions can adopt several strategies.
First you need: Clear and transparent communication Describe system changes, including goals, benefits, and expected impacts. The lifeblood of an educational institution is its faculty. It’s important to get them involved early in the process. Consider how implementation will improve workflow, productivity, student outcomes, or enhance collaboration among faculty. Reassure that this change will have a positive impact on your organization and highlight tangible personal and professional benefits.
Secondly, training and support For everyone involved. Ask about your employees’ specific needs and tailor implementation support to ensure those who resist change overcome their concerns. Develop implementation champions who motivate others and celebrate successes during implementation, even on a small scale. Evaluation really helps foster a positive culture of change and innovation.
It is important to remember that no system is perfect during implementation. Therefore, seeking ongoing feedback from individuals within your organization will help you adapt and refine your approach, ensuring continued success.
One of the great things about higher education institutions is their collaborative nature. Whether it’s financial planning, enrollment planning, or IT planning, they share their experience and solutions across the industry. All you need to do is put systems in place to leverage that collaboration and communication.
