the rise of the informed consumer and student return on investment february 7, 2015 mary docken vp...

The Rise of the Informed Consumer and Student Return on Investment

February 7, 2015

Mary DockenVP Association PartnershipsHobsons

Branden Grimmett Director, Piper CenterSt Olaf College, MN

Welcome & Overview

Context Matters: Information and Choice Process

SROI Best Practices at St. Olaf College

Q & A

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Where do students turn for information about college?

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Online tools:

ED sources (e.g. Financial Aid Shopping Sheet): general college info and interesting analyses (if you dig)

College Web Sites: specific information about one college, sometimes personalized to student

Social Media: College-sourced, peers, recruiters, etc.

Naviance et al: college and career research and planning and connect

Where do students turn for information about college?

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Peers:One study showed that conversations with friends increase the probability of college enrollment. But if a student’s preferred college isn’t popular with peers, the student is less likely to enroll in that particular college.

theop.princeton.edu/reports/wp/Fletcher%20THEOP.pdf

School Counselors & Admission Officers:College choice can be shaped by data. In one study, providing graduation data increased enrollment by 15% in the college with the higher graduation rate.www.aei.org/papers/education/k-12/filling-in-the-blanks/

Do all students access information?

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What about high ability, low-income students?“Under-matching” phenomena (Hoxby, 2012)http://www.brookings.edu/~/media/projects/bpea/spring%202013/2013a_hoxby.pdf

http://siepr.stanford.edu/?q=/system/files/shared/pubs/papers/12-014paper.pdf

Information makes a difference!Expanding College Opportunities intervention: Personalized info on Net Price, Graduation Rates, Educational Resources (also, Fee Waivers)

EOC students = 46% more likely to enroll at institutions that reflect their abilities and enrolled in institutions with grad rates 15% greater than control group (Hoxby and Turner, 2014)

Liberal Arts Colleges’ Image Issue

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“I am not liberal.”Many high ability, low-income prospective college students simply do not know what a liberal arts college is (Hoxby & Turner, 2014)

Information makes a difference!What is your school doing to ensure that you reach your intended audience? And, are high ability, low income students part of your target audience?

Can people have too much choice?

Study #1: Jam Study

Researchers set up two tasting booths for jam – one with 24 different flavors and one with 6

60% of customers went to the booth with 24 choices, and 40% went to the booth with 6 choices

30% of the customers with 6 options bought jam, while only 3% of the customers with 24 options made a purchase

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Iyengar, Sheena S., & Lepper, Mark R. (2000). When Choice Is Demotivating: Can One Desire Too Much of a Good Thing? Journal of Personality and Social Psychology, 79(6), 995-1006.


Study #2: Essay Study

Students in an introductory college-level course were given the option of writing an extra credit essay.

Half the students were given a list of 30 possible topics, the other half a list of 6.

Students with the list of 6 topics were more likely to write the essay than the group given the list of 30.

Students given fewer choices for topics wrote higher quality essays.

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Conclusions

Having extensive choices in a trivial context can be de-motivating (perhaps even more so in the context of significant decisions).

The only context in which people are more comfortable with extensive choice is when they have previous experience with some of the options.

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College Attendance Decisions

10 http://www.gallup.com/poll/163268/americans-say-graduates-jobs-status-key-college-choice.aspx

% g

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good jo

b

% s

tuden

ts w

ho gra

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Price

of colle

ge/univ

ersi

ty0%

10%

20%

30%

40%

50%

60%

41%

16%

37%32%

22%

40%43%

14%

40%

51%

13%

33%

All respondents<$3,000/mo.$3,000-$7,499/mo.>$7,500/mo.

In your opinion, which of the following is the MOST important factor in choosing which college or university to attend? (general population response)

But what REALLY matters to life after college?

11 http://products.gallup.com/168857/gallup-purdue-index-inaugural-national-report.aspx

Gallup-Purdue Index: It’s not where you attend, but rather what and how you experience postsecondary education that matters.

Odds of being engaged at work (for a college graduate)…

2.6x Higher if ... [College] prepared me well for life outside of college

2.2x Higher if ... I had a mentor who encouraged me to pursue my goals and dreams.

1.9x Higher if ... My professors at [College] cared about me as a person.

2.4x Higher if ... [College] passionate about the long-term success of its student

2x Higher if ... I had an internship or job that allowed me to apply what I was learning in the classroom.

Pressure for Outcomes

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The buyer, the Fed, states

From where is the pressure coming at you?

St. Olaf College Case StudyThe Piper Center for Vocation & Career

Key Takeaways- College & student profile- Context & response- Transformation of career center- Data & transparency- Considerations

College Profile- Founded 1874 in Northfield, MN- Core liberal arts curriculum- 95% students live on campus- 4-1-4 academic calendar- 88% receive financial aid- 200+ student organizations- 27 varsity sports

Student Profile- 3,034 students (undergraduate only)- 50 states, 73 countries- 23% multicultural and international- 73% study off-campus- 85 majors, concentrations, programs- 42% men, 58% women- 15% first generation- 93% retention rate (first-year to sophomore)

Context- Societal concerns about cost & value of private higher ed- Misunderstanding/undervaluing liberal arts education- Media sensationalism: cost, Feds role, debt, unemployment- Tuition driven institution within a complex market- 2008-09 economic crisis

Response: Main Street Initiative (2010-11)- Campus conversation about preparing for life after college- Strategic plan reinforced core mission and commitments- Renewed commitment to vocational discernment- Strengthened links between education and experience- Transparent presentation of student outcomes- Transformation of campus career center

Transformation of Career Center- Secured gift to endow and name center- From reactionary model to proactive, developmental model- Relocated office centrally, realigned staff, scaled programs - Goal: to be a national leader among highly selective liberal arts colleges at intentionally preparing students for life after college

Four-Year Plan

Student Engagement: 8 out of 10 students use the Piper Center

Career Coaching

2010-11 2011-12 2012-13 2013-14

1,919 2,590 2,690 3,087

+35% +4% +15%

Oles are more engaged than their peers

St. Olaf90% First Years

64% Sophomores

76% Juniors

84% Seniors

Peer institutions*48% First Years

53% Sophomores

55% Juniors

77% Seniors

*36 Liberal Arts Career Network schools

Data & TransparencyFirst Destination (92% response rate)

Class of 2011 2012 2013

Working 70% 70% 73%

Education 28% 28% 24%

Other 1% 1% 0%

Seeking 1% 1% 3%

Cost?

$750 + Pizza

- Online survey

- Requirement for cap & gown

- Quarterly follow up

- LinkedIn research

- Personal calls

First destination matters, but it’s not everything- Are alumni using the skills they learned as a student?- Do graduates find their work meaningful?- Are starting salaries high enough to manage debt burden?- What percentage of alumni get into graduate school?- Did the curriculum prepare alumni for graduate school?- Are alumni involved in social/civic activities?- Does the college experience contribute to personal development?

Data & TransparencyFinancial Independence

Data & TransparencyProfessional Accomplishment

Data & TransparencyPersonal Fulfillment

Questions & Discussion:- How can our institutions make a stronger case for ROI?- How can the career center and outcomes play a role?- How can we be more transparent about outcomes?- What is the relationship between admissions & career?- Where can greater resource allocation make a difference?- Do our alumni feel the college supported their career?

Considerations:- Engage the entire campus in a discussion on outcomes- Relocate career center to centrally located spot on campus- Designate career center as first stop on the admissions tour- Start with transparency, even if the numbers aren’t perfect- Foster collaboration between admissions, career center- Allocate resources and align strategy to focus on outcomes- Know your alumni and how the college prepared them

Thank You!

Mary DockenVP, Association PartnershipsHobsons [email protected]@mbdocken

Branden GrimmettDirector of the Piper CenterSt. Olaf [email protected]@brandengrimmett

the rise of the informed consumer and student return on investment february 7, 2015 mary docken vp...

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