Independent schools and universities in the UK are diversifying their revenue streams to stay afloat, according to a new report by education insurance provider, Endsleigh.
In a bid to prop up dwindling revenue from more traditional sources, the report found that one in five (22%) independent schools have partnered with commercial organisations.
Amongst independent schools and universities surveyed, 40% had reviewed supply contracts in an effort to find local or better value options.
A third (33%) of independent schools and more than a quarter (27%) of universities admitted they had also increased the number of fundraising events to raise much needed funding.
Whilst funding continues to be a primary focus, the study found that private schools and universities are redoubling their efforts to hire and retain staff, with 85% of institutions taking action to make the working environment and employee wellbeing a key aspect of recruitment and retention.
Amongst the most popular initiatives being offered is hybrid working, with half (50%) of universities and just under 40% of independent schools confirming they have introduced a flexible working policy.
Despite the continued strain on resources, over a quarter (28%) in the sector said they had increased salaries, with just under a quarter (24%) increasing pension contributions.
The report’s authors also found that green credentials are becoming increasingly important, with 12% saying they were introducing plans to achieve net zero emissions or reduce their carbon footprint.