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As college and university presidents and chiefs of staff continue to lead through crisis in 2021 and beyond, they must lock in practices from the pandemic that will sustain their institutions for the long-term.
As institutions grapple with COVID-related expenses—and anticipate future budget shortfalls—some have begun furloughing staff to temporarily reduce salary costs. While furloughs are an attractive alternative to layoffs, most institutions haven’t considered furloughing staff since the Great Recession—and today’s circumstances are quite different than they were a decade ago. As a result, leaders are adapting their historic furlough approach to the COVID-19 context.
Every institution has opportunities to redesign processes and organizational models to improve efficiencies and service quality. Our resources help leaders and staff identify the greatest opportunities for improvement on their campus, prioritize them, and execute—to the tune of significant cost savings. They also help leaders get buy-in for change with even the most resistant staff.
Watch our 2-minute video to learn how to create a budget model that best fits the financial needs and strategic goals of your institution.
This briefing outlines five insights facilities leaders should keep in mind when navigating deferred maintenance decisions, as well as strategies and resources to help you address your backlog, including case studies from institutions that have successfully addressed complex deferred maintenance decisions.
In Spring 2020, we brought together the inaugural cohort of the Financial Sustainability Collaborative (FSC). Thirty institutions gathered monthly and followed a four-month, EAB-created curriculum to confidentially discuss the myriad challenges associated with budgetary and financial perspectives within the academic enterprise.
Amid the shift to remote operations, IT teams must identify opportunities to contain costs or increase efficiencies to manage increased workloads and offset emergency spend. Our resources help leaders prioritize new projects, optimize purchases—both centrally and locally, and creatively use student labor to respond to workload surges.
Discover 29 budget model elements you can use to incentivize revenue growth, control costs, set performance targets, and support strategic priorities.
Budget model changes can involve hundreds of decisions, and can lead to many unintended consequences. This infographic outlines 13 budget model design decisions that will help you align your model to your strategic goals.
Faculty and staff often correlate a reduction in academic costs with a reduction in quality. In reality, institutions can realize savings and promote excellence by reallocating existing resources to high-impact, mission-aligned activities. The resources below highlight both immediate savings opportunities from increased instructional efficiency and longer-term opportunities to increase instructional productivity and rightsize the academic portfolio.