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The higher education sector took a massive hit this past year. The average aggregate decline in revenues across 2020 and 2021 is 14% [1]. This constitutes a significant loss, especially because this estimate is conservative. The total losses for higher education are estimated to add up to a whopping $183 billion [2]. The repercussions of this decline in revenues resulted in unprecedented job losses. The higher education sector either furloughed or laid off up to 500,000 workers to cut costs [3].
Higher education is not the only sector struggling, of course. The Labor Department reports that 3.9 million people are experiencing long-term joblessness. The unemployment issue is acute and exacerbated by an ever-increasing skills gap. 79% of CEOs are concerned about employees' lack of essential skills [4] and over 1/3 of Americans report that they will need education or training to find a new job [5].
This creates a unique opportunity for higher education institutions to solve their revenue problem while also providing a needed service to those struggling to stay relevant in the workforce. The alumni markets are 20x the size of undergraduate markets [6], so by meeting alumni upskilling needs, schools can establish new repeatable revenue streams which benefit both the institution and the learner. Typically undervalued and underdeveloped, the alumni learning market is in dire need of hyper-focused, knowledge-rich, short-form certification programs delivered online. Top universities have recognized and taken steps to meet this need. In fact, 100% of the Top 50 US universities offer professional programs [7]. With an intentional focus on alumni and their needs, higher education institutions can further develop and leverage the relationship created from their alumni's time in undergrad and emerge from this challenging year a stronger and more valuable institution.
How Can Your School Launch an Online Learning Platform to Meet Alumni Needs Easily and Quickly?
Alumni need upskilling courses and are actively looking for reputable sources to continue their education. The trust and loyalty that alumni have in their alma mater will make the decision easy to return to the school along their lifelong learning journey whenever they require upskilling. Higher education institutions need to have the infrastructure available to provide this service in a cost-effective and valuable way for both parties. Your institution can meet alumni needs by having an online learning platform and micro-courses that provide valuable certifications. The combination of micro-courses with certifications and online delivery will create a very attractive offering to your alumni. It will provide the flexibility, accessibility, and mastery needed for busy professionals.
The way to launch online stackable professional courses quickly and easily at your university is to partner with an online learning platform and course content provider. Sourcing an online learning platform that provides micro-courses custom-tailored to your university is the path to success. A smart partnership is essential to provide the best value to your learners and increase repeat rates of upskilling from your university along alumni's learning journey.
Key elements that an online learning platform and micro-credentialing program must have to attract and meet the needs of alumni are:
Institutions that turn their focus to alumni will reap the rewards. The alumni learning market is booming, and there is an immediate need for this service. Institution and alumni needs can be met with this initiative.
Amesite Offers a Single, Easy to Use, Scalable Solution
Launch an online learning platform that focuses on the alumni learning market to increase revenue, build loyalty and provide needed resources to your alumni.
Amesite is a high-tech AI-enabled online learning platform that creates custom-branded learning environments with content curated by experts in the industry that follow best practices, meeting your university's unique needs. Amesite offers turnkey, intuitive certificate programs and micro-courses that require no training to use. Amesite has an outstanding and industry-leading 98% retention rate across its educational programs.
Amesite's platform is built on AI technology, advanced data analytic tools, and machine learning algorithms. This technological infrastructure allows courses to be flexible and customizable to each learner and stay factually up to date and relevant along the alumni's learning journey. It also provides powerful insights to the university and the learners about how they learn to improve their experience.
Partner with Amesite to drive revenue for your institution while providing your alumni with excellent resources for education and upskilling. A host of self-paced, highly engaging, and intuitive courses can be ready for your learners in as little as 30 days.
A partnership with Amesite is an investment into your university's future. Request a Demo!
Check out some of our customer success stories: Michigan Works! Southeast, Wayne State University.
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Resources:
[1] Chronical. Feb. 5, 2021. How Much Has Covid Cost Colleges? $183 Billion. https://www.chronicle.com/article/how-to-fight-covids-financial-crush Accessed April 23, 2021.
[2] Chronical. Feb. 5, 2021. How Much Has Covid Cost Colleges? $183 Billion. https://www.chronicle.com/article/how-to-fight-covids-financial-crush Accessed April 23, 2021.
[3] Chronical. Feb. 5, 2021. How Much Has Covid Cost Colleges? $183 Billion. https://www.chronicle.com/article/how-to-fight-covids-financial-crush Accessed April 23, 2021.
[4] SHRM. May 29, 2020. Upskilling Benefits Companies and Employees. https://www.shrm.org/hr-today/news/hr-magazine/summer2020/pages/upskilling-benefits-companies-and-employees.aspx Accessed July 19, 2021.
[5] Ed Surge. Dec. 29, 2020. Online Education Isn't the Sideshow. It's the Main Event. https://www.edsurge.com/news/2020-12-29-online-education-isn-t-the-sideshow-it-s-the-main-event Accessed April 23, 2021.
[6-7] Verified by the Amesite Team. July 19, 2021.