COVID-19 has brought to the fore a brewing financial crisis in higher education. Even before the pandemic arrived, expenses often exceeded revenues at public and private institutions alike. With tuition and fees covering only a fraction of operating costs, colleges and universities have been forced to rely on other forms of revenue, including grants, state appropriations, investments, auxiliary income (such as room, board, and dining), or their endowments.
This situation has only been aggravated by the pandemic. Under COVID, the higher ed sector experienced decreased enrollments and increased costs associated with online education and pandemic safety measures, while, at the same time, the alternative forms of revenue that were keeping institutions afloat also took a severe hit. In this “perfect storm” scenario, the ability to enhance institutional effectiveness while controlling costs has become a critical need. One important tool for doing this is benchmarking.
Download our eBook to learn more about benchmarking, why it’s so valuable for colleges and universities, and how to get started.