Stakeholders in the education industry

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Stakeholders in the education industry

This article aims to explore the key stakeholders in the education industry. Education is one of the largest industries in the world where a good number of different stakeholders are involved. It contributes around £20 billion to the British economy a year. Its estimated revenue in the USA is around $78.7 billion (Statista, 2021).

Higher education is indeed a big part of the global education industry. Its revenue in countries such as USA, UK, Canada, and Australia often depends on the international students. According to Devereaux (2021) approximately 1 million international students go to the USA each year who contribute billions of dollars to the economy. In fact, they could easily contribute around $100 billion a year – or $1 trillion to the US economy in the coming decade.

 

Institutions: universities, colleges, schools, and others

Educational institutions offer a wide variety of courses, administer tests/projects/assignments, and assess students in line with the assessment criteria. They are highly concerned with student retention and ensuring them to complete their courses on time. Some of them are also interested in partnering with other institutions to share resources to offer better educational services.

 

School/college/university administrators

Administrators are the ones who oversee how schools, colleges, and universities run. They are responsible for setting policies and managing day-to-day operations. They are also responsible for managing and overseeing finances, and human resources.

 

Students

Students are the reason everything else in the education industry exists. They are of course the most important stakeholder in the education industry. They want to get the best education for the time and money they invest in it.

 

Some students prefer to study online, while others’ preference is in-person learning. Some of them love to go abroad for higher education, while others see the home market as the best fit. They are also different in terms of learning styles, and needs.

 

Parents

Parents are also very important stakeholders in the education industry.  Some parents want their children to study STEM subjects, while others want them to study liberal arts. Some parents want their children to grow up to be doctors, lawyers, or other professionals, while others want them to become entrepreneurs. Indeed, parents have diverse interests when it comes to their children’s education. This requires educational providers to offer a variety of courses.

 

Teachers/lecturers

Teachers, professors, lecturers, and instructors are the important link between education providers and students. They have a wide range of responsibilities. They need to manage their time effectively and meet the needs of their students. They need to stay up to date on their field of expertise, use effective pedagogy, and stay organised. They usually have diverse interests and needs. Without them, learning cannot be delivered to students, and therefore, they are one of the key stakeholders in the education industry.

 

Regulatory bodies

The regulatory bodies oversee the quality of education being provided. They regulate quality standards and ensure that education providers meet those standards. They are responsible for making sure a minimum standard of quality is being met in schools, colleges, universities. Government agencies under the guidance of the education ministry usually perform these responsibilities.

 

Awarding bodies

Awarding bodies certify and validate a student’ knowledge, ability, skills. They are the ones that issue degrees, certifications, and other credentials. Universities around the world have the degree awarding power, and therefore, they usually do not need to work any awarding bodies.

 

However, schools, colleges, and other educational providers need to work with the awarding bodies for the verification and certification of their students’ achievements. Pearson is the largest awarding body in the UK with more than 3.4 million students studying its qualifications worldwide (Pearson, 2022). City & Guilds, OCR, Ascentis, CIM, CMI, ABE, and NCFE are also popular in the UK. Likewise, there are many institutional accreditors in the USA recognised by the Department of Education.

 

Producers of learning materials

Learning materials are the resources and tools used to impart knowledge and skills. Producers of learning materials make books, online courses, videos, and other resources used in education. While many education providers develop their learning materials in-house, many of them reach out to third parties.

 

Roles and responsibilities of stakeholders in education

Students are the consumers of educational services, while teachers deliver education. Awarding bodies are the validators of the skills and knowledge of students, while regulatory bodies are the regulators of quality and compliance in education. This shows that there are different roles and responsibilities of stakeholders in education. Together they ensure that students thrive and succeed in their educational and professional endeavours.

 

Summary of stakeholders in the education industry

Education is a massive global industry. Its value to expected to reach $10 trillion by 2030. It is an industry where a diverse and large number of stakeholders are involved. Its success depends on how all the stakeholders contribute to it. In this technologically advanced world, many education providers are using unique tools and methods to transform learning and teaching. Use of Zoom, MS Teams, Moodle, Turnitin, and many others is now very common across the world. However, online, and in-campus security breaches particularly in the USA, is a big concern for many. Therefore, all the stakeholders need to work together to provide students with a safe and enjoyable learning environment.

 

Hope you like this ‘Stakeholders in the education industry’? Please share the article link on social media to support us. You may also like reading:

PESTEL analysis of the education industry

Advantages and disadvantages of online learning

Difference between IQ and EQ

 

Last update: 26 July 2022

References:

Devereaux, K. (2021) Allowing more international students into the US would be a win-win, available at: https://www.timeshighereducation.com/blog/allowing-more-international-students-us-would-be-win-win (accessed 25 July 2022)

Pearson (2022) Welcome to Pearson Edexcel, available at: https://qualifications.pearson.com/en/about-us/qualification-brands/edexcel/think-again/largest-awarding-organisation-uk.html (accessed 26 July 2022)

Statista (2021) Education in the USA, available at: https://www.statista.com/study/15825/education-in-the-us/ (accessed 25 July 2022)

Author: M Rahman

M Rahman writes extensively online with an emphasis on business management, marketing, and tourism. He is a lecturer in Management and Marketing. He holds an MSc in Tourism & Hospitality from the University of Sunderland. Also, graduated from Leeds Metropolitan University with a BA in Business & Management Studies and completed a DTLLS (Diploma in Teaching in the Life-Long Learning Sector) from London South Bank University.