WK5Assgn1_Barnes_D

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ISSUE REVIEW 1 Week 5 Assignment 1: Focus on Culture of Innovation Daniel Barnes EDD, Walden University EDDD 8031: Lead & Manage Instruct Change Dr. Karpel

ISSUE REVIEW 2 Abstract This paper will explore the financial challenges that colleges and universities face due to the impact of Covid-19, suggesting that a full recovery may be unlikely. The Covid-19 pandemic has led states to implement shelter-in-place measures for an average duration of three months. Throughout this period, numerous Americans faced challenges in working and supporting their families. Consequently, the unemployment rate surged significantly, leading several states to incur debts and seek federal assistance. To compensate for the revenue decline resulting from a lack of tax receipts, states initiated budget cuts. This paper will explore strategies that colleges and universities need to adopt in order to address and alleviate budget cuts. Leaders within these institutions will face the challenge of determining which programs should undergo reductions. The central emphasis of this paper will be on how leaders can navigate this situation through innovation and a lateral thinking approach to meet the diverse needs of the university.

ISSUE REVIEW 3 Funding Leading during unprecedented times has become the norm for leaders across various institutions. While strategic planning often includes accounting for the unforeseen, the global spread of the coronavirus was an unexpected event. What initially seemed like a minor issue in a few countries across the ocean swiftly impacted the familiar aspects of daily life. In the current reality shaped by the Covid-19 pandemic, how can colleges and universities thrive? What becomes the initial financial decision for a leader? This is where innovation, creativity, and the reevaluation of traditional revenue sources for educational institutions come into play. (Buller, 2015, p. 139). Future For decades, colleges and universities have depended on traditional students enrolling and arriving on campus in the fall, occupying residence halls, libraries, cafeterias, and classrooms. However, many of these norms are no longer applicable. Higher-level executives of higher education institutions will need to account for these losses when contemplating how the institution can maintain profitability. Understanding the education industry empowers a leader to envision the necessary steps to transition from one point to another. (Tierney & Lanford, 2016, p. 2). Understanding the actions taken by other educational institutions during the Covid-19 pandemic provides valuable insights into determining which programs should be cut or reduced. (Buller, 2015, p. 141) Additionally, the Covid-19 pandemic has highlighted the essential need for technological advancements in current times. Consequently, a leader should seize the opportunity presented by the imperative for distance learning and the integration of a virtual campus. This strategic move would address the concerns of students who might be hesitant to return to campus, while also appealing to both traditional and nontraditional students, thus

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ISSUE REVIEW 4 benefiting the university (Setser & Morris, 2015, p. 6). The leader must enhance the university's visibility by leveraging technology to bridge the learning gap resulting from Covid-19 and establish an alternative revenue stream. Findings The leader's mindset during the Covid-19 pandemic must embrace an approach that considers the situation through the ABC method. (Buller, 2015, p. 147). By examining the problem objectively and relying on an alternative belief system, a leader can contemplate all the potential consequences that may arise if the university does not operate at full capacity. (Buller, 2015, p. 146). Presenting a clear and practical strategic plan to address the concerns of students, professors, and staff will build trust. When communicated with enthusiasm and optimism, this approach is likely to reduce resistance and confusion about the direction the university is heading. (Buller, 2015, p. 151). The evolving landscape facing higher education institutions demands that leaders shift their focus towards the future. They must discern the most logical steps the university should take to stay operational and effectively serve its student body and community. (Setser & Morris, 2015, p. 10). Leaders are looking at the immediate future because of the uncertainty. At the same time, they must consider what resources will be needed for the university to succeed. Taking on more online courses requires a data system capable of handling the student body doing 100% of their research, work, and communicating through the internet. Leaders are currently focusing on the immediate future due to the uncertainty. Simultaneously, they must also consider the resources necessary for the university's success. The expansion of online courses requires a robust data system capable of accommodating the entire student body conducting 100% of their research, work, and communication through the internet. The costs associated with the design

ISSUE REVIEW 5 and maintenance of such a system can be significant. While these expenses may be necessary for adapting to the current circumstances, whether they save the university money depends on various factors, such as efficiency gains and the ability to attract and retain students through online offerings. The financial impact of Covid-19 on colleges and universities has been substantial, prompting a shift in thinking. Leaders must be creative in evaluating which approach will guide the institution into the twenty-second century, considering both the upfront investment and potential long-term benefits. Executive Summary This report was commissioned to investigate how the influence of technological change impacts leadership in higher educational institutions. The research sheds light on the financial crisis faced by colleges and universities due to the Covid-19 pandemic. Educational institutions are closely examining their budgets and reevaluating fund allocations. States are expected to reduce funds for colleges and universities in the upcoming 2020 academic year. Additionally, colleges and universities are grappling with a 20% reduction in enrollment, further contributing to significant cuts. The financial challenges faced by states have led them to cut $180 million from the budget, with $76 million of those funds allocated from higher education institutions within the state. Amidst the uncertainty of when the COVID-19 pandemic will subside or a vaccine will be available, states' debts could escalate to $1.5 billion by the end of the year. Colleges and universities received $4.8 million of the $2.2 trillion stimulus package passed by the federal government. With half of those funds designated for student emergency grants, universities will only have access to $2.4 million. Many colleges and universities projected their 2020 budgets in February, before the Covid-19 pandemic was well underway. A projected 3% increase at the beginning of the year has now

ISSUE REVIEW 6 turned into a loss. Due to the issuance of room and board refunds and tuition reimbursement, the loss of revenue will likely lead to higher tuition once the Covid-19 pandemic subsides. In 2017, colleges and universities received $9 billion less in funding than they did in 2008. From 2008 to 2017, tuition rates increased by 35%, and colleges and universities experienced a drop in enrollment. The consequence of these budget cuts may force colleges and universities to turn away students, furlough professors and staff, and potentially lead to the closure of some higher education institutions. Colleges and universities are adopting a strategy of planning for the best while preparing for the worst. States are grappling with the challenge of figuring out how they can support higher education institutions during these unprecedented times. The nation is contending with issues such as unemployment, rising Covid-19 cases, and political unrest. The educational system is poised to endure the most significant impact and may face challenges in recovering, potentially preventing many students from starting, returning, or graduating from a higher education institution. Leaders of these institutions must remain vigilant in their commitment to doing what is best for their college or university. It is recommended:  The proposal suggests that higher educational institutions reallocate funds to prioritize online learning.  State legislators endorse a freeze on tuition for higher education institutions.  Loan forgiveness programs for students are implemented by Congress.  Faculty at the Colleges and Universities are reduced by 12%. In conclusion, with Covid-19 prompting states to enforce shelter-in-place measures, many Americans encountered difficulties in working and providing for their families. As a result,

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ISSUE REVIEW 7 the unemployment rate saw a substantial increase, causing several states to accumulate debts and seek federal assistance. Leaders navigated this situation by employing innovation and a lateral thinking approach to address the diverse needs of the university.

ISSUE REVIEW 8 References Buller, J. L. (2015). Change leadership in higher education: a practical guide to academic transformation. Jossey-Bass. Murakami, K (2020, May 15). State Cuts Grow Deep. Inside Higher Ed https://www.insidehighered.com/news/2020/05/15/size-state-budget-cuts-becomes- clearer Setser, B., & Morris, H. (2015). Building a culture of innovation in higher education: Design & practice for leaders. URL: https://library. educause. edu/resources/2015/4/building-a culture-of-innovationin-higher-education-design-practice-for-leaders (дата обращения: 01.12. 2019). Tierney, W. G., & Lanford, M. (2016). Conceptualizing innovation in higher education. In Higher education: Handbook of theory and research (pp. 1-40). Springer, Cham.

WK5Assgn1_Barnes_D

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