Education as a catalyst for growth: insights from Standard Bank

The 3rd Higher Education Conference featured a presentation from Dr. Kirston Greenop, former academic and Head of Corporate Citizenship at Standard Bank. The event, held in Pretoria on 9 October, focused on education as a catalyst for growth, highlighting the importance of sustainability, collaboration, and risk management in today’s evolving landscape. 

Drawing on her extensive experience, Dr Greenop (below) introduced the theme of her presentation: “Africa is our home. We drive her growth—education is the nexus for growth.” She outlined the dual roles of the private sector and educational institutions in addressing societal challenges and seizing opportunities.

“The private sector perspective can provide valuable insights into education, as financial institutions have differing views on what is essential for societal development,” she explained. “We must consider education’s role not just in isolation but in partnership with communities, the private sector and governmental agencies.”

Greenop acknowledged the complexity of the issues surrounding education, stating, “The detail and complexity presented earlier highlight that we cannot address these challenges alone. Collaboration is crucial. We need to surround ourselves with the right partners to create meaningful change.”

She emphasised that the bank’s involvement in education is not merely an act of public goodwill but a strategic decision to foster long-term sustainability and economic growth. “It is essential to understand that we are supporting the individuals and institutions that will contribute to the country’s development. If they do not receive the necessary support, our nation will struggle to progress.”

Dr Greenop referred to the growing concerns surrounding the cost of higher education and its contribution to inequality. “We need to examine not only the threats posed by rising education costs but also the opportunities available for individual growth and socio-economic advancement,” she said.

“What is unique about tertiary education, that is not found elsewhere? How do we monetise that uniqueness and generate revenue to ensure sustainability?” she posed, inviting attendees to rethink the value proposition of higher education.

She pointed out that while not everyone may need a tertiary education, its benefits are significant. “How are tertiary institutions positioned within our communities? How can we partner with them to provide services and products that align with their goals?” She  stressed the importance of collaborative efforts to help educational institutions thrive financially while also meeting community needs.

Dr Greenop urged attendees to engage in strategic discussions about their institutions’ roles within their communities. “Are you involved in the strategic planning sessions that shape your institution’s trajectory? If you are not, there is a fundamental problem,” she cautioned.

“Decision-makers need to understand the financial sustainability of universities and the expectations of the communities they serve. Without that perspective, we risk making uninformed decisions that do not align with community needs,” she added.

She highlighted the importance of ensuring that universities are not solely focused on cost-efficiency but are also committed to driving value. “When we examine the future of universities, we must consider their financial viability—endowments, cost containment, and operational efficiency. We must ask, how can we optimise these elements while also addressing community needs?”

She also introduced the concept of Environmental, Social, and Governance (ESG) factors as crucial components for educational institutions. “ESG considerations are essential in understanding the risks universities face, particularly regarding environmental sustainability and community impact,” she explained.

She provided specific examples, noting the pressing climate challenges facing institutions in KwaZulu-Natal and Gauteng. “How much of our teaching is online? How much infrastructure is available for students? What happens when we reach ‘day zero’ with water shortages? These are pressing issues that require immediate attention and planning,” she warned.

Dr Greenop highlighted the importance of conducting risk assessments and preparing for potential challenges. “If institutions do not plan for these eventualities, they may find themselves unprepared for crises, which could have far-reaching implications for their operations and community engagement.”

Greenop also addressed the social implications of higher education, particularly concerning issues of discrimination, inclusion, and trauma on campus. “How do universities support students who are geographically isolated or face challenges related to social unrest?” she asked, urging leaders to consider these factors as integral to their strategic planning.

She acknowledged that while the private sector often demands graduates to meet specific needs, universities should not feel dictated to by these expectations. “There is value in research and education that transcends immediate financial returns,” she asserted.

Calling for strategic alignment, she emphasised the need for universities to define their roles within society actively. “Are you generating revenue or accepting losses? Have you decided how you want to position yourself within your community?” she questioned, highlighting the importance of strategic alignment between educational institutions and their social missions.

As her presentation drew to a close, Greenop reflected on the future of universities in light of the complex challenges they face. “In the face of climate change, financial instability, and societal expectations, we must be deliberate in our strategies,” she advised.

“Identify credible partners who share your vision and engage with policymakers to ensure your institution is well-positioned to adapt to changing circumstances,” she continued. “It is vital to consider the financial resilience of your institution and the communities you serve. Universities must be prepared to offer quality outcomes and access to resources that align with their mission.”

Dr Greenop concluded: “You are dealing with a complex landscape that requires difficult decisions. Seek out financial institutions that can support you in navigating these challenges. The conversation around sustainable universities must also encompass financial sustainability. But at the end of the day, we don’t want financially sustainable universities; we want sustainable universities.”

Yolanda Lemmer is a commissioned writer for Universities South Africa.