Is Student Retention More Profitable Than Enrollment?
Retention is a fundamental component of an institution's ability to carry out its mission. Low retention creates a financial loss but also appears as a symbolic failure for an institution. It is also more cost-effective to retain the students you currently have rather than recruiting for new ones.
Enrollment is still a very critical aspect of higher education, but it's even more important to ensure the students who do enroll have a pathway to success. Recruiting new students is an expensive endeavor. You may spend hundreds of thousands of dollars finding new students, scheduling tours, setting up meetings, and dedicating resources to marketing, advertising, and new recruitment programs. However, if the majority of the students who enroll that year drop out at the end of their second semester, you won't see a significant return on the funds you spent to get them there.
Institution enrollment management creates opportunities and implements policies that affect retention. These staff members help attract the right students, offer financial support, aid institution transitions from year to year, and assist in student job searches or placement, to increase retention and encourage student success.
