Scott Miller, who's now 49, worked his way through West Virginia Wesleyan College to a 1981 B.A. degree in Communications as a newpaper reporter. After two campus presidencies, which began at age 31, and which included ten years at Wesley College, Miller was hired in early 2008 to run Bethany as a business.
Will today's economic and banking difficulties affect student retention in your upcoming semesters?
Our retention figures for the coming semester are encouraging, over 90 percent right now. And we're tracking expected transfers and non-returns every day. We were prepared to scramble for alternative funding sources for students. But we don't yet see the need.
What do you expect next fall?
It's not too early to plan and act. Returning students impacted by the economy will be re-filing for financial aid. Regarding new students, we have acquired 30,000 additional names that look like good fits with Bethany College. We anticipate a typical American student will apply to six or seven schools for 2009-10, rather than two or three. We think they will be looking for the best financial offers, not necessarily the best school.
How might Bethany College benefit if more of its students were willing and able to pay 'sticker price?'
Our cash flow would improve immediately. The administrative work associated with enrolling a new student would be significantly reduced. Students would choose the school they truly want, rather than settle for a second choice for financial reasons. As a result, I believe we would be enrolling students who are generally more capable of successfully completing and graduating. Today, cash-paying students have the highest year-to-year return rates. We could expect to reduce, perhaps even eliminate, the need to recruit sophomore and junior replacements. Budgeting our operations would certainly be much easier. There are distinct advantages to this notion.
Are such prospective customers identifiable?
Yes. We focus our marketing to families in affluent neighborhoods and/or families with children in private schools. It's possible to narrowly search household demographics to achieve a specific target audience. And we do so. Onesuch search mechanism is available from The College Board. I'm just wrapping up my first year here. I'll be better able to report our results next fall.
Might now be a good time for a fresh look at the stakeholders in a college student's education?
Definitely. Families are stakeholders in their children, and they are looking for college financing that works. Businesses and other employers are looking for new hires that are ready to contribute immediately. Logically that makes them stakeholders. Private colleges that deal with students as individuals know they are recruiting each person for a lifetime. That makes the school a logical stakeholder. One way we've found to harness that stakeholder trio is with internships. I'm very enthusiastic about our progress there.
What sparked your obvious interest in the stakeholder topic?
In 1998 I travelled with the Joint Civilian Orientation Conference with other leaders from higher education, business and govenment. We toured U.S. military installations. On an aircraft carrier in San Diego harbor I met a sailor who was a Harvard graduate. At 23 years of age he was operating some of the most sophisticated equipment in the world. A military program helped pay his Harvard tuition, and one year out of college, his future was very bright. His employer and his alma mater were happy as well.
What have you done since?
At Wesley College and here at Bethany we're forging stakeholder relationships. In Delaware where Wesley is located we were able to interest a large financial company to provide $8,500 scholarships each year to specific students. There was a paid internship for those student recipients during the school year and another during the summer. The employer recruited and hired many of them upon graduation. We made sure those recipients received all the institutional, state and federal aid for which they were eligible. The school stakeholder enrolled high-achiever students as their first choice and gained greater diversity in the process. The retention and graduation rate we enjoyed among them exceeded 90 percent.
How many students benefited from that stakeholder relationship?
About 30 students each year received a college education at virtually no cost.
Do you see a downside?
When that financial company was acquired by a larger organization, the buying company didn't continue the program.
What kinds of employers are you working with at Bethany?
Accounting firms. Television stations. Publishers. And marketing firms in nearby Pittsburgh.
To be continued
