Use of a faculty investment model to attain the goals of a college of nursing.
Driven by demands for fiscal prudence, new services, and an orderly transition as aging faculty approach retirement, a new model for administrative planning and decision making was tested. In its first year of using an investment model, a private, 600+ student, College of Nursing was able to achieve a labor savings of 10 percent, an enhancement of revenue of 3 percent, and a human capital pool equal to 12 percent of total full-time faculty equivalents. The model, which includes the integration of strategic planning, benchmarking, continuous quality improvement, and management by objectives, was accomplished by taking three investment steps. The steps included goal determination, market understanding, and resource allocation. Investment activity distribution and work determination frameworks were developed as a result of the commitment to the investment process. Suggestions for the future include the need to continue to reorient administrative and faculty thinking as definitions of the educational enterprise evolve.
Minnick
A F
AF
Research and Support Services, College of Nursing, Rush University, Chicago, IL, USA. aminnick@rushu.rush.edu
Halstead
L
L
D002641:Chicago; D005181:Faculty, Nursing / Q000458:organization & administration*; D005376:Financial Management / Q000458:organization & administration; D006801:Humans; D007449:Investments; D008875:Middle Aged; D017146:Models, Organizational; D009937:Organizational Objectives; D012579:Schools, Nursing / Q000458:organization & administration*; D017749:Total Quality Management / Q000379:methods*