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Design a hybrid budget model
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.
How higher ed institutions are responding to the financial pressures of COVID-19: results of EAB’s survey of finance officers
The COVID-19 crisis is still unfolding, but higher education leaders are already projecting significant financial losses and preparing for a range of challenging budget scenarios. EAB recently surveyed over 100 business and finance leaders from higher education institutions across the United States, Canada, the United Kingdom, and Ireland to learn how they’re responding to new financial pressures.
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.
Many institutions are considering wholesale budget model changes to reinforce financial goals and strategic priorities, but there isn’t a uniform “one-size-fits-all” model that every institution should emulate. Learn how to design custom models that align with your institution’s unique strategic priorities, mission, and culture.
As your campus becomes more experienced in its process improvement journey, you may develop homegrown tools and resources—but the five steps outlined in this Roadmap should always remain your baseline.
ExpertsMore on Our Experts
As college and university leaders are beginning to assess the financial toll of COVID-19, EAB shares benchmarking data from a recent EAB survey on current financial status, planned next steps, as well as case studies of emerging cost reduction efforts.