925: Innovative Approaches to Financial Challenges- with Dr. Nancy Hubbard, Dean of the College of Business, University of Lynchburg, & Educational Consultant, Higher Ed Heart
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In this episode, #925,
YOUR guest is Dr. Nancy Hubbard, Dean of the College of Business, University of Lynchburg, & Educational Consultant, Higher Ed Heart
YOUR cohost is Douglas A.J. Carlson, Head of Partnerships - Americas, LeadSquared
YOUR host is Dr. Joe Sallustio
How is the University of Lynchburg adapting to challenges facing higher education, including enrollment declines & financial pressures?
What strategies is Dr. Hubbard implementing to create innovative, multidisciplinary programs that attract students & fill market niches?
How can universities better align their offerings with student interests & workforce needs?
What role should boards play in guiding institutions through difficult financial decisions & potential restructuring?
How can universities communicate & implement necessary changes while maintaining morale & retaining talent?
What lessons from the corporate world on change management & strategic planning can be applied to higher education?
How can struggling institutions evaluate their options, including potential mergers or closures?
What does Dr. Hubbard see as the future landscape of higher education, & how can institutions position themselves to thrive?
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Welcome to The EdUp Experience podcast, where we make education your business. This is Dr. Joe Sallustio with guest co-host Douglas Carlson.
Our guest today is Dr. Nancy Hubbard, Dean of the College of Business at the University of Lynchburg.
Joe: Nancy, tell us about the University of Lynchburg. Who do you serve and how?
Nancy: We're in Lynchburg, Virginia, one of six colleges in town. We serve a range of students, from high achievers to those who need to reach their potential. Our top students might cross-apply to UVA or Virginia Tech, while others might consider James Madison or Radford.
Joe: So you're serving the modern learner, someone finding their way through higher education?
Nancy: Exactly. It's not as easy as just finding an elite institution for many students.
Joe: We're in interesting times in higher education. There are likely too many universities in the U.S., and some are closing. The University of Lynchburg recently had layoffs, which seems endemic of higher ed as a whole. Your background is unique - can you tell us about that?
Nancy: I was a management consultant for years before coming into higher ed. I did my doctorate in mergers and acquisitions implementation at Oxford. I've restructured businesses throughout my career, including during the merger waves of the 90s. I've had the privilege of researching how different companies handle downsizing and helping about 30 companies maximize their size for their revenues and strategic direction.
Joe: How good are universities at handling and communicating cuts, especially in today's media-rich environment?
Nancy: Generally in higher ed, both in strategy and implementation, you have many people whose sole job has been in higher ed. They've likely never experienced being laid off or laying someone off themselves. Even with the best intentions, they don't have that experience. It's really hard to do it right the first time, even in industry.
The challenge is that when laying off, say, 5% of your workforce, you've still got 95% staying. If it's not handled well, you've upset the 5% leaving and the 95% staying, who may now question whether to stay. My research shows you can lose an additional 10-15% through attrition when it's not handled well.
Douglas: There seem to be similarities between higher ed and the tech sector in terms of employees being treated well and told they're special or family. What are your thoughts on this?
Nancy: I see the similarities. When you have that level of family care, a shock like this is devastating. In academia, tenure means you're never supposed to lose your job. The idea of suddenly cutting departments and losing tenured positions never enters faculty members' radar.
The enrollment cliff is fascinating because we've known about it for 15 years, yet people still didn't prepare. I think it hasn't been in the mindset of academic leadership, who've been raised in an environment where there's always more the next year.
Douglas: Where do you see the industry shaking out in 5-10 years?
Nancy: The cynic in me says it's adopt, adapt, or die. If you have a top-40 brand name or a large endowment, you'll be fine. But hundreds, if not thousands, of institutions with smaller endowments are starting to feel the heat. Rural liberal arts colleges without graduate programs are really struggling.
There are many ways to innovate, but institutions need to see what others around the world are doing and how to differentiate themselves. We need to look at this from the customer's perspective. Students want personalized learning when they want it, how they want it, and at a price they want. They want subjects that interest them.
Joe: Nancy, what's next for you?
Nancy: I'm leaving the University of Lynchburg at the end of June. Given my unusual skill set of experience in both higher ed and corporate strategy, I'm starting a consulting practice called Higher Ed Transformation to help institutions with strategy, implementation, and rightsizing if needed.
Joe: Thank you, Nancy. This has been one of our most candid discussions about what's actually happening in higher education.
That concludes our episode. Thank you for listening to The EdUp Experience.
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