Overview

For a college to be able to meet its statutory objects and regulatory mandate, now and in the future, it requires effective planning and management of its financial and human resources. It is important to demonstrate that appropriate financial management policies are in place and followed, including a plan to meet unanticipated financial demands. Furthermore, the CPMF asks colleges to demonstrate how their strategic plan and budget complement and support each other. Lastly, recognizing that staff is a key resource for effective college operations, colleges are asked to show how they maintain their workforce now and for the future.

Collective strengths

The majority of colleges reported that their strategic plan was costed with resources allocated accordingly. The most common evidence provided included a copy of the college’s budget, along with its strategic plan, and confirmation that the strategic plan is considered in the annual budget planning process.

While none of the top commendable practices identified by the working group in this domain are included in this report, the working group highlighted a notable practice by the College of Massage Therapists of Ontario (CMTO) related to learning development processes for college staff. The CMTO reported that it uses an internal learning management system to ensure it has a capable and competent staff complement. The CMTO’s learning management system provides a curated and self-directed learning program to all staff on administrative and management topics to ensure skill development and the development of a shared leadership culture. The working group noted that human resources are central to day to day operations and managing an organization’s workforce is required to support organizational success.

System improvement

Colleges’ self-reported results identified two main areas for continued growth related to financial reserves, and support of a sustainable workforce.

Many colleges reported that they allocated financial reserves as part of the budget planning process and that the reserve amounts were approved by an external auditor. There is an opportunity to strengthen transparency of these processes and enhance consistency across colleges by encouraging the development and implementation of formal financial reserve policies. Policies should identify the amount of financial reserves the college should hold and criteria for how the reserves would be used.

Additionally, many colleges reported that council approved staff resources through budget planning. However, few colleges provided detail regarding council’s role in ensuring that there is a formal process for professional learning and development for staff and succession planning for senior leadership.

Lastly, clearer linkages between a college’s budget and actions/deliverables in the strategic plan could help increase transparency.

Improvement commitments by colleges

Colleges made commitments to improve in the following areas:

  • development of formal reserve fund policies that are validated by a financial auditor
  • establishment of robust reserve funds
  • development of policies and processes to address succession planning
  • consultation amongst colleges to identify best practices in human resource planning