Higher Education

Higher Education
Industry Overview

Higher Education

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Responding to Challenges in Risk, Regulation and People

College and University leaders are continuously facing new and evolving challenges on their campuses.

We have seen increased activity and focus among academic institutions in the areas of health, retirement and compensation programs in recent years to improve their ability to recruit and retain top talent. Many Universities are updating or increasing the cohesiveness of their compensation and total reward programs as they seek to gain a competitive edge.

From a risk perspective, Universities are seeing an increase in competition, supply chain issues, business interruption and cyber attacks. Despite an increased level of risk readiness, the growing volatility of risks has led to one of the highest ever reported loss of income for institutions in recent history. To navigate these significant shifts in the Higher Education landscape, industry-specific insights are key for risk managers, chief financial officers and chief human resource officers.

Aon’s Higher Education Practice

Our practice develops solutions that drive bottom-line results. Our fact-based insights and award-winning tools reduce uncertainty and help your institution make better decisions with clarity and confidence. We understand the challenges confronting institutions and can help develop innovative and cost-effective risk management and human capital solutions to support your overarching mission. Our team is supported by more than 250 professionals providing consulting services in risk, health and wellbeing, human capital, retirement, cyber, and investment advisory to more than 300 public and private Colleges and Universities.

Contact your local Aon team member to learn more.

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Aon's Higher Education Practice

Aon is in the business of helping Colleges and Universities make better decisions. Watch this video and contact an Aon team member for more information.

Top 5 Current Risks

According to our latest Global Risk Management Survey, the biggest risks facing the Higher Education industry include:

  • 01

    Damage to Brand or Reputation

    The fallout from a reputation crisis has a rippling effect throughout the University, its surrounding community and their many stakeholders. This can lead to drops in enrollment, grant revenue and alumni giving.

  • 02

    Cyber Attack or Data Breach

    Cyber attacks are, and will remain, a top risk for Colleges and Universities around the globe. With target rich information and open frameworks for collaboration, all institutions need a cyber game plan.

  • 03

    Failure to Attract or Retain Top Talent

    Universities excel when they have the best possible talent in administrative, faculty and staff roles. An inability to recruit/retain top-performing employees can have serious repercussions in the reputation of the institution and its ability to attract future undergraduate and graduate students.

  • 04

    Regulatory

    Regulatory changes could slash sources of revenue, impose crippling compliance requirements or undermine institutional commitments to their stakeholders. With faculty and staff now in multiple states, Universities must track and comply with a wide variety of complex laws and regulations.

  • 05

    Increasing Competition

    As available students shrink, there is a corresponding increase in competition. Universities are opening campuses in new geographies and expanding/tailoring their curriculum and on-campus amenities to better attract potential students. Mergers/Acquisitions are an emerging trend in higher education.

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