3 Key Considerations for Universities to Generate Revenue from Professional Programs
March 21, 2022
Universities' funding models have changed dramatically, forcing institutions to explore competitive markets and strategize new opportunities to generate revenue. Due to dramatic shifts in government funding reductions, to tuition freezes, universities need to adapt more quickly to market needs and invest in strategic opportunities to generate revenue [1]. It is crucial to attract adult learners through professional development, enrichment, and workforce training opportunities and target sectors outside the undergraduate cohort for new revenue streams and greater ROI.
1. Target the Non-Traditional, Adult Worker: the Needs Are Clear!
Most enrollment trends favor online learning through universities that offer flexible, scalable, experiential degree and development programs with immediate relevancy and application. Over 7 million Americans work towards degrees using an online platform [2], and of those students, 68% are experienced professionals [3]. Utilizing online corporate training opportunities brings new revenue forms addressing crucial workplace skills gaps for working adult professionals [4]. With the average age of the online student being 32 years old [3], Hanover Research found that respondents reported the following skills gaps among persons in the workforce [4]
44% lack soft skills
22% lack technical skills
14% lack leadership skills
12% lack software skills
2. Deliver Programs that Adult Learners Need
With an entrepreneurial framework, universities can leverage innovation and desirable eLearning programs to produce more significant ROI in a shorter amount of time. Due to the global shift to a technology-based workforce, STEM-related areas such as programming, coding, and robotics programs that generally target younger age groups can be high revenue generators for universities, with the subscription of adult online learners. With many adult learners looking to enhance their current job skills, eLearning provides opportunities for more adults to complete corporate development programs. Previously, 28% of adult workers claimed they had no desire to complete development programs due to the lack of time and work commitments [5]. Furthermore, 12% of adult workers didn’t want to participate in development or advancement programs due to inconvenient times and locations [5]. Scalable, digital learning opportunities allow employers to partner with universities to facilitate eLearning programs with competitive relevance.
3. Partner to Deliver Meaningful Value
It is crucial for institutions to partner with leaders adept at advanced technologies, creating competitive eLearning courses in scalable platforms with expanded engagement. Partnering with technology leaders who can develop and deploy AI (artificial intelligence) systems will give universities an advantage; 81% of technical leaders are interested in AI capabilities with proper development and deployment [6]. Organizations using prebuilt AI solutions have 60% greater scalability, 67% faster deployment, and 66% better support when using cloud AI services, versus building in-house [6]. Universities can partner with technology leaders to meet in-demand professional certifications for 75.9% of the workforce between 25-54 looking to advance their skills [7].
Amesite offers globally competitive, intuitive learning environments that provide efficiency and flexibility in learning. Partnering with Amesite allows you to expand your catalog of world-class AI-powered, turnkey, scalable Learning Community Environment™ systems. With reputable revenue-generating programs, you will get:
Fully managed learning platform and customized courses
Intuitive platform design that promotes efficiency in teaching and learning
Money-saving solutions with self-paced courses supported by 24/7 customer support
