A new brief from the Committee for Economic Development of the Conference Board (CED) provides recommendations to policymakers for how to mitigate the effects of the COVID-19 pandemic on the higher education system.
The brief, “Developing the Future Workforce: Revitalizing Postsecondary Education and Training After COVID-19,” lays out the challenges faced by institutions during the pandemic and recommends ways to improve postsecondary education and workforce training in a post-pandemic society.
“In supporting these institutions at this moment, we want to be sure that we are not just sort of papering over long-run problems,” said Devin O’Connor, deputy director of economic research at CED. “How can we do this support in a way that we are increasing the capacity and the quality of the institutions that are going to be the most broad-based, accessible rungs and help the most number of people to sort of advance their education and career in the future?”
With the fall semester approaching, postsecondary institutions are facing decisions about ensuring the safety of their communities by choosing to either remain online or go back to in-person learning. Schools also face enrollment uncertainty, especially from international students, due to ongoing travel restrictions. Additionally, institutions are seeing budget cuts and employee layoffs due to the economic impact of COVID-19.
However, even before the pandemic, the higher education sector was financially vulnerable.
Since 2012, enrollment in higher education institutions has declined by more than 10%. Due to decreased revenue and higher expenses, around 20% of small private colleges have experienced financial stress. Additionally, over two-thirds of private institutions that enroll at least 500 students faced increased debt and diminished endowments yearly and were “tuition dependent,” the brief said.
Despite postsecondary institutions contributing to a stronger workforce in the United States, many students consider attending college a financial risk.
