Take your store to the next level
As students return to campus this fall, what’s on the minds of college and university administrators?
Richard Keeling knows. As chair and senior executive consultant for Keeling and Associates, he spends a lot of time with higher education decision-makers. The pandemic threw everything off-kilter.
“Lots of things happened that have made it harder for institutions to do what they wanted to do,” Keeling noted in his CAMEX22 session, New Expectations, Markets, and Models: The Reshaping of Higher Education.
Much of it boils down to people and money.
Institutions weren’t surprised when enrollment dipped during the pandemic, Keeling said, but they thought it would bounce back. For many campuses, it hasn’t. He noted numerous reasons, including student dissatisfaction with education and especially its cost, the general disruption in students’ lives, smaller pool of high school graduates, and parents and students who lost jobs in the pandemic, but now competitive wages are pulling students away from school.
“There are concerns about the value proposition of higher education, especially at private schools,” Keeling said. “There’s a shift among parents and students toward a strong focus on career readiness and skills.”
Lower enrollment means, of course, fewer dollars coming in to support the institution’s operations.
At the same time, Keeling said, administrators and boards are worried about their employees. Some employees ended up working from home and now are reluctant to return to the office or classroom, at least full-time. Some burned out because they had to take on additional responsibilities. And some, more staff than faculty, decided their jobs were no longer sufficiently fulfilling and they quit.
Even though some institutions have had to lay off positions, all schools need qualified and productive people in their workforce. Institutions will need “to rethink employment entirely,” he said. “In the long term, how do we make employment more attractive?”
Flexibility is the key to both employee satisfaction and attracting students to enroll, he said.
On the employment side, administrators are considering how to:
For student enrollment, administrators are looking at:
In these scenarios, institutions will need to “be distinctive, be first, be flexible, and be sustainable,” Keeling said. The key questions administrators are facing for 2022-23 and beyond are, he said:
Where do campus stores fit in? Keeling had several recommendations: