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This toolkit will help business leaders formulate or update their financial contingency plans with tactics applicable during the COVID-19 crisis and beyond.
Mistakes in COVID-19 strategy
How to create a more flexible admin workforce to contain costs and respond to evolving operational demands
Here are three tactics from our 2014 study on Bending the Administrative Labor Cost Curve that leaders can implement now to help slow labor cost growth over time and build a more nimble—and sustainable—administrative workforce in the long run.
COVID-19 has decimated auxiliary revenue streams. Here are 200 alternative revenue sources to consider to compensate.
The COVID-19 pandemic continues to curtail institutions’ traditional revenue streams. With FY21 enrollment and auxiliary revenues uncertain, many leaders are looking for alternative revenue streams to tap into to cover ongoing operating costs and new emergency expenses.
How one institution transitioned from transactional to strategic HR—and what all business leaders can learn from their story
Given the unprecedented impact of COVID-19, university leaders are increasingly turning to HR as a strategic partner for planning and executing on institutional goals. This has posed a challenge for many HR leaders and their teams: they want to provide more strategic support, but they are bogged down by transactional work. The University of Virginia (UVA) tackled the challenge of strategic human resources through a multi-year HR transformation project called “Ufirst”.
While financial exigency is still a final recourse for struggling institutions, the financial realities of the current crisis mean more senior leaders are considering the tactic. But because financial exigency declarations are relatively uncommon, misconceptions about what this decision means for a campus abound. To help leaders separate fact from fiction when weighing financial strategy decisions, we identified five common myths about financial exigency—and the information you should promote instead.
ExpertsMore on Our Experts
Higher Education is reeling from the financial and business model shocks that have been delivered by the coronavirus pandemic. As institutional leaders grapple with addressing the short-term operating issues necessary to keep running, longer-term questions of strategy and viability are taking on increasing urgency.
As colleges and universities struggle to set budgets for the upcoming fiscal year because of the uncertainty caused by COVID-19, many are looking for concrete guidance on how to reduce operating costs.