When President Reveley took office in 2008, he launched a strategic management process, based on annual updates of an evolving five-year plan. Each April, the process produces an updated strategic plan, a budget that reflects strategic priorities and a set of specific implementation steps. A 24-member Planning Steering Committee, co-chaired by the Provost and the Vice President for Strategic Initiatives and including faculty, staff, administration, student and alumni representatives, guides the planning process, tracks progress using a university-level dashboard, reviews budget requests for their strategic importance, recommends annual updates and tracks implementation. The co-chairs coordinate with the Board of Visitors Committee on Strategic Initiatives and New Ventures and update the Board on planning progress throughout the year. In April the Board reviews the plan for the following five years.
The Fiscal Year (FY) 2015-2019 strategic plan (pdf) was adopted in April of 2014.
Each summer we update a six-year financial plan based on the priorities reflected in the strategic plan. The financial plan projects expenditures and anticipated revenues. The Board of Visitors approves the financial plan each September and submits it for review in Richmond.
In addition to informing the six-year financial plan, the Strategic Plan includes implementation steps to be pursued over the next five years and assigns responsibility for each step. The Planning Steering Committee tracks implementation, reports results, and suggests modifications to the Plan as appropriate. As a result, our planning and financial processes have become more transparent and more directly focused on strategic priorities.
Every five years the Planning Steering Committee conducts an in-depth review of major challenges and opportunities and recommends more substantial revisions to the plan. President Reveley asked the Planning Steering Committee to complete a comprehensive scan of the strategic horizon in 2012-2013 to see what had changed over the past five years. This included an assessment of the progress we have made and where we should focus our efforts going forward. He encouraged the Planning Steering Committee to be bold in assessing the possibilities. The Committee provided a report to the President in December 2012 and suggested several initiatives, primarily in the academic area, to implement our vision to break "the boundaries between research and teaching, student and teacher, living and learning." The report recommended expanded efforts in integration of learning across all the dimensions of the student experience, fostering innovative teaching approaches that use technology enhanced modes as appropriate, promoting learning in applied settings, encouraging interdisciplinary connections across academic areas and forging stronger global perspectives and connections. The review also underscored the need to continuously renew our faculty and staff by providing competitive salaries and funds to support research, teaching and professional development.
The strategic management process engages all parts of the W&M community. The framework includes goals and implementation steps for addressing each challenge. We will continue to review and update the plan annually. Implementation includes assignment of responsibility for each objective, development of specific metrics to track outcomes, and reports of performance against objectives. As a result, our planning and financial processes are transparent and focused on strategic priorities.