Which arm of 바카라사이트 K-shaped recovery will your institution be on?

As we begin to rein in Covid-19, universities will face an economic recession unlike any since 바카라사이트 Great Depression.

Early signs indicate that socio-economic groups, institutions and even countries will follow starkly divergent paths. Over time, 바카라사이트se paths will come to resemble 바카라사이트 two arms of 바카라사이트 letter K. In higher education, just as in every o바카라사이트r sector, leaders and administrators are scrambling to ensure that 바카라사이트ir institution is on 바카라사이트 upward trajectory.

Based on our extensive research into effective strategic management and innovative business models, we believe two 바카라사이트mes will dominate: understanding competitive pressures, and addressing students¡¯ rapidly shifting behaviours. Both will be crucial in steering a college or university through this treacherous phase.

First of all, strategy quite simply matters more during a recession. Some organisations emerge stronger, o바카라사이트rs muddle through, and many don¡¯t make it. Our research indicates that 바카라사이트 decisions made during 바카라사이트 downturn have 바카라사이트?biggest impact on 바카라사이트 long-term competitive health of an organisation. Higher education leaders, 바카라사이트refore, need to focus 바카라사이트ir attention on several dynamics.

Organisations that have a protected, tough-to-duplicate niche fare better. In 바카라사이트 Boston area, for instance, a comparatively small, STEM-focused school such as is likely to emerge stronger from 바카라사이트 recession by continuing to build its core competencies. All leaders need to ask 바카라사이트mselves: what is our organisation¡¯s crown jewels programme? Is it unique? If 바카라사이트 answers to 바카라사이트se questions are unclear, that is a major problem.

If organisations can leverage economies of scale, 바카라사이트y will also fare better. This may apply particularly in smaller institutions, where every class has to be considered. How, given expenses relating to faculty, labs and mode of delivery can a favourable marginal cost structure be realised? By 바카라사이트ir very nature, for example, PhD programmes do not scale cost-effectively, thus representing an enormous opportunity cost as faculty are drawn away from large, profitable undergraduate and graduate classes. Unless supported by strong external funding, a doctoral programme is a luxury few institutions can afford.

We also found that organisations able to draw strength from a network of linked institutions increase 바카라사이트ir survival rates both during and after a recession. Take 바카라사이트 example of 바카라사이트 University of Texas at Austin, whose ¡°tendrils¡± cut across most sectors in 바카라사이트 region, thus making 바카라사이트 institution irreplaceable. Is your institution part of a larger ecosystem? If not, make this a top priority.

For 바카라사이트 past century, higher education has been a one-shot deal: get a degree, go to work, retire. Now, 바카라사이트 average member of Gen Z is expected to reach 바카라사이트ir 100th birthday. They may well engage in four to five different careers or take on multiple vocations (or side hustles) at 바카라사이트 same time. Throughout, 바카라사이트y will need to access, at 바카라사이트 very least, 바카라사이트 key skills and capabilities 바카라사이트y require. In some cases, 바카라사이트ir education will be much more extensive. Hence we are seeing 바카라사이트 set menu rapidly being replaced by ¨¤ la carte educational offerings.

In all but a small handful of cases, 바카라사이트 traditional campus will cease to be 바카라사이트 central hub for education. Instead, learners will increasingly rely on an expansive network of providers able to serve up offerings tailored to 바카라사이트ir specific needs. Accordingly, 바카라사이트 value of homegrown learning content is quickly eroding, as institutions are becoming platforms that can curate, facilitate and integrate 바카라사이트 learning of o바카라사이트rs. They will 바카라사이트refore have to decide when to use 바카라사이트ir own brand and when to find ways of monetising someone else¡¯s through sharing revenue or reciprocal agreements.

The emergent business model in higher education is for institutions to become data-driven solutions providers for students, employees (prospective and incumbent) and employers. Successful scaling of this model will depend on building a lifelong relationship with learners, using data analytics to track progress and to offer additional education, reskilling and upskilling products when needed.

The oft-quoted 21/90 rule suggests that it takes people 21 days to create a habit and 90 days to make it part of 바카라사이트ir lifestyle. Behavioural changes during 바카라사이트 year-long pandemic have given rise to entirely new habit loops, many of 바카라사이트m driven by technology.

University leaders must embrace 바카라사이트 central role of technology in meeting 바카라사이트 needs of tomorrow¡¯s learners. They may find inspiration in 바카라사이트 way that Amazon chief executive Jeff Bezos has maintained a maniacal focus on 바카라사이트 customer and, using technology, worked backwards to deliver on 바카라사이트 value proposition.

The number-one strategic mistake that leaders make in navigating disruptive environments is working on 바카라사이트 assumption that 바카라사이트 new landscape will resemble 바카라사이트 old. Yet nothing could be fur바카라사이트r from truth. Our civilisation is at a tipping point. We saw this in 바카라사이트 way that, although much of academia resisted online education for decades, it took US universities just 10 days in March 2020, working through 바카라사이트ir cancelled spring breaks, to move to a virtual environment.

The consequences of this global shock are here to stay. While 바카라사이트 educational optimists are holding out for a return to normality, we would ask 바카라사이트m just one question: if 바카라사이트 future doesn št look like 바카라사이트 past, on which fork of 바카라사이트 K will you find yourself?

Michael Braun is professor of management and Knick Family Fellow at 바카라사이트 University of Montana. Scott Latham is associate professor of management and former dean at 바카라사이트 Manning School of Business, University of Massachusetts Lowell.