How to tackle funding pressures in the Australian tertiary education sector
Universities are under significant funding pressures. Government policies, such as the Job-Ready Graduates package,as well as changes in migration policy, have made student enrolment revenue less predictable. On top of that, securing research funding has become more challenging, making it harder to focus on your core missions of teaching and research.It’s essential to find ways to free up funds for what matters most so you can stay on track. Managing your biggest costs such as staff and contractors can help you allocate resources more effectively and avoid unexpected expenses. Here are some key strategies to help your university manage costs and stay focused on what is most important:Build your specialised workforceInfrastructure and digital transformation projects are essential to keep your university at the cutting edge. However, finding the right people to bring these projects to life isn’t always easy, especially when you need specialised skills for short-term or long-term engagements. This is where partnering with a specialist talent solutions agency can make a real difference.ManpowerGroup’s specialist IT business, Experis, supports many universities across Australia in sourcing highly specialised IT talent needed for some of their largest transformation projects. With our deep networks and access to hidden talent pools, the Experis team is perfectly placed to connect you with the experts who are otherwise considered impossible to find.Manage your contingent workforce Many universities choose to employ a large portion of their workforce on a contingent basis because of the unstable nature of university funding. This approach makes financial sense; however, it also comes with risks. Cases of contractor underpayment, as reported to Fair Work, show how easily things can go wrong. Even if underpayment is unintentional, accusations of ‘wage theft’ can seriously damage a university’s reputation, especially since these institutions are highly trusted by the community.Managing a contingent workforce is complex. It requires systems and processes that are very different from those used for permanent employees. Ensuring that contingent workers are paid correctly takes more people, expertise, and specialised systems. Specialised providers who manage large-scale contingent workforces can help universities reduce the risks involved in employing non-permanent staff.ManpowerGroup’s Talent Solutions TAPFIN business alleviates the risk associated with managing a contingent workforce by providing organisations with the outsourced expertise and technology required to source, manage, and develop their non-permanent employees seamlessly. The Talent Solutions team ensures compliance and handles everything from onboarding to payments and offboarding, reducing risk and keeping operations smooth.Streamline recruitment costsMany universities operate in a highly decentralised way, with schools, centres, and even campuses running independently. This setup can lead to inefficiencies, especially when resources are duplicated. However, some argue that centralised management doesn’t always meet the needs of smaller entities because centralised human resources (HR) functions can be slow and cumbersome. It’s not uncommon to hear about universities losing top candidates to competitors simply because their internal recruitment process is too slow. Given that people costs are one of the biggest expenses for universities, centralising all talent management activities can lead to substantial savings and better visibility of costs.Partnering with the experts at Talent Solutions RPO to centralise management of your permanent workforce through a recruitment process outsourcing program can reduce costs significantly. Talent Solutions RPO can support universities by speeding up hiring, cutting expenses, and providing clearer insights into your workforce.Plan for future talent needsIt’s essential to have the right talent in place to manage both new and existing infrastructure to keep a university running smoothly over the long term.While universities usually have strong strategic plans, they often overlook the specific workforce needed to make those plans a reality. This is where strategic workforce planning comes in; it helps identify and fill any gaps in staffing before they become a problem.ManpowerGroup’s Talent Solutions Right Management team is a proven industry leader in supporting organisations to build a strategic workforce plan and implement it successfully. Right Management offers leadership and coaching solutions, career development programs, mobility and change programs, and outplacement support services. Its experience is unparalleled and is proven to lower long-term costs by improving retention and upskilling existing employees to build the workforce required, reducing the need to recruit externally.Enrolling your university in talent for tomorrowAt ManpowerGroup, we believe that meaningful, sustainable employment has the power to change the world. We help build a brighter future for everyone by connecting talented people with innovative companies. Discover how four major trends are shaping talent dynamics in the Australian tertiary education sector and learn how you can futureproof your university’s staffing and development strategies with ManpowerGroup’s end-to-end talent management expertise. Read the full Shaping the Future Workforce: Trends Transforming the Australian Tertiary Education Sector report to see how we can help your university succeed.
Read more
