The COVID-19 pandemic showed us that success depends on knowing what resources are available, will be available, and when. Organizations must have a clear understanding of their resource needs as they develop strategic plans and establish budgets. Laws change, processes change, people change, and resource needs change. For this reason, resources are a critical concern for school business professionals.
I consider the three primary challenges to resource acquisition and management today to be the supply chain, inflation, and the talent pool.
Supply Chain Challenges
Each school year, a new group of students arrives in the classroom, excited to learn something new. They need the right instructional supplies and furniture to support a quality education environment.
The current delay in shipping and receiving goods for every industry, including education, has resulted in schools’ being unable to obtain adequate instructional resources to address the learning loss caused by the pandemic. The federal government’s infusion of funds to help with the COVID-19 response was helpful, but the supply chain problems have delayed schools’ ability to spend those funds.
This issue is not going away anytime soon, so with that in mind, school business officials (SBOs) should adjust deliverable dates and modify planning to factor in possible (probable) delays. In other words, have a contingency plan.
Implications of Inflation
Inflation makes long-term planning a challenge. The cost of construction today will not be the cost of construction three years from now. Even a school built today to look exactly like a school built five years ago will cost more because of the increased cost of materials and labor. It’s important to acknowledge this fact and to share it with the community.
Because taxpayers scrutinize how school districts spend their dollars, the success of capital projects is often defined by setting realistic expectations regarding costs. SBOs planning long-range projects must consider inflation and alert stakeholders about the potential cost increases as soon as possible. Using examples that they can relate to, such as the rising cost of groceries and gas, keep your community updated about the impact of shifts in the economy on education resources.
Dwindling Talent Pool
The education sector was suffering a personnel supply–demand issue before the pandemic; COVID-19 made it worse. The private sector recruits personnel from the education sector and offers almost impossible salaries for many districts to counter.
There must be a nationwide effort to increase the talent pool for the education sector—not just teachers, but also the other positions that play critical roles in the learning experience for students. SBOs must develop strategies that maximize the education sector’s appeal, highlighting not just pay, but also the benefits and intangibles.
Start early in educating young minds about the career opportunities available in the schools that help them develop into outstanding individuals. Developing in-house talent is important, but so is being able to outsource to fill gaps in service and support. Being able to call skilled and trained professionals to execute a project or specific tasks can be the difference between success and failure.
Closing Thoughts
I have had the honor of working in school financial management for 17 years. During that time, I have seen firsthand the shifting U.S. economy’s impact on public school systems. I have been there for the housing market crash, the Great Recession, the COVID-19 pandemic, the Great Resignation, and now the rise in inflation—all of which have forced SBOs to rethink their financial models.
Forecasting relies on present conditions and historical trends. Reacting to seismic ripples in the economy requires us to adjust quickly and make tough decisions. Priorities change, and so do the resources needed to address them.
SBOs must develop a financial contingency plan that considers the known and the unknown, the short term and the long term. They must know when programs must be delayed or discontinued because of funding issues. They must consider whether and when funding sources need to shift. They must not work in isolation; they must know who needs to be in the room. They must understand the importance of listening and providing clear feedback and directions.
SBOs must communicate to leaders and staff the importance of compliance and must demonstrate a high degree of customer service. We cannot focus only on what matters to the finance departments; we need to be problem solvers for others. Sometimes, people don’t know what they are asking, so we must take the time to figure it out. With a significant vacancy in staff positions, the risk of burnout for available staff is high.
How do we retain our talent pool? Stakeholders can recalibrate service expectations and deliverable dates to alleviate work fatigue. Work satisfaction starts with expectations. Meeting expectations defines success, and achieving goals bestows a sense of accomplishment. Accomplished employees may stay with an organization longer, especially if they are recognized and continue to be reasonably challenged. Let’s balance accountability with compassion and leadership building. Motivate your team to overcome adversity and encourage them to understand their limitations while they seek their full potential.
I love my role and responsibilities as a chief financial officer. Each day brings a new challenge and growth opportunity. There is no better place than in this job to gain knowledge and apply it toward the betterment of the next generation of great minds. Find someone to mentor or be a mentee. Value your role as a school business professional in your district.