PESTEL Analysis of Higher Education
Every individual in the society has the right to have the best education. Days are gone when gender inequality was one of the factors that hindered spread of finest education in the globe. Higher education has become the tool for development in terms of social and economic aspects. Every nation is investing in higher education and both young men and women have a chance to change the world. For those who intend to invest in the education sector, a PESTEL analysis presents a fine framework to follow.
A PESTEL analysis is an immaculate tool that encourages staffs, management teams and governors who are in charge of analysis of most apt changes in the college or university environment. It makes it easy for them to exercise their functional skills and expertise on finding out what best for those pursuing higher education and the institutions. Through this analysis tool, it also becomes easy to reduce or find a way to lessen the impact of potential threats to the education sector or institutions.
Higher education comes with many opportunities that are not easy to pick out. On the other hand, with a PESTEL analysis, it becomes easy to identify and exploit these opportunities. Whether a higher education institution wants to go national or global, this analysis tool can also help assess the possible implications of entering these new markets. The macro environment comes with many external factors that may push for growth of an enterprise or derail it. When conducting a PESTEL analysis on higher education, here is what to include in your analysis;
Firstly, politics have had great impact on the education sector. Today, we have private schools that are competing closely with public schools. Governmental policies have great impact on higher education also. For instance, the ban on growth on UK full-time undergraduate population has led to increased cost of learning. Increased competition from international students thanks to governmental regulations has made it hard for some local students to get finest education.
Economic factors have also impacted higher education in many ways. Government funding decisions have helped push higher education, but corrupt officials have led for fall of many institutions. Many higher education institutions need to be set to invest on staffs, stationery and technology solutions like computers. On social basis, education has gone through a lot of transformation. Factors such as demographic changes may affect enrollment of students into the best colleges.
Social networking as also influenced the way students view higher education. Through social media, students have shared ideas on better colleges and universities to enroll into nationally or locally. Indeed, the social environment has impacted how people view higher education and the learning system all together. Technological factors also fit perfectly on the PESTEL analysis. Via the advent of technology, the education sector has gone through a lot of changes.
Today, students can easily enroll for higher education from the comfort of their homes. However, education institutions have always been urged to take caution on the kind of technology that they rally on. Proper ICT security systems and regulations should always be followed. There are other external environmental factors that make a PESTEL analysis complete and successful and they are legal and environmental factors among others. Changes in the education have made it easy for thousands and thousands of people to access good education on yearly basis. Thus, investors in the sector should treasure PESTEL analysis as the best tool to improve education globally.
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Online sources:
http://rapidbi.com/pestle-analysis-for-schools-and-education/
http://www.coventry.ac.uk/life-on-campus/the-university/about-coventry-university/corporate-plan-2015/external-environment-pest-analysis-pest-table/
http://www.mindtools.com/pages/article/newTMC_09.htm