I will preface this by sharing that I am not a student retention expert, but I have worked with many schools and have seen a wide range of retention efforts. The ones that have the greatest impact are those which get many departments deeply involved with and committed to retention efforts.
I analyze the cost structure of colleges and universities and identify opportunities to create financial sustainability. When I work with CFOs, I go through what I call the stoplight exercise. We can’t just keep doing more (green), we need to examine what we will stop doing (red) and what we will do differently (yellow).
Why is student retention so important?
Why am I talking about student retention? Because each student is likely worth $25,000 per year to your bottom line. If it costs you $5000 to recruit each student and they stay one semester, you’ll make $7,500. If they stay all 4 years, you’ll make $95,000.
Many of us are building our models assuming a decline in the number of traditional undergraduate students because of the demographic shift. We now need to pay more attention to retention. Of course, we cannot ignore the mental health concerns that make retention more difficult than ever before.
Since virtually all my institutions want to grow revenue through enrollment and retention, we ask what each department can do toward these efforts. For example, if I have 12-month athletic coaches who coach seasonal sports, can I save money by shortening the length of their contracts, sharing assistant coaches, or asking them to coach two sports on opposite seasons? Conversely, could I ask coaches to participate in revenue enhancing activities like recruiting and retention?
If we were to set annual goals for each area around retention, many departments could participate. Setting an annual goal to increase retention (even by 1-2%) can be impactful. Here are a few examples:
Enrollment
Bring in the right student – Are we bringing in students who can succeed academically and socially? What do these students need to succeed (beyond the basics)? Do we obtain feedback from the retention committee for future recruiting efforts?
First year experience and orientation
To create connection between the student and the community and develop real peer relationships. Help students understand where to find resources (academic and non-academic) and build programs to ensure they make those connections throughout the first year.
Residential life
Build deeper connections outside of the classroom and deepen the community connection. Ensure students still know where to find resources (academic and non-academic) beyond the first year. Watch for warning signs and refer students to the appropriate resources. Continuously consider programs to prevent/reduce the major causes of attrition.
Student activities and spiritual life
Support residential life by providing activities and opportunities to build deeper connections outside of the classroom and deepen the community connection. Students’ mental health is of increasing concern.
Athletics
Work with academic support and residential life to monitor and support athletes’ academic performances and refer athletes to the appropriate resources. Consider making coaches part of the formal academic or non-academic resource structure.
Academic affairs
Monitor academic performance of students and work closely with the retention committee and student life to refer students to necessary supports.
Counseling
Crisis intervention and prevention – This is both a prevention measure and last line of defense for students experiencing difficulties. Work closely with students to connect with the resources available both on and off campus to support their needs.
While most schools have retention committees, many have not formalized the expectations for each functional area. Considering the above goals may be worthwhile. After all, not everyone has a clear understanding of the role they play in this team sport of retention.