Universities are at a crossroads, with COVID-19 acting as a tipping point for whether they thrive or barely survive.
On April 13, about 100 faculty members from Laurentian University lost their jobs because of a massive restructuring and insolvency negotiations. In Australia this past fall, University of Sydney eliminated 10 faculties and 100 programs in order to increase its long-term sustainability.
Demographic, technological and socio-economic trends, including reduced government funding and increased dependency on private donors, are influencing the mandate of universities, and survival depends on transformation. As we document in our recent book, these trends are affecting all universities across the west, and most institutions are unable to nimbly pivot to the new reality.
Our research shows universities must "future proof" themselves, which happens when an institutional strategy is focused on the future while mitigating the impact of unforeseen events. Successful future-proofing involves clearly articulating a path to a new vision with the participation of faculty, staff and external community members. It also involves consistently applying decision-making criteria and continuously measuring progress.
