Independent schools diversify to weather financial strains - Palmers Solicitors

Independent schools diversify to weather financial strains

Independent schools diversify to weather financial strains

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.