Did you know that in 2018, there were over 2.3 million students studying in the UK? This generated approximately £2.3 billion for the HE sector.
Over 30,000 students withdraw from institutions each year for a variety of reasons at a cost to the sector of over £300 million. For the average-sized university, this equates to over £2 million per year!
After researching the student wellbeing management for over 18 months, we found that an estimate of this loss across the sector is around £100 million each year from poor mental health alone! Although this could be much higher due to the lack of detailed data captured at the point of withdrawal - especially if the student is either hospitalised or unresponsive to contact attempts by the institution post-withdrawal.
Now imagine all that money staying WITH the university. What a difference this could make, especially during current climate...
Operating in silos
The higher education sector needs to focus on decreasing withdrawals. Not only due to the financial impact on the institution that we discussed above but more importantly, to save the students' future.
However, the issue we came across is the fact that universities' departments are operating in silos, creating gaps through which student concerns and incidents easily fall through. As the result, universities don't have a clear, united and comprehensive overview of each student, therefore no one really knows when intervention is needed.
Using a centralised location to manage student concerns and cases will enable to intervene and prevent the student from leaving. Recording these incidents and managing cases not only means the university has a track of the student’s wellbeing and can save their future, but also provides additional reporting and reliable data to forecast the future.