Tag: Financial and Strategic Planning
While federal financial assistance provides some welcomed relief, CARES funds alone will not eliminate the need to reduce costs. EAB will continue to monitor this space closely to keep college and university leaders informed on federal actions that may affect higher education.
As institutions prepare for potential reopenings, senior leaders must consider what protective measures to introduce to reduce the risk of COVID-19 transmission. Discover four critical areas leaders must focus on and see early case studies from within and outside the higher education industry.
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.
Explore 3 questions guiding fall semester 2020 scenario planning, and emerging trends in how colleges and universities are responding to the uncertainty.
Carla Hickman and David Attis discuss why schools are communicating their intent to welcome students back to campus this fall and the scenario planning work they’re doing to prepare for any eventuality.
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.
As governments around the world scramble to respond to COVID-19’s financial impacts, many countries have introduced relief packages for their respective tertiary or higher education sectors. In most instances, government relief accounts for just a fraction of universities’ expected losses. Higher education providers in some countries are receiving no direct emergency funding at all, with policy changes making up the bulk of government action. To make sense of the different support packages and policy changes affecting HEIs, EAB has put together a short summary of where universities stand in terms of relief in different corners of the globe.
Furloughing staff during COVID-19: how leaders are supporting employees through difficult budget decisions
Facing new financial pressures from COVID-19, a growing number of institutions are contemplating furloughs as a way to avoid layoffs, retain staff, and generate short-term salary savings. Some are indefinitely furloughing staff whose jobs cannot be performed remotely. Others are asking all staff to take a pre-defined number of furlough days.
At a time when large scale, and potentially disruptive, changes are needed for higher education’s COVID-19 response and strategy, it’s especially critical that leaders are able to avoid these psychological pitfalls to make the right decisions. Here’s how you can identify and redirect three common crisis thinking patterns that can obstruct effective recovery and response.
EAB recently convened small virtual gatherings of chief business officers to help them crowdsource solutions to common COVID-19 challenges. Below, I’ve summarized the five biggest concerns CBOs raised in these discussion.