Retention versus Revenue
Are we really concerned about retention or are we more interested in improving our financial profile? Seems like retention has received a lot of attention since attrition has been increasing.
Shirelle,
A top level executive once said "quantity is an indicator of quality". If people come and/or if people stay it is a reflection of the quality of the education provided. Retention starts ad Admission. One way to accomplish is to have a committee consisting of all departments that help identify solutions to address risk factors. Schoolwide and individual issues should be within the scope of what that committee could address.
Ron Hansen, Ed. D.
There is definitely a direct link between retention and admissions. I work in student support and our mission is to get the student to graduation. We don't get to know the student until they've already been enrolled. Our focus then relies on strategies to retain the student after the admissions process. Fortunatley for me, I was an admissions officer and I know what type of questions to ask to help the student be successful. Now I realize that those same students that I enrolled are now coming to me for support to help them reach the finish line. Student Support and Admissions are striving to identify risk factors and training on strategies to retain the student. Is it all about quality or quantity? How do you accomplish both?
Van,
Sure does. The key is to tell a story that is true. Can't have any disconnects at the front end.
Dr. Larry Banks
Retention must begin with proper admissions. By making sure that the prospective student is truly aware of expectations of the program and has made a sincere and thoughtful decision, then retention should be less of a problem. I think too often the admissions departments can lose sight of the final goal-graduation-because they are pushed so hard to get as many students enrolled as possible. At my school there is a definite disconnect after enrollment. Linking retention to enrollment might help to drive a more thoughtful retention strategy.
You got that right. Retention is the responsbility of all school employees. The good news, you can improve retention, if you give it some attention.
Dr. B
retention is critical to balance with revenues. If students are dropping classes or programs you'll have difficulties to meet financial budget and will endure spending cuts, lay offs, and less tools for good education.
I definately agree that proper screening of individual student can make a great difference in retaining them. First of all we must not focus too much on quantity, but focus on quality. By focusing on the quality of students we wish to enroll in our programs, we will acquire great revenue overtime, great employer satisfaction and profound increase in student population.
They do. It is much easier to keep a student than to acquire a new student. So, do all you can to keep them.
Dr. B
I think retention and revinue go hand-in-hand. Without revenue the doors would close! Without good retention revenues would be low. I think it would be foolish to not admit to the association there. If (I should say when) we can improve the bottom line by improving retention with a genuine purpose, the success of the student, then we could gauge true profit!
I also think there needs to be a balance between retention and revenue, but the balance will not always be the same. How many students are looking to come to a school, how many students are currently enrolled, staff size, and economic climate can all have an effect on how retention and revenue need to be balanced.
Hopefully by placing increased focus on the retention of students we can create long-term success for our schools. In admissons, we tend to live in a start-to-start mindset and it is sometimes difficult to consider the years ahead for a student.
Also, it might take awhile for the word to get out, but after awhile, employers pick up on the fact that a school graduates unqualified job seekers.
There is a delicate balance between retention and revenue. You need revenue (starts) on the front end to drive the business and keep the doors open. On the other hand, opening the flood gates to every student can hurt on the back end in terms of retention, licensure and placement; failure in those metrics can lead to being on reporting with accrediting and state agencies that could lead to closing of the program. Neither situation is ideal. There must be constant and quality communication between Admissions and Education on having solid starts. That is truly the only way the business can propsper.
I think if we did a better job of interviewing out applicants and making sure they were right for the program it would cure both issues.
