(From Northwest News Services)
Northwest Missouri State University reports an estimated $66.5 million in cost containment and efficiencies, according to a review conducted by the University in recent months.
Northwest compiled the report this spring, through the guidance of President Dr. John Jasinski and Nola Bond, Northwest’s vice president of strategy and operations, by gathering documentation and input from all areas of the University.
The total represents cumulative savings documented by Northwest between 2012 and 2016.
Northwest also reports it generated more than $11.2 million in funding by offering additional products and services, and it saved more than $9.7 million by refinancing debt. The University review references its internationally benchmarked student employment program, which offers some 1,200 profession-based roles to students as a vehicle to earn valuable professional experience, while being resourceful and reducing or avoiding costs through repurposing or restructuring its workforce, saving an additional $7.1 million in labor costs.
Additional efficiencies were captured by managing contracts to optimize services ($5.8 million) and optimizing processes ($4.9 million). Northwest saved about $2.5 million by using technology to reduce labor costs, and it tracked nearly $2.4 million through employee wellness programs that yielded employee benefit savings.