4 key strategies to attract and retain top higher-ed talent

Key points:

• Higher-ed leaders must think differently about talent management
• Important considerations for new faculty members
• How higher-ed can use data to boost faculty success
• For more news on faculty and staff, visit eCN’s Campus Leadership site

Recent changes in the labor environment have made it increasingly difficult for higher education institutions to attract and retain critically important faculty and staff. In the past, colleges and universities could leverage factors such as a strong brand, better work-life balance, and a compelling mission to recruit and retain hires. That’s simply not enough to attract top talent today.

A survey of higher education leaders nationwide found that labor challenges are a major concern that are expected to have significant financial impacts on the industry over the next 5-10 years. Colleges and universities face rising competition from companies in other industries that seek to lure people with flexible work options, better pay and benefits, and opportunities for career advancement.

Staff retention rates are suffering as a result. From the 2020-2021 to 2022-2023 academic years, voluntary turnover at colleges and universities rose from 7.9 percent to 14.3 percent for full-time, exempt staff, and from 9.4 percent to 15.2 percent for full-time, non-exempt staff, according to a survey report by the College and University Professional Association for Human Resources. One-third of higher education employees surveyed said they are likely to look for new jobs in the next 12 months.

To counter these trends, higher education institutions must adopt a strategic approach to talent management.

The following four strategies can help colleges and universities renew their focus on addressing the changing needs of faculty and staff to effectively attract and retain the workforce of tomorrow.

1. Create more opportunities for professional growth

There’s one benefit that retains workers more than any others: opportunities for professional growth. According to a LinkedIn study, 94 percent of respondents said they would remain with a company longer if it invested in their education and training. Without providing employees with an upward path, institutions struggle with converting new hires into long-term employees.  

Colleges and universities can proactively address this by offering professional development opportunities. For example, in response to faculty and staff requests, the University of Idaho recently implemented a supervisor training program, offering a financial incentive to each employee who completed the course. Hundreds of supervisors participated in the program, clearly demonstrating that they are eager to learn and progress in the organization.

2. Update technology to make roles more attractive

Higher education institutions historically–and perhaps even notoriously–have relied on outdated, manual processes. For example, the survey found that many institutions continue to use spreadsheets for a range of functions, including 49 percent that use them for tuition projections, 48 percent for forecasting, and 41 percent for scenario modeling.

Adopting a modern tech stack that simplifies tasks such as reporting, analytics, budgeting, and planning can make open positions more attractive to prospective applicants compared to similar roles at universities that require manual processes. Better tools also bring added efficiencies and automations, which allow higher education faculty and staff more time to focus on more meaningful, value-added work.

In addition, using advanced technology solutions signals that the institution is agile and forward-looking, which many job-seekers find desirable.

3. Prioritize an inclusive and flexible culture

A strong culture is essential to attracting and retaining top talent. Of course, culture comprises many factors–some intangible. Professionals across the country have been clear about what they want from their employers. Benefits, for instance, play a large role in a company’s culture by creating a positive and productive environment and communicating that leadership cares about its employees in aspects beyond work product. A recent EY Work Reimagined Survey revealed that 79 percent of employees would like to see moderate to extensive changes to their benefits in a post-COVID era.

College and university leaders should consider what a competitive benefits package looks like, such as robust family health insurance, parental leave, childcare subsidies, and, perhaps most importantly, flexible work options. As more and more businesses allow employees to work remotely all or part of the time, higher education institutions that do not follow suit will likely fall behind–and lose talent to other organizations.

Institutions can also build culture and recruit more effectively by renewing their focus on diversity, equity, and inclusion (DEI). A study by BetterUp reported that employees who don’t feel a sense of belonging within their workplace are 50 percent more likely to leave their institutions than those who feel well represented and included.

4.  Get the finances in order

The importance of strategic financial planning cannot be overemphasized. The survey revealed that higher education faces numerous financial and operational challenges over the next decade, including declining enrollment, rising labor costs, inflation, and decreased funding from state, federal, and donor sources.

With more accurate budgeting and forecasting, colleges and universities can better navigate economic uncertainty and improve their financial health, and thus offer more competitive salaries and benefits. In a rapidly changing environment, higher education budgets can become outdated quickly. Institutions need robust budgeting solutions that enable them to track and project financials on an ongoing basis. This allows them to plan further into the future with confidence, accounting for factors such as investments, funding sources, and changing demographics. For example, having a detailed view of enrollment and more accurate enrollment projections helps higher education leaders better understand where they are and how much they can invest in recruitment and retention efforts.

Hiring the right people is essential to the success of colleges and universities–but as higher education leaders plan for the road ahead, they must think differently about talent management. With a modern, forward-looking approach, colleges and universities can hire the faculty and staff needed to advance their institution’s strategic goals and mission.

About the Author:

Kevin Bresser is VP of Sales – Strategic Industries at Syntellis Performance Solutions, part of Strata Decision.