Roudebush Hall
Roudebush Hall, home of Miami's administrative offices

Division of Finance and Business

Foundational Goal 1: Ensure vitality and sustainability by building a forward-looking, efficient, and caring culture that stimulates, recognizes, and rewards creativity, entrepreneurial thinking, and exemplary performance.

Objective 1: Promote a work environment built upon continuous improvement and evaluation that empowers employees through ongoing professional development and career growth opportunities.

Metric 11: All employees will have an annual evaluation that aligns with the overall university objectives and a measurable professional development plan.

Currently, 90% of employees have an annual evaluation; our goal is to increase this percentage to 100%.   We do not currently document how many employees have a professional development plan with career objectives.  Our goal is to achieve 100%.

Strategies:

  • Incorporate professional development plan into all unclassified employees annual evaluations.
  • Task the Office of Human Resources with developing a template for preparing professional development plans for all unclassified employees.
  • Ask the Office of Human Resources to develop career paths for all classified employee positions which will be communicated to classified staff during their annual evaluation.
  • Require all new employees of FBS to complete a basic course in Lean methodology. 
    Lean leader training programs will be available to staff who have the aptitude and desire to become an expert in the Lean approach.
  • Make team participation opportunities available to all FBS staff. 
  • Offer the most promising staff the opportunity to become Lean experts and serve as Lean leaders., with the goal of 40 employees trained as leaders by 2016.

Challenges and Opportunities:

  • Developing efficient online opportunities to make training more widely available
  • Sustaining the in-house knowledge and capabilities required by the program
  • Staying abreast of new developments in Lean.

Objective 2: Recognize and reward Miami employees for increasing effectiveness and productivity by using their expertise, creativity, and collaboration to constantly improve accountability, productivity, and efficient use of resources.

Metric 12: At least 25% of the merit salary improvement pool for faculty and unclassified staff will be allocated to recognize and reward exemplary performance that contributes to university and unit goals and objectives.

All annual salary increments for unclassified FBS employees will be based on merit.

Objective 3: Implement flexible and accountable governance structures that increase the University's responsiveness and ability to make timely decisions.

Metric 13: The timeline for the process of soliciting input and recommendations for governance purposes should not exceed one semester as appropriate.

Strategies:

  • For decisions that require input from governance bodies, include a calendar for completing the consultation process in a sufficiently but also timely manner.
  • Work cooperatively with governance groups to secure input and develop recommendations within the recommended time limitations.

Objective 4: Minimize tuition increases through a transparent, strategic financial and budgetary system that incentivizes new revenue streams, reallocates resources, and promotes team-oriented solutions to fiscal challenges.

Metric 14: An average of 1% of Oxford campus total revenues annually will come from new or expanded revenue initiatives other than tuition rate increases.

FBS will grow auxiliary revenues by at least 1% each year through new or enhanced revenue initiatives exclusive of price changes.

Strategies:

  • Grow existing markets for products and services and identify markets currently not being served at the university.  For example, better serve the regional campus students, faculty and staff. 
  • Work with existing partners and customers to identify new revenue opportunities.
  • Improve marketing and branding strategies through enhanced in-house expertise and with new partnerships.
  • Improve customer surveys to identify and grow revenue opportunities.

Challenges and Opportunities:

  • Addressing perceptions associated with competing with area businesses
  • Navigating increased risks associated with new revenue strategies
  • Overcoming the lack of experience with new strategies.

Metric 15: Divisional deans will annually realign 1% of their divisional University budgeted funds by phasing out low priority organizational structures, programs, and activities. These funds will be set aside to support new, or expand successful, programs and collaborations with an emphasis on inter- and multi-disciplinary activities.

FBS will increase its productivity by at least 1% each year.

Strategies:

  • Achieve increased productivity by improving and refining existing strategies such as Lean initiatives, energy conservation efforts, sourcing/purchasing strategies, and wellness activities.
  • Reallocate the Educational and General (E&G) budgets so that .5% of the productivity/efficiency improvements are dedicated to other university priorities.
  • Complete at least 35 new Lean projects each year utilizing FBS employees to improve accountability, productivity and make more efficient utilization of university resources.
  • Create a culture where all employees are expected to contribute to the University’s continuous improvement efforts.
  • Establish an employee Lean suggestion program.

Challenges and Opportunities:

  • Maintaining service expectations and quality outcomes given the 22% budget reduction that has already been implemented.
  • Addressing the major increases in the price of energy and commodities which could make the budget reallocation target impractical for the energy budget.
  • Helping all employees to see the benefits associated with a Lean culture.

Metric 16: 0.5% per year of permanent budgetary funds will be captured from divisions, and these funds will be collected centrally and redistributed.

The .5% reallocation is stipulated under (15) above. 

Metric 17: Implement, and annually update, a transparent, flexible, and dynamic 10-year budget plan that will ensure a sustainable and financially viable foundation.

FBS will maintain a 10-year budget plan for the University with the goal of created a balanced budget with funding for essential new initiatives and sufficient improvements in employee compensation.

Strategies:

  • Provide feedback to the Board of Trustees and the university community on the attainment of the 10-year budget strategies.
  • Provide oversight of the execution of the RCM budget to ensure university goals are prioritized through the RCM approach.
  • Establish models for measuring productivity improvements and reallocating .5% of the productivity improvements to university priorities.

Challenges and Opportunities:

  • Maintaining the productivity improvements and new revenue targets over long periods of time
  • Ensuring all parts of the University contribute to the goals.