34. Applying Business Practices in Higher Education: A Conversation with Erica Eckert and Mark Kretovics

This conversation with EdUp Provost host Dr. Gregor Thuswaldner explores the essential business practices in higher education, focusing on the roles of provosts, the concept of students as co-producers, the impact of rankings, and the importance of strategic planning and fundraising. Dr. Erica Eckert and Dr. Mark Kretovics discuss their book, which serves as a guide for administrators, emphasizing the need for a comprehensive understanding of business concepts in academia. In this conversation, Drs. Eckert and Kretovics discuss the evolving landscape of higher education, focusing on the importance of engaging alumni for lifelong learning, addressing demographic shifts and enrollment challenges, and navigating cultural resistance within institutions. They emphasize the need for academic leaders to balance traditional educational values with necessary business practices to ensure sustainability. The discussion also highlights the significance of understanding faculty incentives and the role they play in student retention and institutional success. Takeaways Provosts must transition from experts in their field to generalists. Understanding budgeting and human resources is crucial for new administrators. The student as a co-producer model emphasizes active engagement in learning. Rankings can lead institutions to make detrimental decisions. Strategic planning should be a dynamic, ongoing process.