Welcome to FAS’ Consulting Corner! In conjunction with launching our new website, we want to use this space to share relevant information with financial aid and student business services practitioners. It’s a safe and reliable place to get the latest news on what’s happening in financial aid and student finance all around the country. We’ll tackle issues from maintaining rigorous compliance standards and leveraging technology, to giving your students the best possible experience. Our consultants are thought leaders with a combined 1,600 years of experience in their respective fields. Higher Education is an industry that’s always in motion. There is always something new to talk about, so check back often. We’re adding fresh content all the time. Whether you’re considering services, need guidance or resources, or just want to connect with FAS, we’ve got something for you.
Tag Archive for: Succession planning
https://www.financialaidservices.org/wp-content/uploads/2022/09/Consulting-Corner-team.png 788 940 Ken Garrett https://www.financialaidservices.org/wp-content/uploads/2023/08/FAS-Stacked-Logo-02-300x127.png Ken Garrett2022-09-30 14:13:352022-09-30 14:24:51Welcome to FAS’ Consulting Corner
https://www.financialaidservices.org/wp-content/uploads/2022/09/vacant-office_empty-chair2.png 788 940 Ken Garrett https://www.financialaidservices.org/wp-content/uploads/2023/08/FAS-Stacked-Logo-02-300x127.png Ken Garrett2022-04-22 08:28:572022-09-30 08:44:03Your Bursar Is Leaving—Now What?
It is inevitable: all employees eventually move on to a new job, a new campus, or a long-awaited retirement. Turnover in a key position such as bursar or student financial services director is both a challenge and an opportunity. Continuity is vital so no important tasks are overlooked. You may be lucky enough to have an experienced staff member primed to take over. Or you may be ready to rethink the role and would rather fill the position temporarily.
Step 1: Prepare for the departure
When you receive any employee’s notice, have them identify and document critical functions and current processes. A long-serving bursar might maintain detailed mental checklists without physically documenting this information. Your institution’s official process documentation was likely accurate at one time, but is it still? Procedures have likely evolved over time and critical details could be missing.
Don’t let decades of knowledge walk out the door with the departing employee.
- Update process and procedure documentation
Have your departing employee gather all relevant business process and procedural documentation. Ask them to update instructions, document all processes, and include any helpful context. This should include screenshots and system navigation tips. The overall objective is to document processes and the logical thought process they follow for troubleshooting and researching questions.
Have the employee create or update checklists that account for their daily, weekly, monthly, quarterly (or semester), and annual tasks. The lists should include both internal and external deadlines and recommended dates to begin the work. Key contacts and any necessary external systems or website links should be included. It is good practice to ask other employees who participate in business office functions (i.e., assistant/associate bursar, account representatives, functional analysts, etc.) to make their own list(s) to cross-reference.
If you find that your organization does not have up-to-date written cash handling or accounting processes and procedures, make documenting these activities a key priority.
- Transfer system access
Consider any necessary updates to system access and security protocols. Identify all software and third-party logins used and establish an alternative user or new primary administrator. Make sure you test all login credentials prior to the departing employee’s last day. Cross-reference these items with the checklists and procedure documents to verify all access points are addressed. System access will likely include the student information system, accounting software, banking accounts, and third-party service providers such as payment processors and credit card vendors. Consult with your IT department or service provider to ensure all security protocols are considered and addressed.
Don’t forget to close out the departing individual’s access.
- Transfer point of contact
Consider the departing bursar’s key relationships, such as impacted campus partners, vendors, and bankers. It is important to inform them that their point of contact will be changing. Avoid leaving them with outdated contact information or no one to call about unfinished items. Who will they reach out to in the short term if needed? These individuals or firms can serve as a bridge and help you through the transition.
Step 2: Assess your business office operations for potential gaps or areas of weakness and opportunities for process improvement
Next, consider key functions to identify areas for improvement. You may have staff leaving for jobs they perceive to be easier or less stressful. While there are many root causes for this perception, in the day-to-day operations of a business office, staff frequently attribute their greatest stress to chasing deadlines constantly, inefficient processes, outdated or underutilized technology, and being short staffed. It’s important to uncover and proactively address such challenges. Assessing these with an open mind can help position your institution to grow and thrive.
These questions are a starting point for identifying opportunities to improve your business office functions:
- When was the last time business policies and procedures were evaluated or updated?
- Are reports and data requests challenging to produce in a timely manner?
- Does this office have control of its data and system processes or is it dependent on the IT department or others within the institution? Are you getting the most out of third-party vendors and managed services?
- Are you leveraging technology and other tools effectively?
- What do departing employees consider to be the most challenging tasks, and why?
Step 3: Determine what you truly need from your student business office
With a better understanding of your current operations, it’s time to assess the staffing and skills your institution truly needs—not necessarily what will maintain the status quo. By their nature, student financial service operations must coordinate closely with other offices, notably student financial aid and the registrar, to ensure good service and regulatory compliance. In addition to accomplishing the day-to-day critical tasks proficiently, your staff should be capable of providing timely reporting and updates so senior administrators can make informed, strategic decisions and provide the best experience for students.
Turnover provides the opportunity to revisit the qualifications and experience that are needed to maximize the value of your business office operations. Do you need accountants, collectors, customer service representatives, or technical support staff? Maybe you need components of all these fulfill the institution’s mission and serve its students.
Step 4: Evaluate the value proposition of alternative strategies
Finally, consider if this staffing change can serve as a catalyst to explore alternatives to continuing what has been done the same way for years. A targeted assessment may be the key.
Consultants are experienced professionals who easily identify quick wins and recommend broader initiatives to bring about longer lasting value. They also help develop the roadmap for navigating the transition. Sometimes, the forced change caused by turnover is an optimal time to move your processes forward and set up your institution for long-term success.
Transition and change in your business office can be challenging. Whether you are losing a staff member, or you want to be proactive in addressing opportunities for improvement, FAS’ Student Business Services can help. We are experienced in performing operational or targeted assessments, developing a strategic plan, and identifying new opportunities for institutions to achieve their goals.
https://www.financialaidservices.org/wp-content/uploads/2022/09/case-study-modern.png 433 783 Ken Garrett https://www.financialaidservices.org/wp-content/uploads/2023/08/FAS-Stacked-Logo-02-300x127.png Ken Garrett2021-03-01 12:09:082022-09-30 12:15:18FAS Helps Marymount University Keep Performance at a High Level
Marymount is a comprehensive Catholic university that offers a wide array of undergraduate and graduate degrees through the Schools of Design, Arts, Humanities, Business and Technology, Sciences, Mathematics, Education, and the Malek School of Health Professions. With its Arlington, Va., location, students have a wide variety of internship opportunities in Washington, D.C., from Capitol Hill and the Smithsonian to the National Institute for Health and international corporations. When the school’s financial aid director’s position became available, Dr. William Bissett, Vice President for Enrollment and Student Affairs, reached out to FAS.
“I knew about FAS because I had a good experience working with them at another institution,” said Dr. Bissett. “We had an inexperienced team at Marymount, and I knew they needed guidance while we searched for a new director.” FAS Consultant Ron Elmore, who was familiar with Marymount’s software system, stepped in for three months to direct and oversee day-to-day operations and mentor the staff. When a new financial aid director was hired, his engagement was extended so he could help with her orientation.
“FAS has the reputation for hiring very experienced, competent financial aid professionals who deal with a variety of situations, size up the issues and make an immediate impact,” said Dr. Bissett. He noted that Elmore’s recommendations and support kept operations running smoothly and helped improve student satisfaction. “In Ron, we not only found a good financial aid professional, but also were fortunate enough to find a good person who mentored and trained our staff with empathy.”
https://www.financialaidservices.org/wp-content/uploads/2022/09/case-study-modern.png 433 783 Ken Garrett https://www.financialaidservices.org/wp-content/uploads/2023/08/FAS-Stacked-Logo-02-300x127.png Ken Garrett2018-10-08 11:38:202022-09-30 11:47:54FAS ‘Well Worth the Investment’ for Peru State College
Founded in 1865 by members of the Methodist Episcopal Church, Peru State College is the first and oldest institution in Nebraska. With 2,100 students, the four-year public college, located one hour’s drive from Omaha or Lincoln, offers undergraduate, graduate and online degrees. In September 2017, when newly appointed Financial Aid Director Mason White arrived at Peru State College, he turned to FAS to help get operations back on track, train staff and address compliance issues.
“The financial aid office was short staffed, had two financial aid ‘newbies’ and was behind in processing, verification, awarding and disbursements,” said White. “My previous institution had worked with FAS, so I immediately contacted them for assistance.” FAS Consultant Joyce Sonenberg quickly arrived on campus to assess the situation and provide counseling. During her four-month tenure, Sonenberg trained the staff, updated policies and procedures, resolved compliance issues and helped catch up with verification and disbursements.
“Joyce fit in easily, with her soothing demeanor, positive attitude, depth of knowledge and excellent listening skills,” said White. “She quickly became part of our community and was a wonderful mentor to me as I adjusted to my new role as financial aid director. Our Vice President for Administration and Finance said he thought Joyce was doing a fabulous job and well worth our investment.” He noted that “FAS has a solid reputation for the highest level of professionalism and provides a wide variety of offerings. “I would highly recommend them for any institution needing assistance,” he said.