The UWI Regional Headquarters, Jamaica. W.I. Monday, July 12, 2021— The University of the West Indies’ Executive Management Team embarks on a planning retreat on Wednesday, July 14 in order to roll out a new operational plan to deal with the financial challenges facing the institution as a result of shortfalls in expected revenues.
Many students and governments are experiencing difficulties in meeting financial obligations to the University in respect of tuition fees and related economic costs for teaching and learning.
First off, the regional University is committed to cutting expenditure and increasing revenues by 10% per year in each of the coming three years, thereby significantly eliminating cash shortfalls that frustrate operations. Each UWI campus is expected to implement bankable commercial projects in an effort to strengthen its entrepreneurial functions and rewards.
Regional governments currently fund about 50% of The UWI’s total operational cost, down from near 80% twenty-five years ago, and exceeding the recommended target of 60%.
At the retreat, Vice-Chancellor, Professor Sir Hilary Beckles will present for discussion and approval “Operation Revenue Revolution” which seeks to confront and improve the financial difficulties facing the institution, and to transform its business management culture.
In 2017, the University launched its Strategic Plan entitled the Triple A Strategy with pillars of Access, Alignment, and Agility. Phase one of the Operational Plan, 2017-2022, called for a “Reputation Revolution”.
According to Vice-Chancellor Beckles, “The outcome was spectacular. The reputation of the University soared regionally and globally—ranked #1 in the Caribbean, top 1% in the Latin America and the Caribbean region, and top 3% of the best universities internationally. The strategy has delivered great success and the projected time has come to roll out part two of the operation—The Revenue Revolution, 2022-2027”.
The principal focus in the coming period will be on the financial sustainability of the University. “This moment was anticipated five years ago. First we had to fix matters relevant to the University’s brand and reputation. We are on target and we are steadfast. Consultation and dialogue across campuses will be deepened in coming months” noted Vice-Chancellor Beckles.
“The COVID-19 pandemic has generated a sense of super urgency and serves as an accelerator. In 2020 our staff and students rose to the challenges in the most spectacular fashion, producing a powerful sense of readiness for shaping the future of a reengineered University. The retreat will capture and build upon this internal commitment to change and transformation, while designing, structuring and consolidating the implementation of “Operation Revenue Revolution”. The strategic objective of this second phase will be pursued as aggressively as its predecessor” he said.
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About The UWI
The UWI has been and continues to be a pivotal force in every aspect of Caribbean development; residing at the centre of all efforts to improve the well-being of people across the region.
From a university college of London in Jamaica with 33 medical students in 1948, The UWI is today an internationally respected, global university with near 50,000 students and five campuses: Mona in Jamaica, St. Augustine in Trinidad and Tobago, Cave Hill in Barbados, Five Islands in Antigua and Barbuda and its Open Campus, and 10 global centres in partnership with universities in North America, Latin America, Asia, Africa and Europe.
The UWI offers over 800 certificate, diploma, undergraduate and postgraduate degree options in Culture, Creative and Performing Arts, Food and Agriculture, Engineering, Humanities and Education, Law, Medical Sciences, Science and Technology, Social Sciences, and Sport. As the Caribbean’s leading university, it possesses the largest pool of Caribbean intellect and expertise committed to confronting the critical issues of our region and wider world.
Ranked among the top universities in the world, by the most reputable ranking agency, Times Higher Education, The UWI is the only Caribbean-based university to make the prestigious lists. In 2020, it earned ‘Triple 1st’ rankings—topping the Caribbean; and in the top in the tables for Latin America and the Caribbean, and global Golden Age universities (between 50 and 80 years old). The UWI is also featured among the top universities on THE’s Impact Rankings for its response to the world’s biggest concerns, outlined in the 17 United Nations Sustainable Development Goals (SDGs), including Good Health and Wellbeing; Gender Equality and Climate Action.
For more, visit www.uwi.edu.
(Please note that the proper name of the university is The University of the West Indies, inclusive of the “The”, hence The UWI.)
