Description: The article is about great lakes login. The author identifies some strategies that will help you get buy-in across campus. The passage talks about getting campus buy-in when you’re proposing a new project. It provides many useful solutions.
On today’s mini module,we’re going to talk about getting campus buy-in when you’re proposing a new project such as a financial wellness program. Today we’re going to identify some strategies that will help you get buy-in across campus,we’ve all heard the phrase,it takes a village and when it comes to building your financial wellness program,it’s no exception.
College students need more than credit 101,they need schools with holistic financial literacy programs,reactionary help such as default management,loan exit counseling isn’t as good as teaching students money management all along. We’re going to discuss how to build a base of support,ways to prepare for any objections and show others what’s in it for them and invite them to co-create the solution.
There are numerous benefits to get buy-in including an increase in resources,when you have others interested in your project, they’re also more willing to help by sharing their ideas and time. Everyone is on the same page,you’re sending the same message and that is important,you’re not doing this, because you have nothing to do with your time,here you can do this, because there’s a huge value to both your students and your school.
With faculty on board,you can get into classrooms,there’s a school in the Midwest that has an agreement with faculty,whenever they have to cancel a class rather than do that,they reach out to the financial aid office. The financial aid office in turn will arrive that class prepared to deliver a session on any number of financial literacy topics,they have a suite of topics to deliver at a moment’s notice,it goes without saying that more hands on deck means a lighter workload for you.
Now that we know the benefits,how do we make it happen? You can start by building a base of supporters. For a good idea to be adopted by a group,it’s not enough for most people to be on board,you need a few very vocal supporters to champion your idea,you may have some positional Authority, but it’s important to enlist the support of other teammates before you even present your ideas.
Taking the time to have one-on-one conversations to sell your idea to people you trust within the group is time-consuming,but vital to ensuring your pitch to the full group is successful.
You can prepare to address objections,now this may seem obvious but people generally don’t prep enough for objections,if you dismiss people’s viewpoints,they don’t feel respected and will more likely fight against your proposal,be sure to take the time to appropriately address each one.
For example,someone might have an objection about the amount of time, it will take to develop and implement,you should be prepared to talk about how much time you think you’ll need,you should neutralize naysayers even after addressing objections in a way that will please most people,there are often still many people who refuse to change,they don’t want to do anything.
You should make sure that those individuals don’t shut down your ideas in front of the group,it should be a key strategy for getting team buy-in. Depending on your situation, there are a couple of tactics that you can take to neutralize naysayers,you can try to win them over in a one-on-one.
Sometimes, naysay is one attention,other times, they have genuine concerns and misunderstandings,you can create a safe environment to speak honestly,you can identify the underlying issue and figure out what to do without the pressure of egos or an audience.
You can have someone they trust or respect win them over,you might have the right message for the naysayer, but perhaps they need a different messenger,if you can convince someone they trust to make the case for an idea, they might be able to get through when you couldn’t.
You can use peer pressure,if you have enough support,they might feel the pressure to jump on the bandwagon,no one wants to be the one holding everyone back from pursuing this great idea. This isn’t always easy to do and it could backfire,they could dig their heels in. You can show them you have their best interests in mind,people need to know that you care about them and aren’t proposing an idea that only benefits you.
The best way to do this is to have a track record of generous contributions to the group and remind them of that track record if necessary and be prepared to show how financial wellness for students is good for everyone. You can co-create the solution with feedback,oftentimes the best ideas come from a group effort,going beyond building a base of supporters is an advanced tactic.
You can enlist people within your group in the idea creating process,get their feedback on how you can best solve the problems of the group and not only will you often get better ideas, but you’ll have even stronger champions when someone has an emotional investment in making the idea work.
You can inform them with facts,information can be the key to getting management and others to understand what it means for your students in your school to have a financial wellness program,you should be sure to keep it simple,when you spend too much time on the details in the early stages of garnering buy-in,you can make others think it’s going to be too complicated to accomplish.
You should pay attention to your message and the amount of information to deliver,in general, you often lose people, because your idea is too complex. I’m not suggesting you treat them like children, but invest some time in making sure that your suggestion to the group is as crisp and understandable as possible. You can write it down,edit,refine and practice before you deliver.
Don’t give up on good ideas,if your proposal doesn’t get by in the first time, it doesn’t necessarily mean that it’s a bad idea,it could be a bad idea, but that’s a different issue altogether. Assuming your idea is decent,it is worthwhile to evaluate what went wrong in the buying process,you can either try again or apply what you learn to future instances.
You can evaluate why the idea didn’t get traction and what objections you can better address,how you can improve the timing of your proposal,you can make a plan and try again,if your idea is truly a good one, then it’s worth fighting for it, you have to invest the time and effort to make it happen.
You can highlight the need and the whole concept of what’s in it for me,people are often motivated by personal gain,your boss is going to be a lot more interested in your idea if it can make him look good to his boss and perhaps get a raise or promotion.
Show people how adopting your idea will provide some benefits to them and make their lives better easier. We said earlier to inform your group with facts,here are some that might be helpful to you. Some of these are quite alarming,what age group do you think makes up the fastest growing group of bankruptcy filers? Some of you may be surprised that people at 25 years or younger make up the fastest group of bankruptcy filers according to the Senate Committee on Banking Housing and Urban Affairs.
We know that students who drop out or don’t finish their degree have a higher chance of defaulting on their student loans,according to a 2013 study from Harvard University only 56% of the students who entered America’s colleges and universities graduate within six years while only 29% of students who entered two-year programs complete their degrees within three years the study found.
The percentage of college students who drop out before obtaining a degree is 44t. According to a study done by everFi what percentage of college freshmen worry about debt,the answer is 79% and while 79 percent worried frequently about debt,a majority of students agreed with the ideas that it’s fine to have an overdraft fee if you know you can afford to pay for it,that it’s nice to own things that impress people.
Nearly a third agrees it was better to have something now and pay for it later,students usually enter college with risky debt behavior the study says. What percentage of students say they need to own things to impress others? The answer is 60%,I think this might even be indicative of people in general not students.
You can make it easy for them to say yes by highlighting the work of other schools and relaying accolades and positive outcomes,as comedians say timing is everything,you need to make sure to consider when the best time would be for suggesting your proposal,you need to capture their attention and catch them at a time when they’d be the most amenable to this idea.
Meredith College celebrates financial literacy week by asking students: are you financially strong? Accounting and business professors joined with student services professionals to host informational sessions throughout the week. Topics included budgeting,saving,investments,interest calculators,credit cards,salary negotiations and student loan repayment.
These topics all hold value and can help their students. Kelly Hart from Ohio State once said that students needed to graduate with two good records,a good academic record and a good financial record,students need both to be successful.
The University of Iowa offers one-to-one personal financial counseling,they have a three-person Financial Literacy group that is met with nearly 1,000 students individually in less than six months to save students an average of 14 percent,that’s huge,their goals were to reduce the average debt for the class of 2015, so it will be less than the national average.
They were determined to decrease unsubsidized Direct Loan borrowing and to increase the number of returning students who file for financial aid early enough to be considered for first-come.first-serve scholarships and grants.
In Mendocino Community College,they held help manage your money week to focus on responsible borrowing and basic financial literacy skills,it doesn’t have to be complicated to be effective,it was part of their I can afford college initiative and they partnered with local credit unions to share resources and expertise,you don’t have to go it alone.
They also had school administration work with student groups to address topics for the workshops, so they had student input too and the football coach attended and set up sessions directly for all student athletes,getting that level of support can be a huge factor in making the program successful for you and your students.
To tie it to a larger goal is the opposite of what’s in it for me,this is the vision strategy while personal gain is nice,people are also motivated to do things for larger more noble reasons,if you can make them feel like this idea is part of a larger goal or movement,it is going to help your students be able to borrow less and be more successful financially which in turn could equate to alums in a better position to give back,you may have more staff and faculty embrace your ideas .
Proposing new ideas is scary and most people are afraid of change,it’s almost always hard work to get a good idea adopted even by the smartest and most well-intentioned of groups,don’t get frustrated,you can get it smart and get it done.
Educating your students on financial issues will have several benefits for your school such as lower default rates. Many students who are delinquent on their federal loans are also delinquent on other loans and credit accounts,unfortunately, they end up defaulting on their loans, because they have too many credit obligations,all of these mean their inability to repay their federal loans,it impacts your cohort default rates.
Higher retention rates help them reduce financial problems,it will increase their chances of graduating,according to the National Center for Education Statistics,fourteen percent of students who left college without completing a degree cited financial reasons.
The third benefits is higher institutional receivables. If they gain even the basic financial literacy skills,they’ll know about budgeting and credit and thus will be in a better position to pay the debts they owe the school. The forth one is higher alumni contributions,if they can manage their finances after they leave school,they’ll be more likely to donate to your capital campaigns, ultimately it improves student success.
Student Success encompasses in many areas,however, the two that most impact defaults are retention and financial literacy,we know that retention is crucial to default prevention because 70% of all defaulters are those who do not graduate,however, financial literacy will also increase student success.
Educating students on how to make good financial decisions will help them successfully manage their debt while they’re in college and after they graduate. Many students, those who graduate and even those who don’t are having an increasingly difficult time affording their loan payments,part of the reason is that they not only have high educational loan debt with federal and private loans, but they also have high consumer loan debt.
We see financial literacy as part of default prevention,if we can educate students to be conservative consumers,hopefully they’ll be able to afford their loan debt once they enter repayment. Financial literacy programs also provide benefits for your students,the first one is lower debt burden.
Teaching them to become conservative borrowers can decrease their student and consumer loan debt,those skills will be transferable to their daily budgets and help them be financially successful overall. There’s a growing concern over an issue that some medical and law schools face, because their students have made credit mistakes as an undergraduate and aren’t able to qualify for the grad plus or private loans to continue their education.
Our credit scores mean better rates on loans and credit cards, because credit scores dictate how much lenders will charge to borrow money. The financial situation they should strive for is the driver’s seat. Having a good credit score puts them in the driver’s seat for better loan offers,they can negotiate for lower interest rates on their credit cards too.
Better rates also mean approval to rent off-campus housing and more employment opportunities,it would be a shame to spend 4 to 5 years of hard work and not be able to get the job they want because of bad credit. Some employers about 47% will review credit before extending a job offer,they use credit to determine a person’s character.
You can invite others to co-create the solution,you can invite staff and faculty to assist in the development of the curriculum,they may have ideas and tools that you haven’t thought of,one person can’t know everything and enlisting the collective genius of your faculty and staff can yield great results.
You can ask them to share their experience and expertise, maybe they’ll be willing to even present on the topic,maybe they’ll invite you to do so or allow you to bring in a guest speaker to the classroom. You can increase awareness and promote initiatives and be an active part of the solution to improve student outcomes.
You’ll also want to make sure you have identified available resources and when it comes to financial wellness,there are several including those offered by our affiliate North Star,there are some handy tools to enable you to be successful in your endeavors and we’ve provided some examples for you.
There are also some handy websites to use and you can place these links on your website or even in your social media channels,thank you so much for joining us today,we realize you have a choice in how you spend your time, so we appreciate that you chose to spend it with us,we hope you found this mini module helpful.