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How higher education leaders should approach labor cuts during COVID-19
In response to COVID-19 budget woes, college and university leaders are considering widespread layoffs to remain solvent. Watch this short video to learn why that happens, and how you can secure sustainable cost savings that won’t jeopardize staff morale.
Design a hybrid budget model
CBOs are struggling to make revenue assumptions for FY21. Here’s what we learned from a group of them.
Universities are struggling to create and adapt budgets for the upcoming fiscal year because of the uncertainty caused by COVID-19. Read the key takeaways from our conversations with CBOs on this topic.
Tracking—and predicting—higher ed furloughs
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.
Create a COVID-19 Financial Contingency Plan
The precise financial impact of the COVID-19 outbreak is still unclear, but higher education institutions are preparing for the worst. Explore this Roadmap for five steps to create a COVID-19 financial contingency plan.
COVID-19 Administrative Cost Containment Playbook
The compendium is a picklist to help executives evaluate and choose the cost containment tactics best suited for their institutions.
Design Better Workflows with Five Process Improvement Steps
As your campus becomes more experienced in its process improvement journey, you may develop homegrown tools and resources—but the five steps outlined in this Roadmap should always remain your baseline.
Build a New Budget Model that Advances Your Institution’s Strategic Goals
Many institutions are considering wholesale budget model changes to reinforce financial goals and strategic priorities, but there isn’t a uniform “one-size-fits-all” model that every institution should emulate. Learn how to design custom models that align with your institution’s unique strategic priorities, mission, and culture.
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Assessing and Responding to the Financial Impact of COVID-19
As college and university leaders are beginning to assess the financial toll of COVID-19, EAB shares benchmarking data from a recent EAB survey on current financial status, planned next steps, as well as case studies of emerging cost reduction efforts.
The Finance Function of the Future, Part 1
In this session, we'll introduce the five characteristics, or hallmarks, of effective future finance functions.
