Do You Know the Lifetime Value of Your Students?

How often has it happened to you or one of your staff where you took a student for granted?

When you stop to think how much a student is actually worth, in dollars and cents, it makes you sit up and take notice.

For example, let’s say Joe Smith, one of your students, represents $6,900 to your school district. Every year that Joe is enrolled, your school district receives $6,900 in state funding.  If Joe Smith’s parents believe your school is doing an excellent job of educating their son, they will see to it that he attends school for all thirteen years of grades K-12. When you multiply that amount of $6,900 per year times 13 years, it equals $89,700.

So, you see in fiscal terms, Joe Smith is an $89,700 client. If Joe’s parents have other children enrolled in your school district, the overall value of the family goes up proportionately.

Whenever you or your staff deal with people, you are going to have misunderstandings and misconceptions that need to be clarified and resolved. By taking the time and investing in the education, training, and patience that is necessary in handling these kinds of situations, with your students and their parents, you are insuring a greater degree of successful student retention.

Many times you will have staff that do not realize the total fiscal value that each student represents.  As a superintendent or principal, it would be advisable that you educate your team to understand this vital concept. Yes, there will be times when you have students that will have to be asked to leave your school district. However, if you and your team can strive to minimize this sort of action, you can retain as many of your students as possible.

With the loss of every student, you lose funding. Lose enough students and you will have to start making even more budget cuts than you have made in the past. So, even though from time to time, most of your students will have issues that must be dealt with, you must remember that they are the very reason you have a school district. It makes good business sense to keep as many of them as you can.

For more ideas on how to increase student retention in your school district, please contact our office at 734-404-5909 or email our office at: tomborg@tomborgconsulting.com.