Stamats' QuickTakes
Insights into Research, Strategic Planning, and Integrated Marketing for Colleges and Universities by Dr. Robert A. Sevier, Senior Vice President at Stamats (quicktakes@stamats.com)
Vol. 6, no. 1: Incentive Programs
In this issue.
ON STRATEGY: A COLLECTION OF DASHBOARD INDICATORS
Colleges and universities are swimming in data. The combination of IT and accounting has allowed us to gather more data more often than at any other time in the history of higher education. My question, however, is this: Are we any better off?
After conversations with dozens of presidents and senior administrators I think I can answer the question, and the answer is no. More data, but much less perspective. More time spent collecting data, little time spent analyzing it. So, what can we do? How can we use this wealth of data to actually illuminate and provide direction.
There are hints of an answer out there. We hear about five charts. And key performance indicators. And dashboard indicators. The balanced scorecard folks have also weighed in. It seems as if people are looking for a handful of key datasets that will tell them what is really going on at their institution so they don't need to continually wade through GBC-bound report after GBC-bound report. In other words, is it possible to distill a single set of vital signs that describe most institutions most of the time?
The answer to that question is yes. In addition, I have some ideas on what these vital indicators might be. However, I am also interested in a dialogue because I frankly admit that my interests are skewed to marketing, recruiting, and pure finance issues.
So, here's the question: If you were (and maybe you are) a college president or a board member, what are the 10 numbers (vital signs) that you would absolutely need to monitor the financial health of your institution?
If you have any indicators you would like to contribute, drop me an e-mail (bob.sevier@stamats.com) and I will post them in the next issue of QuickTakes. Thanks.
INCENTIVE
PROGRAMS: INSPIRING STAFF TO PEAK PERFORMANCE
By Eric Sickler, Principal Consultant
As we begin the ever-so-subtle shift from generating applications to maximizing yield, recruitment team managers launch the delicate process of keeping their staff members focused, energized, and productive. Many colleges have borrowed a page from the corporate sales handbook and are administering incentive programs to recognize and reward staff members for jobs well done. While I've heard of some very creative and successful incentive programs, I've also had opportunity to witness some incentive-related horror stories along the way.
What makes incentive programs work? The same "magic" that makes successful marketing and recruitment programs tick.relevance. If the rewards (tangible and intangible) of an incentive program don't resonate with the audience for which the program is intended, the program may do more long-term harm than good.
Consider the case of the medium-sized private, four-year college in the Southeast whose admission director offered dinner and bed-and-breakfast lodging for two to the staff member who secured the most tuition deposits during a particular month. While about half of her staff (those who were married, had "significant others," or large recruiting territories) found the offer attractive and inspiring, the other half (those who were not married, not dating, or had smaller recruiting territories) found the offer irrelevant, if not insulting. An additional side effect was the unintended alienation of the office support staff members whose diligent work was not recognized as they watched their officemates compete for the big prize.
Different Strokes, Different Folks
Remember that some people may, indeed, be motivated by the opportunity to get more "stuff," while others would be more interested in earning additional vacation time. It's likely that at least a couple members of your staff might find professional and personal fulfillment knowing that their good work resulted in their institution giving a generous gift to a local charity in their name, while others might be inspired by modest—or campus-wide—recognition.
You get the picture, and you've heard it before: marketing starts at home. Managing any staff requires a sensitive marketing strategy, starting with offers that are relevant to target audiences. So, if you're considering an incentive program to keep your troops at the tops of their games, remember these key guidelines:
Drop me a note (eric.sickler@stamats.com) about the incentive programs you've found to be most productive in your work, either as a giver or a receiver. I'll share the best of your submissions in the next QuickTakes.
Two years ago we cited an article in Trusteeship on the growing problem of alcohol on campus. Two years later the problem, if anything, is worse. An excellent article by Brandon Busteed, a former trustee of Duke University, in the November/December 2002 of that same publication offers a nice round-up on how a college or university can determine whether or not it is making progress in curbing excessive drinking.
STANDARD & POORS PREDICTS COLLEGE CLOSINGS AND MERGERS
The December 13, 2002 Chronicle of Higher Education included a small article buried deep in its pages on a report from Standard & Poors that suggests that colleges and universities might "consolidate in larger numbers or close as they struggle against stagnant levels of financial resources and substantially higher levels of debt." The report also suggests that accounting procedures used by colleges are inconsistent and potentially hiding financial problems. The full report, "Weak Equity Markets Hurt U.S. Higher Education Endowments", is available from co-author Joshua Stern, a director of Standard & Poors higher-education group. He can be reached at josh_stern@standardandpoors.com.
If you are an alum, or are looking for an alum, from a college that has closed, you might want to check out closedcollege.bizland.com. The site is designed to help alumni from closed colleges stay in contact with their classmates. One interesting feature of the site is a map of the U.S. Click on a state and you get a list of the colleges in that state that have closed.
FROM
THE BOOKSHELF: THE SIX-MONTH FIX
One of my "another night on the road" hobbies is reading business books as I look for gems and nuggets that might translate into the higher education marketplace. Most books are fairly predictable and offer very little. Gary Sutton's The Six-Month Fix (John Wiley, 2002) is a rare gem. It is readable, useful, and at times laugh-out-loud hilarious. Sutton, by training and predisposition, is a turn-around artist. His specialty is working with ailing, even failing companies and quite literally bringing them back from the brink. His approach is direct, even draconian. But as he states in the book, you don't have time to be nice when conducting triage. Take a look at the table of contents on Amazon (isn't that a great resource?) and then spend a few bucks and a few hours. In a short time you will be much more savvy and aware than you ever thought possible about running an organization.
STAMATS SEMINAR SCHEDULE FOR 2003
Our tentative 2003 seminar schedule is now available on our Web site. In 2003 we will be offering a mix of one-day seminars and two-day conferences on topics ranging from brand and integrated marketing to interactive media and direct marketing.
In particular, you might want to mark the dates of these major conferences on your calendar:
Additional conference details can be found at www.stamats.com/seminars. Please check the Web site often for changes in times or locations.
JOB OPENINGS
Senior Consultant, Marketing and
Public Relations
Stamats Communications
Stamats Communications, one of the nation's most experienced higher education
research, marketing, and consulting companies, is seeking an individual to provide
marketing and public relations counsel and planning to colleges and universities.
This senior level, support position requires five years of experience in higher
education and significant management experience. Extensive travel, exceptional
writing and presentation skills, and a high degree of computer literacy, are
required. The ideal candidate should be an aggressive self-starter and be willing
to relocate to Cedar Rapids, IA. Please send a cover letter, resume, portfolio,
salary history, and references to: Jo Ann Binzen, at Stamats (joann.binzen@stamats.com),
615 Fifth Street SE, Cedar Rapids, IA 52406.
Principal Consultant
Stamats Communications
Stamats is looking for a principal consultant to sell and manage research, planning,
and consulting projects for colleges and universities. This person should have
at least 10 years of higher education marketing experience. Individuals who
have successfully sold and managed these kinds of projects are of special interest.
You will need a graduate degree. This position requires someone with exceptional
phone, interpersonal, writing, and group communication skills and the ability
to juggle multiple projects and meet deadlines. Compensation will include a
base salary, commissions, and a bonus based on meeting and surpassing sales,
profitability, and client retention and satisfaction. To submit a confidential
resume or to request further information on this position, please contact: Jo
Ann Binzen, Stamats Communications, Inc., PO Box 1888, Cedar Rapids, IA 52406,
joann.binzen@stamats.com.
Research Director
Stamats Communications
Stamats is looking for a seasoned market research professional to develop and
manage the Stamats market research staff, tools, and resources. This Research
Director will build, manage the research team, assist staff and consultants
with proposals and reports, develop new research tools, and continually refine
Stamats' research methodologies. A Bachelor's degree or equivalent experience
in field utilizing statistics (business, marketing, marketing research, or a
related field); at least five years of experience in a market research environment;
demontrated, expert level skills in focus group moderation/facilitation, instrument
design, report writing (for quantitative and qualitative studies), SPSS analysis,
and statistical interpretation. This position involves travel. E.O.E. No calls.
Send resume to Jo Ann Binzen, Stamats, 615 Fifth Street SE, PO Box 1888, Cedar
Rapids IA 52406-1888, joann.binzen@stamats.com.
If you have a short position description (100 words or less) you would like posted, please forward it on to info@stamats.com. There is no charge for this service. Job listings available online at Higher Educations Careers.
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Stamats QuickTakes is published by Stamats and is distributed to our clients and colleagues in higher education at no charge. Contents (c) 2002 by Stamats. Please feel free to forward copies of Stamats QuickTakes in its entirety to colleagues. Visit QuickTakes for past issues. To subscribe, reply to this e-mail, send your request to quicktakes@stamats.com, or visit QuickTakes.
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