3 Ways Higher Education Leaders can Move into the Future

COVID-19 has created new financial and operational challenges for higher education leaders, and has accelerated the impact of long-standing demographic, organizational, and economic trends, according to a new whitepaper.

Released by TIAA and EY-Parthenon, “The new normal: Higher education in a post-COVID-19 world” was the focus of a panel at the TIAA Institute Virtual Higher Education Symposium.

During the event, leaders from Bucknell University, Rutgers University, and St. Olaf College shed light on how institutions and higher education leaders can adapt to their new realities and ensure higher education remains attractive for future generations of students.

“The COVID-19 pandemic is rapidly transforming the higher education industry. While the challenges vary among institutions, leaders are finding ways to adapt and address the needs of current and prospective students,” said Christina Cutlip, Senior Managing Director, Head of Client Engagement & National Advocacy at TIAA. “At TIAA, we are committed to helping higher education leaders navigate this new reality so they can continue to create spaces for young people to develop valuable skills and grow into exceptional citizens.”The virtual event, hosted by the TIAA Institute, featured a discussion about the current challenges facing the higher education leaders and institutions and the impact of the pandemic on human, financial, physical, and capital for institutions of all sizes.

The conversation touched on several trends, including a renewed emphasis on diversity, equity, and inclusion (DEI) practices, greater reliance on an institution’s core mission, and faster and more agile decision-making processes.
Participants also discussed:

• Imagining the evolution and future of institutions: Higher education leaders will need to be agile as they adapt to the shifting environment, meet students’ and faculty’s evolving needs, and provide safe and equitable spaces that foster growth. Achieving a desired future state requires revisiting institutions’ value propositions and considering a sharpened focus on mission-critical programming that aligns with their goals. This may mean cutting non-essential areas of study, providing flexible hybrid and online curriculum, building interdisciplinary schools, or offering shorter degree pathways and certificate programs that align with the future workforce.

• Flexing human and financial capital: As institutions evolve, they may need to align their human and financial resources to new priorities. This may mean redeploying employees into new areas that align with their talents and campus needs and renewing focus on DEI initiatives, including recruiting diverse faculty through non-traditional job markets and ensuring new hires match their institutions’ DEI values. It will also be important for higher education leaders and institutions to think beyond traditional 12-month budget cycles. The pandemic has made it apparent that in some cases, short-term budget planning and liquidity is needed. However, maintaining a focus on financial decisions that have long-term benefits over a 3 to 5-year time horizon, as higher education adjusts to a new normal, will be necessary for strategic and intentional planning.

• Engaging strategic partners: Institutions are considering new or expanded ways to work with outside partners. Examples include implementing wellness programs that help students and faculty avoid burnout and manage remote lifestyles or building curricula that provide new pathways for local corporations to hire students. As institutions revisit their value propositions, they might also consider outsourcing less-mission critical priorities to strategic partners.

“The pandemic has accelerated existing headwinds in higher education,” said Haven Ladd, Principal, EY-Parthenon, Ernst & Young LLP. “Leaders across the sector have a unique opportunity to drive institutional transformation, both near- and long-term. COVID-19 may well usher in a new era of higher education, one that is defined by agile thinking, holistic planning and a renewed commitment to the sector’s deep financial and social purpose.”

Be sure to subscribe to our industry publication for the latest news, videos, and podcasts in the Education & Technology Industry.

Follow us on social media for the latest updates in B2B!
Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

Canadian Advanced Air Mobility
The Future of Transportation is Coming
July 15, 2024

As the aviation industry advances, Canadian Advanced Air Mobility (CAAM) is spearheading the integration of electric vertical takeoff and landing (eVTOL) aircraft, drones, and other innovative technologies into Canadian airspace. The need for sustainable and efficient air transport solutions is more critical than ever. The stakes are high, with environmental impacts and economic opportunities…

Read More
Why Hardwired Buttons Outperform Wearable Devices in School Safety
July 15, 2024

In a recent episode of “Secured” with hosts Mike Matranga and Mike Monsive, the conversation revolved around the evolution of safety systems in schools and wearable devices. The discussion highlighted the simplicity of understanding effective systems, using Buc-ee’s gas stations’ success, known for their clean restrooms, as an analogy for consistency and excellence. Matranga…

Read More
AIS targets
Fact or Fiction: Do All Boats Show as AIS Targets on Radar?
July 12, 2024

In this latest episode of Icom’s “Fact or Fiction,” Captain Kelly Gordon tackles a common misconception about marine radar systems: Do all boats show up on radar as AIS (Automatic Identification System) targets? Many believe every vessel on the water appears as those distinctive little triangles on radar screens, representing AIS targets. However, Captain…

Read More
AI in content marketing
Generative AI in Content Marketing: Why Creativity & Authenticity Will Make it Work
July 11, 2024

Will 2024 be known as the year AI made waves in content marketing? It sure seems so, with recent AI-driven ads from Toys R Us and Under Armour generating significant buzz online. Not just this: Despite having no official ties to the brand, a mock Volvo ad created entirely by AI has also gone…

Read More