The Race to Financial Sustainability...– Jack Canfield, The Success Principles The Race Is On The...
Transcript of The Race to Financial Sustainability...– Jack Canfield, The Success Principles The Race Is On The...
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The Race to Financial
SustainabilityMarch 12, 2020
The Race is On
2020 Higher Education Outlook
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To Receive CPE Credit› Individuals
• Participate in entire webinar• Answer polls when they are provided
› Groups• Group leader is the person who registered & logged on to the webinar• Answer polls when they are provided• Complete group attendance form • Group leader sign bottom of form• Submit group attendance form to [email protected] within 24 hours of webinar
› If all eligibility requirements are met, each participant will be emailed their CPE certificate within 15 business days of webinar
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The Race to Financial
SustainabilityMarch 12, 2020
The Race is On
2020 Higher Education Outlook
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Introduction“Successful people maintain a positive focus in life no matter what is going on around them. They stay focused on their past successes rather than their past failures, and on the next action steps they need to take to get them closer to the fulfillment of their goals rather than all the other distractions that life presents to them”
– Jack Canfield, The Success Principles
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The Race Is On
The Survey
Outliers & Successful Innovators
Mindset of Institutional Leaders
Outlook & Observations
“Without change there is no innovation,
creativity, or incentive for improvement.
Those who initiate change will have a
better opportunity to manage the change that is inevitable.”
W i l l i a m P o l l a r d
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Polling Question 1› Which area of innovation are you most interested in?
• Revenue enhancement• Enrollment• Leveraging assets & collaboration• Expense management • Unsure
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The Survey
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The Survey
Survey Results
Growth Initiatives
Academic Programs
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Key Questions› Where is your institution investing resources to address financial
sustainability?
› In addressing the changing environment of higher education, select how the listed actions have affected your institution’s overall financial sustainability
› What do you anticipate will have the most significant positive impact on financial sustainability over the next five to 10 years?
› What are the most & least preferred actions to support financial sustainability?
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The Survey Population
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The Survey Population
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Survey Results
84.34% 62.65% 57.83% 45.78%
28.92%46.99%
Where is your institution investing resources to
address financial sustainability?
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Survey Results
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Survey Results
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The Results
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Growth Initiative Examples› A public university in the South launches a data analytics program
to augment their school of accountancy in partnership with an international CPA firm
› A small private university in the Midwest launches an osteopathic medical college (the second medical school in the state)
› A private school in the Upper Midwest launches innovation labs to support innovation in the classroom for several programs
› A West Coast private university launches aviation science & starts an online degree completion program
› A large public university builds an 80-seat e-Sports arena & launches an e-Sports program
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As summarized from data on the National Center for Education Statistics website
What Programs Are Growing?
As summarized from data at the National Center for Education Statistics website
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Polling Question 2› Is your institution actively pursuing growth initiatives to
generate revenue or reduce costs?• Yes• No• I don’t know
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FutureMindset
Openness to Collaborative Efforts
Culture of Change
Mindset of Institutional Leaders
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Stay Focused
“Successful people … stay focused on their past successes rather than their past failures, and on the next action steps they need to take to get them closer to the fulfillment of their goals rather than all the other distractions that life presents to them.”
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Crisis of Confidence – Culture of Insecurity
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Crisis of Confidence – Culture of Insecurity
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Mindset of Institutional Leaders
Source: AGB Trustee Report; Affordability and Value, the Governance Lens 2018
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Mindset of Institutional Leaders
Source: AGB Trustee Report; Affordability and Value, the Governance Lens 2018
What Are Your Top Three Concerns About the Future of Higher Education, by Sector?
Public Independent not-for-profit Private for-profit
Price of higher education for students & their families (53%)
Price of higher education for students & their families (58%)
Price of higher education for students & their families (63%)
Decrease in state funding for higher education (40%)
Financial sustainability of higher education (54%)
Financial sustainability of higher education (45%)
Financial sustainability of higher education institutions (33%) Student debt (34%) Student debt (40%)
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Mindset of Institutional Leaders› How does this happen?
• Concordia University, Portland, Oregon• Mount Ida College, Massachusetts• Green Mountain College, Vermont• Memphis College of Art, Tennessee• Southern Vermont College, Vermont• Saint Joseph’s College, Indiana
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Mindset of Institutional LeadersThere is a big difference between “late” & “too late”– Small College Guide to Financial Health: Weathering
Turbulent Times, Michael K. Townsley, Ph.D. (2009)
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Our Iceberg Is MeltingA story about managing change & succeeding under any condition
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Eight-Step Kotter Model of Change
Create a Sense of Urgency
Communicate the Vision for Understanding & Buy-In
Pull Together the Guiding Team
Develop the Change Vision & Strategy
Empower Others to Act
Produce Short-Term Wins
Don’t Let Up
Create a New Culture
Creating a Climate for
Change
Engaging & Enabling the Whole
Organization
Implementing & Sustaining
Change
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Outliers or Successful Innovators
Innovative Ideas & Action
Positive Financial Results
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Polling Question 3› Which of the following is your institution most focused on
to improve financial sustainability?• Revenue enhancement • Cost reduction• Both • I don’t know
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Outliers or Successful Innovators“In contrast to the lack of confidence and the culture of insecurity, there are pockets of hope for some colleges. This list even includes a good number of smaller private universities.”
– Chronicle of Higher Education’s list of the fastest-growing colleges from 2007 to 2017, published August 2019
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Outliers or Successful Innovators› Half the institutions that cracked this year’s Chronicle of Higher Education
list of the 20 fastest-growing private nonprofit colleges with at least 5,000 students in 2017 identify as faith-based campuses. The total list of schools ranked by growth were 349
› A review of the list of fastest-growing public colleges shows the presence of a significant number (two-thirds) of small public colleges (2007 enrollment below 10,000). These small public universities grew at rates from 49 percent to 666 percent
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Average Growth Rates for the Top 35 Schools
Source: Chronicle of Higher Education Almanac, August 2019
Fastest-Growing Colleges – 2007 to 2017
Public Top Public Avg % Enrollment Change
Private Top Private Avg % Enrollment Change
Doctoral 15 of 211 78.5% 15 of 180 105.1%
Master’s 10 of 245 94.3% 10 of 349 418.3%
Baccalaureate 5 of 87 99.6% 5 of 338 203.8%
Associate’s 5 of 952 376.7% 5 of 34 43.1%
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Growth Is Good, but Margin Is …
Source: Chronicle of Higher Education Almanac, August 2019
Fastest Growing Colleges – 2007 to 2017
ClassificationPrivate, Faith-Based, Fastest-Growing
Growth Rate Over Ten Years
Average Loss in High-Growth Schools – Latest Year (2017)
Doctoral 1 of 7 130.6% (16.1%)
Master’s 5 of 16 114.7% (5.7%)
Baccalaureate 1 of 5 57.8% (6.1%)
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Finishing the Financial Sustainability Race› New academic programs
• Adults• Alternative students• Credential programs
› Location changes› Athletic team additions› Tuition resets› Relationships with secondary schools
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Finishing the Financial Sustainability Race
Arizona State University President Michael Crow recently called the shortage of prospective students “a fallacy.” He elaborated saying, “In fact, we estimate that there are nearly 100 million working-age adults in America who don’t have a college degree, nearly 44 million of whom are not earning a living wage of $35,000 annually or in a family with at least $70,000 of income. Compared to the 20 million undergraduates American colleges and universities enroll each year, there is plenty of room for growth.”
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Polling Question 4› Has your institution considered using data visualization to
evaluate programs?• Yes, we are actively pursuing this• Yes, but we aren’t sure where to start • No• I don’t know
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Outlook & Observations
WorkerShortages
Collaborative Efforts
Academic Collaboration
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Create a senseof urgency
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Pull together the guiding team
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Develop the change vision & strategy
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Communicate for understanding & buy-in
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Empower othersto act
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Produce short-termwins
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Don’t let up
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Create a new culture
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Questions?
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