The New Reality of Higher Ed - Guide 2022.pptx
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The document discusses the increasing pressures facing higher education from factors like demographic shifts, competition from other education providers, rising learner expectations, and technology advances. This is impacting higher education in areas like products, platforms, and services. Institutions need to innovate in these areas through approaches like developing educational platforms that bring together offerings from multiple creators, automating and improving services, and focusing on career outcomes and workforce needs.
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The New Reality of Higher Ed - Guide 2022.pptx
- 1. Shift Forward The New Reality of Higher Ed Sasha Thackaberry, PhD sashatberr@gmail.com edusasha.com
- 3. This Presentation 1. Factors increasing pressure 2. Impact on Higher Ed
- 4. Combination of Factors Increasing Pressure ● Demographics ● Higher ed institutions in this space ● Shadow education sector ● Education as a benefit ● Everybody in the services business ● Price compression ● Learner expectations ● Technology & tech investments
- 5. Factors Increasing Pressure: Demographics WICHE report: Knocking at the College Door, 2019.
- 6. Factors Increasing Pressure: Consolidation at POIs POIs .4% combined growth 19-21 Higher Ed undergrad down 6.5% overall in 19-21 Slide data from EAB analysis pre-pandemic; data on growth from NCES’s IPEDS preliminary Fall 21 data.
- 7. Factors Increasing Pressure: Shadow Education Sector https://www-classcentral-com.cdn.ampproject.org/c/s/www.classcentral.com/report/mooc-stats-2021/amp/ Bootcamps ($$$$) MOOC-based ($-$$) Industry credentials ($) Self-paced short-form ($) Free short-form (0$) Commonality? ROI
- 8. Factors Increasing Pressure: Education as a Benefit Companies charge the higher ed institutions They also charge the companies for processing the benefits in most cases They have OPM-like features
- 9. Factors Increasing Pressure: Everyone Is An OPM
- 10. Factors Increasing Pressure: Price Compression the $5,250 line is real 2019-21 College tuition was lower concerns about debt and tuition cost 0 to over 120 million users at Coursera and edX in 10 years
- 11. Factors Increasing Pressure: Learner Expectations 87% Know they need more skills 62% Prefer non- degrees
- 12. Factors Increasing Pressure: EdTech Investments
- 13. Career Development Looks & Feels Different ● Continually stretch ● Networking matters ● In education, like in the rest of the world, IT skills are a higher dollar value ● Project management skills are always needed
- 15. The Stuff We Do in Higher Ed Lorem ipsum congue tempus Lorem ipsum tempus Platform Product Services Campus Online classroom Online portal LMS Dining Tutoring Library Courses Credentials Alumni
- 16. Product
- 18. Platform “a standard for the hardware of a computer system, determining what kinds of software it can run” OR “a raised floor or stage used by public speakers or performers so that they can be seen by their audience” OR
- 19. Examples: Platform Innovation ● Products from multiple creators ● Becomes the “home identity” for educational experiences across a number of brands ● Short to long-form (single class through degree) ● Career-focused
- 20. Services ● Tutoring, library, coaching, career services ● Different expectations by audience ● Anytime / anywhere access to services
- 21. Examples: Services Innovation ● Investment in technical infrastructure ● All about that automation ● Chat and chatbots ● Becoming customer, and customer- service focused ● Workforce and career-centric
- 22. Thank You! “When the winds of change blow, some build walls; others build windmills.” -Chinese Proverb Sasha Thackaberry, PhD sashatberr@gmail.com edusasha.com
Editor's Notes
- Let’s shift forward. We’re going to be looking at the new reality of higher education in a complex, fast-moving world.
- This is our new collective reality. Technology has fundamentally changed how we interact, and higher ed is not immune.
- First, we’re going to look at some of the factors that are increasing pressure on higher ed. Then we’re going to discuss what the impact is on higher ed – and what it could be.
- Some of these factors – though this is by no means an exhaustive list – include demographic changes, which higher ed institutions are dominating the online learning space, the shadow education sector, the increasing use of education as a benefit, how so many vendors in the higher ed space are turning to the services business, along with price compression, changes in learner expectations, and finally – and importantly – technology and tech investments in the marketplace.
- Competition Increasing The coming demographic cliff will increase competition in the online marketplace Gen Z heads to college Increase in diversity of potential college-going students Decrease in preparedness for success in college-level work
- Consolidation in online higher education marketplace - enrollments weighted at large POIs (Primarily Online Institutions)
- All alternative educational providers - or those in the shadow education sector - are not cheap Some very expensive (bootcamps) - through free MOOC-based specializations or nanodegrees are cheaper than boot camps Industry credentials - usually test-based, with self-study All sorts of low-cost, self-paced short-form short-form (LinkedIn Learning, Udacity, etc.) Commonality - a focus on the student-side for ROI Important to note - these are not subsidized by federal aid, which traditional higher ed really is
- In the competition for qualified workers, and to upskill current workers, we are seeing “Education as a Benefit” Companies like Guild Education, InStride, Bright Horizons, and more are acting like platforms and like service companies, connecting educational institutions with employers who pay for those benefits, and taking a healthy fee in the middle These companies charge from 25% - 50% of the cost of tuition from the higher education institutions Many times they are also paid by the companies for managing the benefits
- Partnerships are expanding in higher ed with alternative or shadow education content and educational experiences More usage of online program management companies Both of these are generally revenue share (though there are OPMs that are doing more fee-for-service) Essentially, this is the “great outsourcing of higher education”
- Tax limitations in the US for benefits for education limit many education benefits to $5,250 a year College tuition is actually going down when inflation is taken into account Debt continues to be a concern The availability of cheaper, short-form credentials of value are eating into the overall online learning space From 0 users in 2011 to users at Coursera and edX to over 120 million registered users as of June 2021
- 87% of adults know that they need to develop more skills (Pew) 62% of adults strongly prefer nondegree programs and skills training over degree programs (Strada)
- Investments continue in the edtech space Most of these investments are in educational providers - content and education
- We all learn informally all the time Small credentials stack up to demonstrate what you know Like our students, we need and seek these “signals” of what we know A lot of time, women can end up “stuck in the middle”
- In order to discuss impact, we need to look at what we actually do What our product is, is the learning experience. What the output of that product is, is a credential. Platform is where we are in physical and virtual space - how we interact Services are what we provide around the actual learning experience We need to innovate in all of these areas in order to ompete
- What is your current product? At most institutions = learning is the product or = the degree or credential is the product. Some institutions = brand is product Different products for different learners Traditional = product also encompasses experiences (co-curriculars, sports games, student clubs, etc.) Post-traditional = product lines can include shorter forms like certificates or professional development Also different products come from different institutions for these different audiences Community college Private liberal arts Public Private for-profit POI, etc.
- What learning experiences look like, and are sized as, are changing Example from CSU Global Example from LSU Online Example from edX - their value is now skills-based - their unit of measure is the “course” Long road to a full degree Learners need something in between that signals to employers that they’re picking up those additional skills
- In a platform, learners find and purchase things, relate to each other, curate content, interact. Things plug into the environment, etc. Platforms have always existed, they’ve just been controlled Now an institution is their own platform but that can also be limiting The platform has only historically hosted things related to that series of products - usually generated by the institution
- Just like in other areas, platforms are growing and taking up new market space while they’re creating new market space Represent multiple brands - on the product side, from both universities and colleges and the industry side Repeat business and international expansion are areas of focus Millions of registered users and that means millions of leads - 2U purchased edX Universities and colleges have an option: Become the platform & create one of your own Offer products on other people’s platforms Do both Continuing ed divisions can become that space for representing multiple brands as well as their own Marketing advantage from leads - even in very inexpensive product lines
- Have always been different for different audiences Traditionally-aged students have different expectations - services like a lazy pool Like dining hall food options Fully online students have different expectations Customer service expectations for part of the consumer process Anytime / anywhere access to pay bills, register for classes, approve financial aid, receive grades, etc. Institutional services like Online Program Management services White glove service for applying for academic programs Change of paradigm - customer-focused instead of “the student proving themselves worthy of the institution”
- Requires investment in technical infrastructure Automation is needed to meet student needs Working hours no longer work to provide services to meet consumer-based needs Becoming customer-service focused because the competition will be increasing Some of this is good news Making administrative tasks easier, rather than harder, for students