Tailoring the RCM Model to What Works For You
In an era of public scrutiny and requests for increased financial accountability, higher-ed leaders are looking for ways to show the public that they are addressing the issue of rising college costs. Many have turned to responsibility-centered management (RCM) as a way to reduce costs and encourage financial responsibility within individual academic departments. While many institutional leaders see RCM as a way of decentralizing financial decision-making, allowing vice presidents and deans to take responsibility for their own budgets, they may not realize that certain principles of this financial structure can be tailored to fit the distinct culture of their campus, even without wholesale adoption of an RCM model. The University of Notre Dame recognized how they could adopt some principles from RCM to meet their institutional needs and goals. Here is what they did, and what you can learn from it. Adopting Elements of RCM – Not the Whole Model Linda Kroll, associate vice president for finance at the University of Notre Dame, states that when their institution looked at some of the fundamental elements of the RCM model, university leaders liked that the model allowed for: Distribution of responsibility to unit leaders Creation of a culture that rewards lowering […]