Next Practices Build a Student Success Model that Supports Financial Health | Dr. Patti Neuhold-Ravikumar
Today’s guest is Patti Neuhold-Ravikumar, former University of Central Oklahoma President and CEO and Principal Consultant of Arc C-Suite Advisory. To kick off Season 2 of Next Practices, Patti digs deep into the strategies behind building a student success model that also supports the financial health of an institution.
Patti shares what leaders should think about when building a financially healthy institution, new and alternative approaches you should consider when developing financially sustainable student success approaches, and what pieces you need to have in place to establish a student success model that supports the financial well-being of your institution.
We’ve also written a downloadable resource on this topic for you, which you can CLICK HERE to download now.
Show Notes:
[2:28] - Patti shares her background, current role in consulting, and experience in higher education.
[3:41] - There are several challenges higher education is seeing right now, including demographic changes and the aftermath of the pandemic.
[4:27] - Prioritize what you have and how to utilize it.
[5:24] - It is easier and less expensive to retain a current student than to recruit a new one.
[7:35] - Retention is a common problem for all regional universities.
[9:21] - We have to be strategic about financial aid distribution and spending to make the most impact.
[10:37] - Faculty members are the first line of defense. There needs to be a cohesive relationship with student success initiatives.
[12:35] - Data and communication are the keys to making decisions about student success.
[14:54] - Early alerts are only the first step. Initiate communication with what the data is telling you.
[17:21] - It is important to take a holistic approach.
[18:18] - Patti shares an example of how your strategies can change, adjust, and flow. A strategy is a living process.
[20:11] - It’s not everyone’s responsibility to take action on things.
[21:24] - A strategy is very rarely done. It’s something repeatable.
[23:12] - We all get stuck sometimes. There’s a natural friction point when it comes to student success. Patti explains how to manage this.
[25:51] - Create an atmosphere of trust and productive conflict.
[28:33] - Having a unified understanding and vision is crucial but it is easier said than done but should be at the top of the priority list.
[30:31] - The meetings that Patti describes need to be filled with people who have the authority to make decisions.
[32:33] - There can be issues that arise with data trust.
[33:53] - A single source of data is the gold standard.
[35:45] - Allow people to interact with the data to better understand it.
[37:35] - We don’t have the time to waste. The information needs to be ready and you have to act.
[39:17] - The health of one department relies on the others.
[40:21] - Contact Patti through email at Patti@arc.consulting
Links and Resources:
Download Leadership Brief: Achieving Financial Stability with Student Success
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