As institutions of higher education prepare for the upcoming fall semester, they continue to face strong headwinds. From the declining number of high school graduates enrolling in college to inflationary constraints, the future of postsecondary education is more uncertain than ever—especially amid fears of a recession.
While U.S. employers say they’re facing a talent crisis that’s threating their business sustainability and growth, the reality is that employers are contributing to the talent crisis with the majority (62 percent) requiring degrees for entry level jobs, and more than a quarter (26 percent) admitting they do so to “filter the candidate pool” or because “that’s the way it’s always been done.”
Traditionally, higher education lived in a world where enrollment was quantifiable. Over the last couple of years that has changed drastically. Colleges and universities are now facing challenges presented by unpredictable enrollment figures that make conventional, historically-based budgeting nearly impossible.