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3 hard facts shaping higher education thinking and behavior
Higher education institutions need to take decisive actions to innovate and distinguish themselves from distressed colleges by understanding their unique situations and targeting new demographics. There are abundant opportunities for growth in student populations, particularly among Hispanic groups and those in specific regions, through tailored academic offerings and online delivery. Institutions should focus on simplifying their programs and using incremental revenue for innovation rather than restoring low-priority budget cuts.
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3 hard facts shaping higher education thinking and behavior
- 1. 3 hard facts shapinghigher education thinking + behavior
- 2. © 2016 GrantThornton LLP | All rights reserved2 Fact #1 Your institution is on its own Take decisive action Partner with faculty, consider affiliations ― change the trajectory Get creative Innovate in finances, academics, promotion ― everything Target demographics Find out what's important to new groups ― and provide it Distinguish yourself Separate your institution from the distressed-college fold ― begin with a realistic view of your situation
- 3. © 2016 GrantThornton LLP | All rights reserved3 Fact #2 Opportunity abounds Seize opportunities in student growth 1 Demographic groups such as Hispanic 2 Students in the West and South 3 Students outside your geographic reach Create unique offerings such as liberal arts + vocational objectives Promote your uniqueness Develop online or hybrid delivery systems
- 4. © 2016 GrantThornton LLP | All rights reserved4 Fact #2 cont. Opportunity abounds Leverage simplicity Focus on doing only a few things ― do them well Identify less-attractive programs ― reduce or eliminate them Explore new initiatives As revenue slowly grows, resist pressure to restore budget reductions to low-priority expenses Instead, use the incremental revenue for innovation such as attracting new students and improving retention Read the article Maturing from adolescence into adulthood: Major factors shaping the sector in 2016
- 5. © 2016 GrantThornton LLP | All rights reserved5 Fact #3 This may be the decade of the distressed college Distinguish yourself Separate your institution from the distressed-college fold ― begin with a realistic view of your situation Consult with key stakeholders to learn and gain their support Determine a projection based on your current course ― the usual conclusion is that your current course is not sustainable Then think boldly about new paths consistent with your mission ― but possibly in sharply different ways
- 6. © 2016 GrantThornton LLP | All rights reserved6 Read the article Maturing from adolescence into adulthood: Major factors shaping the sector in 2016 See the full report The State of Higher Education in 2016
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