In this two-minute video, EAB expert David Attis outlines how higher ed leaders can flip their way of thinking about cost-cutting and university spending trends to make sure their institutions emerge from the COVID-19 pandemic prepared to execute their mission and strategic goals.
To alleviate budget pressures intensified by the COVID-19 pandemic, universities are seeking ways to cut costs. But across-the-board cuts may not achieve the intended results. By focusing on short-term measures to bridge gaps until things get back to “normal,” institutions could miss an opportunity for bigger change.
After all, higher education was facing budget and enrollment challenges before the pandemic hit. As those challenges grow, leaders must evaluate all university spending trends using both data and a mission-oriented perspective. Pairing a granular understanding of departmental operations and a laser-like focus on mission will help leaders ensure they’re making the right cuts to benefit the institution now and in the future.
The decisions that colleges and universities make across the next few months will determine the extent of the financial shock and whether the institution is positioned not only to recover, but also to emerge stronger on the other side. Based on our conversations with over a thousand college and university leaders, we have identified the five greatest mistakes in current COVID-19 response that are jeopardizing crisis recovery and post-crisis strategy.
Explore three principles that can help department chairs, deans, and provosts lead during uncertainty.
To help colleges and universities achoeve financial sustainability, EAB is hosting a collaborative that will focus institutions on four key drivers of academic costs and revenues and helps you build a strong plan and a transparent process for achieving financial sustainability.