Effat University, Accounting & Finance Department Strategic Plan 2022-2027

I. Department Chair's Message

The Department of Accounting & Finance is committed to creating and sustaining high quality data-driven education that is transformative and innovative. The undergraduate and postgraduate programs are designed to impart data-driven education in the field of finance to cater to rapidly innovating financial and business world.

The Department of Accounting and Finance at Effat University has an excellent reputation in producing high quality graduates and impactful research. Alumni from the undergraduate and postgraduate programs have pursued further studies in some of the top universities and careers amongst the top echelons of the industry. The department launched the first Islamic Finance postgraduate program in Saudi Arabia and has organized international conferences in Islamic Finance annually till date.

The curriculum is designed to provide students an all-encompassing perspective of business through the lens of finance, with special emphasis on developing quantitative and analytical skills that can be applied on all business disciplines, industries and research. With the rapid advent of fintech across the world, there is a need for graduates with core finance background who are technologically adept, well-versed with innovations in business, and an entrepreneurial mindset who can help fulfill the pressing needs of business, society and the nation.

The strategic plan 2022 – 2027 is designed to usher the department into digital transformation and innovation of finance and accounting education, research and practice. Keeping up with trends in internationalization, decentralization and democratization of finance, the department aims to harness the talents and resources of faculty, students and stakeholders towards becoming a regional leader of finance and accounting education that will be at the forefront of creating solutions for the world of tomorrow.

II. Department Vision, Mission, and Goals

Mission

The Department of Finance is committed to creating and sustaining high quality finance education, innovative research to lead the region.

Vision

Accounting and Finance Program Vision to offer data-driven education to transform financial analysis and research in the region.

Goals

• Position the Finance Program for a leading ranking through quality education, progressive research and community engagement.

• Ensure a positive work environment, professional ethical consideration and participatory decision making and leadership; and maintain national and obtain international accreditations and benchmarking while promoting a culture of quality and excellence.

• Prepare students for the increasingly complex challenges of financial markets through innovative problem-solving based teaching styles, and equip them with the necessary skills for national and international professional distinction; and Expand learning and information resources, optimize the use for academic and research excellence, further develop curriculums and instructional resource materials, and integrated information technologies into the teaching and programs content.

• Attract national and international qualified students, and continue to nurture holistic leadership and entrepreneurial development.

• Brand the Finance Program as an employee destination of choice through the recruitment of diverse and competent faculty, ensuring ongoing intellectual and professional development, building skills, competencies and talents for graduate and undergraduate students. Develop long term links with national businesses, enterprises and international

community while engaging the business community in the continued improvement of current programs and the development of new educational and research projects.

• Expand and optimize Effat’s facilities and resources to support a conducive learning and working environment; and Secure external research funding, reduce costs, and diversify financial sources.

• Increase innovative research activities for faculty, graduate and undergraduate students, with visible socio-economic impact.

Programs Vision, Mission, and Goals

The Bachelor of Science in Finance

Mission

The program is committed to creating and sustaining high quality finance education, innovative research to lead the region.

Vision

To offer data-driven education to transform financial analysis and research in the region.

Goals

• Position the Finance Program for a leading ranking through quality education, progressive research and community engagement.

• Ensure a positive work environment, professional ethical consideration and participatory decision making and leadership; and maintain national and obtain international accreditations and benchmarking while promoting a culture of quality and excellence.

• Prepare students for the increasingly complex challenges of financial markets through innovative problem-solving based teaching styles, and equip them with the necessary skills for national and international professional distinction; and Expand learning and information resources, optimize the use for

II. Department Vision, Mission, and Goals

academic and research excellence, further develop curriculums and instructional resource materials, and integrated information technologies into the teaching and programs content.

• Attract national and international qualified students, and continue to nurture holistic leadership and entrepreneurial development.

• Recruit and retain diverse, qualified, and competent faculty to meet the program needs.

• Expand and optimize EU facilities and resources to support a conducive learning and working environment; and secure external research funding, reduce costs, and diversify financial sources.

• Increase innovative research activities for faculty and students, with visible socioeconomic impact.

• Enhance the partnership with the community and industry through mutual exchanges of expertise, novel contributions to the 2030 vision, and effectively engaging students, faculty, and alumnae in the service of society.

The Master of Science in Finance

Mission

The Program offers the latest data-driven advanced knowledge in the field of finance under the fast growing and innovative financial and business world.

Vision

The MSF program develops quantitative and analytical skills and transfer to all business disciplines, industries and research.

Goals

• Ensure that the MSF program is at the forefront of research education and community engagement.

• Maintain the program Accreditation at the

III. Summary of Market Scan Findings

national and international levels and ensure participative decision-making.

• Deliver quality teaching and learning based on international and local university rankings.

• Prepare students for the complexity of financial markets by providing them with research skills.

• Retain faculty who have diverse backgrounds, qualifications, and industry connections, which are compatible with program needs.

• Enhance the learning environment by optimizing the use of all available facilities and enhancing the learning resources to meet changing program needs.

• Encourage faculty and students to conduct research that not only increases the finance literature, but also contributes to the development of the national economy and finance.

• Develop strong partnerships and collaborations with the financial institutions and community to maintain a culture of service.

• The Strategic Plan of the Finance Department covers the market study, objectives, initiatives, action plans, risk management and Key performance indicators of the two programs under the Department.

• IPSOS conducted an in-depth market research on the KSA Education market in December 2021 with the following objectives to develop a sound strategic plan for Effat University (EU):

• Macroeconomic and Employment Landscape – Economic profile of KSA and its key industries, current and future demand of programs of KSA

• POV - Employers – Interviewing potential employers within institutions in the target segment to understand the expectations from candidates and programs

• POV – Students & Parents –Understanding the perceptions and attitudes of the current students and potential students and their parents, towards universities and programs

• To achieve the objective, IPSOS conducted a comprehensive desk research, quantitative

survey with 875+ stakeholders (employers (50), current students (154), potential students (61) and parents (112) of the potential students), backed up by qualitative research for deeper insights.

• Here are the key findings from the research:

Macroeconomic and Employment Landscape

• While oil remains the major export product for Saudi Arabia, its dominance of the total export share for the country has declined over the past few years as shown in the graph below:

• Despite a decline in overall population share, female share of total workforce has increased from 11% in 1990 to 16% in 2020.

• Wholesale and retail sector is the largest employer followed by public administration and defense as indicated in the chart below:

• 80% of the population is employed by private companies while 20% are in government services.

• 56% of the employed population is at the bachelor’s or equivalent level.

• Human Capital Development Program (HCDP) has set a goal to raise the percentage of higher education graduates in employment within six months of graduation from 4.5% in 2019 to 20% in 2025.

• As no business can run without a help of financial professionals, it is clear from this chart that employers from all these sectors would be, in one way or the other, seeking our graduates from Accounting and Finance and Master of Science in Finance programs.

• It is clear from this chart that employers from wholesale and retail are about (17%), public administration and defense (16%), manufacturing (11%), and construction (11%) who would be seeking our graduates from Finance and Master of Science in Finance. Furthermore, 28% of employers from other domains will be seeking our graduates. As all these fields need graduates with skills and competences in managing the finances, projects, inventory, quality, production, services, marketing and sales which are provided in our current curriculums of the Finance program.

• According to IPSOS market study:

o Under The National Industrial Development and Logistics Program (NIDLP), about 1,600,000 jobs are expected to be created by 2030. Furthermore, Saudi Arabia will invest over SAR 500 billion in airports, seaports, rail and other infrastructure by 2030 to make the kingdom a global transportation and logistics hub.

o Saudi Arabia aims to create 20,000 data analytics and experts by 2030.

o The government is currently pushing for greater reform and privatization. The sector registered a growth of 16 percent in 2019. Traditionally this segment looks at hiring candidates with a degree in Finance & Accounting as well as Business Administration.

o Travel and tourism industry currently accounting for 9% of GDP and is expected to grow at an accelerated rate thanks to $65 Billion earmarked for investment into the sector. Expected to grow at CAGR of 5.6% till 2023. The industry needs graduates from accounting and finance, supply chain, marketing, sales etc.

o Retail is one of the key sectors that has been identified for aggressive Saudization, is expected to grow at a CAGR of 6% till 2024. Accounting and Finance, Marketing, sales and supply chain management are typical majors to hire from.

Thus, from this information, it seems that prospects for finance majors (along with other majors offered at the Effat College of Business) are very bright.

POV (Point of View) - Employer

This module captures the willingness and likelihood of employers in KSA to hire graduates of Effat University. The findings were as follows:

• Driven by Saudization, employers across sectors noted that entry level hiring is likely to grow more than 5% in the next 3 to 5 years. 6 -10% of the employees are at entry level/fresh graduates. Saudization is expected to bring about 7.6%-12.5% growth in recruiting entry level/fresh graduate candidates.

• 70% of the employers surveyed also stated when it comes to recruiting candidates for entry level jobs, the University the candidate graduated from is the most important parameter.

• The key parameters used by employers to evaluate a university are the ‘Reputation’ of the university, its ‘Partnership with International Universities’, ‘Regional Ranking’ & ‘Past Experience’ with the students from the same university. Below is the snapshot of the universities considered as most reputed among employers:

% of the employers indicated the university name as most reputed (Unaided resoponses)

King Abdul Aziz University (PU) 94%

King Fahd University of Petroleum & Minerals (PU) 94%

King Saud University (PU) 90%

King Faisal University (PU) 82%

Prince Sultan University (PV) 70% University of Jeddah (PU) 64%

Umm Al Qura University (PU) 60%

Effat University (PV) 56%

Al Faisal University (PV) 52%

King Khalid University (PU) 52%

• Effat University’s reputation stands tall amongst the private universities, with 56% of the employers considering EU as one of the most reputed universities.

• Majority of the employers state that they consider the candidates are technically sound, with very good communication skills, in addition to holding a recognized internationally accredited degree. The table below depicts the key skills preferred by the employers in order to hire candidates:

% of the employers indicated the university name as most reputed (Unaided resoponses)

• 100% of the employers in Jeddah and Makkah are aware of Effat University, followed by 60% in Riyadh, while the awareness is lower in other regions of KSA.

• 70% of the employers that are aware of EU are inclined to recruit candidates from EU in the coming years.

• While the employers (~10) that are likely to recruit from Effat in the coming years are content with the positive reputation of the university, technical skills of the students, positive relationship with EU, etc., they have suggested that the candidates from EU would have a scope to work on their confidence level and interpersonal/presentation skills.

• 75% of the employers would like to receive direct communication from EU about their updated curriculum to the industry needs and newsletters about their students’ achievements which will increase their likelihood of hiring from the university.

• Individual programs offered by the Finance Department of Effat College of Business (ECoB) are in high demand. Our graduates stand out in the market for skilled employees due to their excellent technical, communication, interpersonal, and problem-solving skills, along with an internationally accredited degree (e.g. AACSB).

• Undergraduate and postgraduate programs in finance and marketing, along with undergraduate in psychology are a few other popular programs amongst the employers.

• Other programs/subjects suggested by employers that are likely to be in demand in the coming years are as follows:

% of the employers indicated the university name as most reputed (Unaided resoponses)

• The combined share of business, administration and law; health and welfare course enrollments among total higher education enrollments in Saudi Arabia increased from 45% in 2013 to 51% in 2019.

• From the graph above, it can be seen that employers are interested in subjects like Management and Hospitality Management that perfectly match our Finance program structure, both at undergraduate and postgraduate levels.

• EU is currently ranked as 61 – 70 in QS Arab Regional Ranking 2022, moved up from 101 – 110 ranking in 2019, tracing an upward trajectory.

• Now, Finance Department has partnership with Georgetown University and Bocconi University for undergraduate and Master programs respectively.

• As a result, there is a growing interest among employers in EU graduates from Master in Finance program.

POV (Point of View)– Students & Parents

• A student’s journey to choosing a university is described as follows:

Elecctrical & Computer 6%

Effat College of Humanities - BSc English & Translation 5%

Effat College of Business - BSc Supply Chain Management 5%

Effat College of Humanities - BSc English & Translation

- Literature 3%

• Before deciding on EU, current students planned on visiting the university’s official website, seek advice from their families and visiting the university’s campus as shown in the table below:

• According to current students, offering scholarships, the availability of preferred programs and the quality of education are the reasons behind choosing EU as shown in the table below:

Current Student

• Location, preferred subjects and reputation are the key parameters for evaluating among the universities.

• Even though the EU placement test (English & Math) are considered as moderately difficult, overall admission process at EU was seen as smooth.

• Architecture, marketing, artificial intelligence and clinical psychology are the most programs currently studied by undergraduate students, while postgraduate studies are currently studying Master of Finance and Masters of Translation and Interpreting as shown in the table below.

• As shown in the figure below, marketing is the most popular ECoB program, followed by finance and supply chain management.

• According to current students, marketing and business administration are the graduation streams of choice for higher or further education as shown below:

• After considering the overall experience as a student at EU, 6 in 10 students are satisfied with the institution. This is depicted by the table below:

• Quality of education, reputation of the university and the career opportunities are the top reasons high school students consider Effat University. When comparing results with the overall universities, availability of dorms, international affiliations and ties with foreign universities are significantly higher for Effat University as shown in the chart below:

• 2 in 10 students are highly likely to continue their higher education with EU. According to current students, law program is the top program EU could consider. Increasing the number of teaching staff is the top improvement area according to current students as depicted by the chart below:

• Internet and social media are the types of media most viewed by high school student. Instagram, Twitter and Facebook are the social media platforms accessed regularly as shown in the charts below:

n= 96

• • Top reasons behind considering Effat University by postgraduate students are having affordable fees, quality of education and the alumni network. When comparing the results with the overall universities, affordable fee, alumni network, international affiliations and the faculty’s profile are reasons that are significantly higher as shown in the table below:

• Internet and social media as well as the television are the types of media most viewed by potential postgraduates. Instagram and Twitter are the social media platforms accessed regularly as depicted in the charts below:

160 n= 159

IV. Strategic Plan Strategic Area 1: Mission, Vision, and Strategic Planning

Objective 1: Implement FIN Strategic Plan

Actions by Initiatives

Implement Annual Operational Plan

• Formulate and set the 5-year strategic plan.

• Develop and implement the annual operational plan.

• Assess and report on the achievement of the annual operational plan for all units every Fall and Spring semester.

• Provide recommendation and improve the operational plan of the following year.

Objective 2: Appraise FIN Mission Objective and Success

Evaluate

Achievement

Actions by Initiatives

Evaluate the Achievement of FIN Mission Statement

Overall achievement of Mission

Matrix

CHAIRS

• Identify the relevant KPIs that best represent the Mission components.

• Evaluate and report on the related KPIs and assess the overall achievement of the Mission.

Actions by Initiatives

Restructure FIN Units

Percentage

Initiative 2022-2027 KPIs Responsibility 2022 2023 2024 2025 2026 Restructure FIN units Percentage of operational steps completed LEAD: DEPT CHAIRS OTHERS: FACULTY Update leadership roles

Percentage

of operational steps completed LEAD: DEPT. CHAIR OTHERS: FACULTY

LEAD:

DEPT. CHAIR

• Review the current department organizational structure and number of Departmental units by benchmarking with other universities of similar size and age to recommend updates at all levels.

• Monitor the effectiveness of the organizational structure based on a set of criteria and make updates if needed.

• Conduct an interim comprehensive review of organizational changes and make updates, as necessary.

• Conduct a comprehensive review of department structure by the end of the planning period in preparation for the next 5-year strategic plan.

Update Leadership Roles

• Evaluate leadership roles and responsibilities by revising and updating the specific descriptions of these roles of leaders at different levels (Department Chairs, Directors, and Managers).

• Set specific authorities, responsibilities, and tasks for each leadership role based on the College Charter and the Ministry bylaws.

• Review the leadership succession plan regularly.

• Ensure the effective and efficient distribution of the responsibilities of academic and administrative leaders to achieve harmony among the different units.

• Monitor and evaluate the adherence of leaders to the description of their leadership roles and tasks annually and be ready to adjust the description based on work needs.

• Review the leadership roles and their tasks by the end of the third year of the strategic plan and make changes as needed.

• Conduct a comprehensive review of leadership roles by the end of 2026-2027 in preparation for the next 5-year strategic plan.

Review and Revise Reporting Lines

• Revise department reporting system and reporting lines to ensure a clear and smooth flow of information from bottom-up and top-down among academic and administrative units to achieve cooperative teamwork environment.

• Update efficient reporting templates used for producing semester reports for all academic and administrative units for Falls and Springs.

• Agree on the reporting lines and templates with all units.

• Pilot the reporting system in Fall and Spring 2022-2023 to adjust as needed for use in subsequent semesters.

• Conduct an interim review of the reporting system by the third year of the strategic plan and adjust the reporting system and reporting lines, as necessary.

• Conduct a comprehensive review of the reporting system and reporting templates in preparation for the next 5-year strategic plan.

•

• Pilot the reporting system in Fall and Spring 2022-2023 to adjust as needed for use in subsequent semesters.

• Conduct an interim review of the reporting system by the third year of the strategic plan and adjust the reporting system and reporting lines, as necessary.

• Conduct a comprehensive review of the reporting system and reporting templates in preparation for the next 5-year strategic plan.

Evaluate Leadership Performance

• Assess how far HRM Department leaders have managed to achieve their units’ annual objectives and help them set their new objectives for the subsequent year for their units as part of oversight and accountability of HRM Department governance system.

• Conduct an interim review by revising the tools for leadership assessment and make changes as needed.

• Conduct a final comprehensive review of leadership assessment tools in preparation for the following 5-year strategic plan.

Objective 2: Restructure FIN Responsibilities

Actions by Initiatives

Establish New FIN Strategic Roles & Develop Role Descriptions

• Update the strategic roles at the level of department and specify their authorities, responsibilities, and tasks taking into consideration that they have both academic and technical skills to achieve effective governance.

• Update the Governance Manual to include the updated strategic roles at the levels of department and their job descriptions/ authorities, responsibilities and tasks.

• Evaluate the Governance Manual that includes the administrative and organizational flowcharts and job authorities, responsibilities and tasks by the end of the third year of the strategic plan to make changes, as necessary.

• Conduct a comprehensive review of strategic roles at the department and their descriptions to make organizational changes by the end of the planning period in preparation for the next 5-year strategic plan.

Evaluate the performance of individuals carrying the new strategic roles:

• Evaluate individuals carrying out new strategic roles based on an agreed criteria (e.g., competence and skills) for evaluation every Spring.

• Give recommendations for improvement to the concerned individuals to improve their performance for implementation in the following year.

Objective 3: Streamline Committee Structures

Actions by Initiatives

Review and Evaluate FIN Committees

• Evaluate the efficiency of current standing committees based on a set criterion and recommend improvements and updates of their mandate, structure and/or function, as necessary.

• Monitor the initiatives and projects carried out by all committees and give a final report on their performance in Spring each year.

• Conduct a comprehensive review of the standing committees to give final assessment of their work and recommend changes for the subsequent 5-year strategic plan accordingly.

Review and Evaluate FIN Committees

• Evaluate the efficiency of current department committees based on a set criterion and recommend improvements and updates of their mandate, structure and/or function, as necessary.

• Update and implement College/Department committees based on the evaluation conducted in Fall 2022-2023.

• Monitor the initiatives and projects carried out by all department committees and give a final report on their performance in Spring each year.

• Conduct a comprehensive review of current department committees to give final assessment of their work and recommend changes for the subsequent 5-year strategic plan accordingly.

Objective 4: Attain and Maintain Program Recognition

Actions by Initiatives

Obtain and Maintain Institutional and Program National Accreditation

• Establish a schedule for all national institutional and program accreditations for the programs that have not received them and renew accreditations for the programs that have been accredited over the 5 years.

• Monitor, manage, and coordinate all national accreditations in preparation or in progress with the institution and concerned programs starting Fall 2022 and over all subsequent semesters.

• Implement an automated system that documents the required excellence level of accredited University programs.

• Conduct an interim review of the effectiveness of QA oversight processes in steering national accreditations and recommend improvements and changes, as necessary.

• Conduct a final review of the effectiveness of QA oversight of national accreditations and recommend improvements for the next 5-year strategic plan.

Obtain and Maintain Institutional and Program International Accreditation

• Review, and revise, as necessary, the current approach to international accreditation.

• Set a schedule for supporting the university in achieving international accreditation from NECHE over the 5-year planning period.

• Set a schedule for monitoring and supporting Departments and programs in maintaining/renewing currently achieved international accreditations (AACSB) over the 5-year planning period.

• Set a plan for applying for other professional accreditations for all applicable programs across all Departments.

• Conduct an interim review of the effectiveness of QA oversight processes in steering international accreditations and recommend improvements and changes, as necessary.

• Conduct a final review of the effectiveness of QA oversight of international accreditations by the end of the planning period and recommend improvements for the next 5-year strategic plan.

Attain and Maintain Subject Ranking

• Establish protocols for improving institutional and subject ranking based on monitoring and analyzing benchmarking data of the top ranked universities nationally and internationally to develop a plan to acquire the targeted institutional and subject rankings over the remaining 5-year planning period.

• Monitor institutional and subject ranking achieved annually and set plans for improvement.

• Conduct an interim review of the protocols for institutional and subject ranking and revise, as necessary.

• Conduct a final assessment of the achievements of institutional and subject rankings by the end of the planning period and provide recommendations for improvement for the next 5-year strategic plan accordingly.

Conduct Benchmarking Data Analysis Annually

• Review, and revise, as necessary, policies and procedures for benchmarking.

• Supervise data collection and analysis of benchmarking data annually.

• Make use of the benchmarking data to reinforce and streamline the KPI management process by introducing a sound KPI framework.

• Automate the KPI management process by continually raising the benchmarks every subsequent year.

• Review the action plan for benchmarking to introduce improvements as required annually.

Objective 5: Monitor the Effectiveness of the Governance System

Initiative 2022-2027

Ensure the compliance of the governing bodies, bylaws, and policies and procedures with relevant authorities (e.g., MoE)

Ensure the dissemination of circulations and decisions made by all governing bodies

Ensure that FIN members follow Effat Ethical Conduct

Actions by Initiatives

2022 2023 2024 2025 2026

KPIs

Percentage of adherence of the governing bodies, bylaws and policies and procedures to relevant authorities (e.g., MoE)

Percentage of dissemination of circulations and decisions &

Percentage of stakeholders' awareness of disseminated circulations and decisions

Percentage of violations of the code of ethical conduct (Tarbawyyat).

Responsibility

LEAD: DEPT. CHAIR

OTHERS: FACULTY

LEAD: DEPT. CHAIR

OTHERS: FACULTY

LEAD: DEPT. CHAIR

OTHERS: FACULTY

Ensure the Compliance of the Governing Bodies, Bylaws, and Policies and Procedures with Relevant Authorities (e.g., MoE)

• Review, and revise, as necessary, the governance system, bylaws and policies and procedures for ensuring their compliance with regulatory authorities.

• Monitor compliance activities with regulatory authorities based on the agreed criteria and set action for improvement as necessary every semester.

• Evaluate the effectiveness of the governing bodies 4-Conduct an interim review of the effectiveness of the governing body, bylaw, policies and procedures for ensuring compliance with regulatory authorities by the third year of the planning period and revise, as necessary.

• Conduct a final review of the effectiveness of policies and procedures for ensuring compliance with regulatory authorities over the whole planning period and revise as necessary for the next 5-year strategic planning cycle.

Ensure the Dissemination of Circulations and Decisions made by all Governing Bodies

• Review, and revise, as necessary, policies and procedures for internal and external dissemination of institutional decisions.

• Monitor dissemination of relevant information to stakeholders and set and implement actions for improvement as necessary every semester.

• Evaluate the levels of awareness by stakeholders of disseminated circulations and decisions and set improvements accordingly.

• Conduct an interim review of the effectiveness of policies and procedures for dissemination of institutional decisions and circulations and introduce improvements as needed.

• Conduct a final review of the effectiveness of policies and procedures for dissemination of institutional circulations and decisions and circulations by Spring 2027 in preparation for the next 5-year strategic planning cycle.

Ensure that FIN Members follow Effat Ethical Conductt

• Review, and revise, as necessary, protocols for monitoring ethical conduct across the institution.

• Monitor and report on the violations of ethical conduct in line with the approved protocols and take actions for improvement as necessary every semester.

• Conduct an interim review of the effectiveness of ethical protocols followed over the previous planning period and revise, as necessary.

• Conduct a final review of the effectiveness of ethical protocols over the planning period and revise, as necessary.

Risk Management

The following table indicates the key risks associated with each strategic recommended area and a corresponding mitigation plan for every risk:

Topic Risk Mitigation Plan

Enhanced Governance and Improvised Organizational Structure

Communication gap between levels in the hierarchy Regular committee meetings to align all organization personnel on the updated policies

Proposing additional responsibilities and defining objectives Adherence to NCAAA standards while using best and innovative industry practices

Develop and Maintain Professional Accreditations Stringent requirements to obtain the accreditations Task force to be established to oversee the execution of all operational steps

VI. Strategic Area 3: Teaching & Learning

Objective 1: Redevelop the Academic Portfolio

Review and reassess the current academic portfolio

Develop new academic programs

Monitor and respond to national policy on international HE regarding academic offering

Review existing, and identify new, international educational partnership opportunities (DDs, Minors)

Actions by Initiatives

Review and Reassess the Current Academic Portfolio

Percentage of Completion of the review process of all programs nominated for review

Number of new programs developed - (BSC, MS, PhD, Minors, DM, DD, Ass Degree, Diploma, Certificate)

Develop New Academic Programs

• Assess the current portfolio strengths and weaknesses, to strengthen the existing portfolio and incorporate new programs to expand the current portfolio. We recommend a framework that incorporates competitors’ strength, current students’ ratings, and sector outlook to determine if the potential course is an opportunity or not.

• Assess the current portfolio strengths and weaknesses, to strengthen the existing portfolio and incorporate new programs to expand the current portfolio. We recommend the following framework to support future planning:

Extrapolating from the leading global universities, an illustration of the framework with dummy values is provided below:

Course Competitor Strength Current Student Rating Sector Outlook SWOT outcome

Course A Average Weak Strong Opportunity

Course B Weak Strong Strong Strength

Course C Strong Average Strong Weakness

Course D Average Strong Strong Opportunity

Course E Weak Weak Strong Opportunity

• Based on the market gaps and FIN capabilities, the following decision-making academic program portfolio matrix with actionable outcomes to each scenario is recommended:

Program and institutional capabilities

LEAD: DEPT. CHAIR OTHERS: FACULTY

LEAD: DEPT. CHAIR OTHERS: FACULTY

Percentage of operational steps completed LEAD: DEPT. CHAIR OTHERS: FACULTY

Number of existing partnerships per program

Degree of fulfillment of the educational partnership agreements

Number of international DDs and Minors introduced

Attractiveness of the program market

Highly attractive

Weak Moderate Strong

• Withdraw from academic area

• Invest to address program weaknesses

• Control risks of offering program

Moderately attractive

• Reduce academic program

• Eliminate program

LEAD: DEPT. CHAIR OTHERS: FACULTY

Continue overseeing working parties at FIN levels to follow up on the Program Review schedule. Ensure all academic programs conduct regular assessment processes to continually improve the curriculum, through a feedback system for all teaching faculty.

Deploy an assessment committee that reviews the reports periodically and provides feedback to the respective departments to re-assess the existing academic programs.

Benchmark the academic programs with the leading national and international universities to review and assess the programs.

Unattractive

• Cut costs and investments

• There exists an opportunity for more enrolments in the MSF program.

• Build selectively on program strengths

• Invest to build on strengths

• Protect program

• Invest in select programs and select market segments

• Concentrate on few markets segments

• Minimize investments Reduce weak program areas

• Program feasibility studies to be conducted for four to five programs per academic year.

Monitor and Respond to National Policy on International HE Regarding Academic Offering

• Monitor developments of national policies on internationalization in higher education.

• Monitor internationalization activities in other Saudi higher education institutions.

• Monitor international higher education institutions’ activities in the Kingdom.

• Develop response policies and activities considering changing environment.

Review Existing, and Identify New, International Educational Partnership Opportunities (DDs, Minors)

• Review current partners

• Evaluate effectiveness

• Recommend renewing contract or identifying new partners

• Develop and offer joint programs with international partner

• Invest to grow academic program

• Maintain program strengths

• Invest in select market segments

• Invest in academic programs in niche areas

• Concentrate on a few viable market segments

• Focus on redirecting strengths

Objective 2: Establish E-Learning Provision

Initiative 2022-2027

Review and revise e-learning facilities and resources

Develop and operate e-learning strategy

Actions by Initiatives

KPIs Responsibility 2022 2023 2024 2025 2026

Percentage of operational steps completed LEAD: DEPT. CHAIR OTHERS: FACULTY

Percentage of operational steps completed LEAD: DEPT. CHAIR OTHERS: FACULTY

Review and Revise e-learning Facilities and Resources

• Continue activities, finalize proposals and submit to Teaching and Learning Committee for approval.

• Invest in an adequate e-learning platform.

• Review the adequacy of the e-learning facilities and resources through satisfaction rate of the stakeholders (Faculty, students).

Develop and Operate e-learning Strategy

• Develop e-learning programs per college

• Offer the programs as per the approved schedule

• Assess the successful implementation of the offered e-learning programs by assessing:

a. Number of students registered compared to the projection,

b. Satisfaction rates of Faculty

c. Satisfaction rate of students

Objective 3: Develop and Extend Novel Pedagogies

Initiative

Increase integration of project-based learning

Strengthen Research/Teaching nexus in educational delivery

Review, revise and extend cocurricular education and the Effat Ambassador Program

Actions by Initiatives

KPIs Responsibility 2022 2023 2024 2025 2026

Proportion of courses involving project-based learning

Proportion of courses embedding the research/teaching nexus leading to publication (With Research Publication)

Percentage of operational steps completed

Strengthen Research/Teaching Nexus in Educational Delivery

• Foster the concept of learning beyond classrooms using technology to gain a deeper understanding of complex ideas and ability to work in global teams to generate new ideas and theories.

• Lead the students to publish their work in journal/conferences.

Review, Revise and Extend Co-curricular Education and the Effat Ambassador Program

• Deploy teaching metacognitive skills, that will help the students to plan, monitor and evaluate one’s own understanding and performance, thereby allowing them to reflect on their own critical awareness about how they think and learn, enhancing their personality.

• Conduct Focus group to revise the co- and extracurricular activities.

• Update the co- extra-curricular activities.

• Implement the programs.

• Assess the successful implementation of the program through EGC achievement and students’ satisfaction of the EAP.

Objective 4: Embed Employability in Teaching and Learning

Integrate service learning within all programs

Percentage of programs that integrate service learning

1- Number of programs aligned (NQF, KSA Job Classification)

2- Percentage of students acquiring Professional and training Certificates

3- Students’ performance in professional and/or national examinations *** (SR 1.1.1) (KPI-P-06)

Align PLOs with market needs

DEPT. CHAIR

FACULTY

DEPT. CHAIR

FACULTY

DEPT. CHAIR

FACULTY

Increase Integration of Project-based Learning

• Emphasize project and problem-based learning, helping students learn by constructing solutions to real-life problems through three main characteristics that are central to the twenty-first century pedagogy:

a. Problem statements are tied to curriculum and learning goals of the university.

b. Focus on the central concepts or principles of topics.

c. Projects are based on real-world problems and are presented in the form of case studies.

Deploy professional experts in teaching

Provide on-campus and off- campus field experiences

Integrate state-of-the art technology within all programs

4- Graduate employability and enrolment in post graduate programs ** (KPI-I-05)(KPI_P-07) (KPI-PG-07) - (Annually) NationalInternational and within 6 months)”

5- Employer evaluation of the institution graduate proficiency ** (KPI-I-08)(KPI-P-09)(KPI-PG-08)

Proportion of courses professional experts deployed for teaching

Proportion of programs with on-campus and off-campus field experience

Percentage of programs that utilize state-of-the-art technology

DEPT. CHAIR

FACULTY

LEAD: DEPT. CHAIR

OTHERS: FACULTY

LEAD: DEPT. CHAIR

OTHERS: FACULTY

LEAD: DEPT. CHAIR

OTHERS: FACULTY

LEAD: DEPT. CHAIR

OTHERS: FACULTY

Actions by Initiatives

Integrate Service Learning within all Programs

• Identify the courses that can be conducted with Service-Learning component.

• Discuss at the beginning of the semester the projects and companies to collaborate with.

• Plan for the workshop with the company to launch the project.

• Present the outcomes.

• Assess the successful implementation through companies and students’ satisfactions..

Align PLOs with Market Needs

• Establish and activate FIN Committee on Academic Portfolio (CAP).

• Continue Overseeing working parties at college and departmental levels to follow up on the Program Review schedule.

• Finalize new proposals to Curriculum Committee for approval if any.

Deploy Professional Experts in Teaching

• Conduct workshops regularly within the FIN by inviting professional experts such as language experts, soft skill experts, etc. to prepare the students for their career ahead.

Provide on-campus and off- campus Field Experiences

• Integrate employability skills into the course to foster skills such as team effort, time management, project management, ethics and moral dilemmas, code of conducts, communication skills, etc. to prepare the students to face real-world corporate and entrepreneur challenges.

Integrate State-of-the art Technology within all Programs

• Learning activities must be designed on relevant and real-world incidents using appropriate technologies

Objective 5: Ensure Academic Excellence

Average number of students in the class (KPI-P-08)

Students’ evaluation of quality of learning experience in the programs (PES) ** (KPI-I-03; KPI-P-02; KPI-PG-02)

Evaluation of Faculty members to the learning Environment (FSS) *** SR 1.2.3

Grade distribution (% [A+, A] and % [D+, D, F] is less than 20%).

GPA distribution (>= 2) of the graduates and continuing students

% of students progressed out of the risk status at all levels (UG & G).

Monitor academic excellence

First-year students retention rate (Undergraduate) ** (KPI-I-04; KPI-P-05)

Average time for students graduation (in semesters) (KPIPG-05) (post graduate)

Completion of Graduation rate for Undergraduate/graduate Students in the specified period ** (KPI-I-06 & KPI-P-04; KPI-PG-06)

Students’ evaluation of the quality of the courses on five-point scale. (+Participation rate). ** (KPI-P-03 & KPI-PG-03)

Achievement of Program learning outcomes

Students Evaluation of Quality of Scientific Supervision (KPI-PG-4)

Rate of Students Dropping out of Program (KPI-PG-6)

LEAD: DEPT. CHAIR

OTHERS: FACULTY

Attain the Effat Graduate Characteristics

Attain the English Level proficiency

Actions by Initiatives

Monitor Academic Excellence

% of students achieving the four Effat Graduate Characteristics annually

% of attainment of requested English level by Finance Department students

• Closely monitor every student’s scores obtained in their respective programs.

LEAD: DEPT. CHAIR

OTHERS: FACULTY

LEAD: DEPT. CHAIR

OTHERS: FACULTY

• Actions must be taken after every trimester to ensure performance improvement every subsequent trimester.

• Post monitoring, we recommend the following framework to improve the academic performance of every student:

• Define student success as: timely degree completion, uninterrupted retentions, minimum cumulative GPA requirements, etc.

• Build a predictive model to arrive at a predicted success score for each student using: pre-enrollment data (income, demographic, high-school score, etc.) and post-enrollment data (class scores, attendance, etc.)

• Based on the success score, segment the students into predicted success groups: Above-average, average and below average.

• Devise strategic nudges to intervene and provide the necessary resources needed each segment.

Attain the Effat Graduate Characteristics

• Review and monitor the progress of students and provide aid to assist the attainment goals.

Attain the English Level proficiency:

• Conduct regular workshops to empower students’ English proficiency and encourage obtaining professional language certifications.

Objective 6: Revise Learning Resources

Actions by Initiatives

Review and Improve Learning Resources

LEAD:

• Improvisation to the learning resources (textbooks, videos, relevant reading material, etc.) should be done every academic year by taking the collective feedback of both the students and the faculty.

• Constantly expand the learning resources used in the Effat library to broaden the learning gamut.

Risk Management

• The following table indicates the key risks associated with each strategic recommended area and a corresponding mitigation plan for every risk:

Topic Risk Mitigation Plan

Market data are challenging to acquire

Reputation of the newly launched program in the region

VII. Strategic Area 4: Students

Objective 1: Improve Student Involvement

Initiative

Revise student clubs and activities

2022-2027

KPIs Responsibility 2022 2023 2024 2025 2026

• # of clubs and students associations per year fulfilling IQRA value

• # of sport activities fulfilling IQRA value in which FIN students participated

• # Community service hours completed per student (volunteering) fulfilling IQRA value

• % of students participating in activities fulfilling IQRA value out of the total of FIN students body

LLEAD: DEAN SA

OTHERS: STUDENTS

COUNCIL/DEPT. CHAIR

Reinforcing the academic portfolio

Shortage of faculty with expertise in the newly launched program

Conduct a thorough research project to procure data for the analysis

Effective marketing to convey the prospects (employer demand) of the newly launched program

Hire additional staff with prior experience in the newly launched program, along with newly graduated talent, as an assistant

Legal and political risk. Legal formalities to be navigated by a firm specializing in education and the mission and vision of the program to be launched should be aligned well with the college faculty

Additional time effort and increased workload for the faculty

Set realistic timeline expectations for the faculty with appropriate boundaries

Technical glitches Setting contingency plans for the faculty

Lack of necessary hardware or skill exhibited by the students

Enhance student role in governance

Actions by Initiatives

Revise Student Clubs and Activities

• % of identified FIN governing bodies with student involvement

• Satisfaction rate of students’ activities

LEAD: DEAN SA

OTHERS: STUDENTS COUNCIL/DEPT. CHAIR

• Broaden the range of clubs and students’ organizations to help students build unique set of skills

• Support sports activities by conducting intercollegiate, intermural and community sporting events.

• Contribute to the community with activities geared towards civic engagement (volunteering in charity organization, environmental projects, socio-cultural activities, etc.).

Enhance Student Role in Governance

• Enhance the FIN culture by supporting students’ participation in university governance (councils, committees).

• Improve students’ governance (students shura, student government) by aligning it with students’ interests and needs.

Objective 2: Improve Student Experience

E-learning provision

Financial challenges

Resistance towards e-learning by the internal faculty

The e-learning platform should be designed after carefully considering the students’ limitations to provide equal opportunities to all students

Usage of grants and endowments to facilitate the e-learning environment

Align the college faculty with the benefits of e-learning and hire staff that is skilled in e-learning if the existing faculty chooses to opt out of it

Improve quality of student’s experience

Improve student services

% of students satisfied with automated processes.

% of students satisfied with the quality of co-curricular and extracurricular programs and activities

KPI-I-10 Students’ satisfaction with the offered services

LEAD: DEAN SA

OTHERS: STUDENTS COUNCIL/DEPT. CHAIR

LEAD: DEAN SA

OTHERS: DEANS / DEAN QA DEPT. CHAIR

STUDENT COUNCIL

LEAD: DEAN SA

Enhanced Learning Experience and Skill Set Development

Students’ resistance towards new pedagogies

Faculty with lack of knowledge or skills to execute newer pedagogies

Communicate the benefits of the new pedagogies to the students and make the whole process likable to the students by executing them in the form of a game or in a fun way encouraging more participation

Workshops by professionals to educate and align the color faculty to carry out the functions smoothly and appropriately

Encourage students to become future entrepreneurs

# of student activities geared towards entrepreneurship

# of partnerships established # of start-ups

OTHERS: DEAN QA/ DEAN/DEPT. CHAIR

LEAD: DEAN SA

OTHERS: DEPT. CHAIR

Actions by Initiatives

• Automate Finance Department Students’ Related Processes

• Identify processes that need to be automated in collabration with DSA/DAR or initated by FIN

• Measure the satisfaction of students.

• Improve the automated processes as needed..

Improve Quality of Student’s Experience

• Review and recommend updating co-curricular and extracurricular programs and activities serving FIN (Student Success Programs)

• Revise the Academic incentives for co-curricular and extracurricular programs and activities.

Improve Student Services

• Promote and support learning activities beyond the classroom (such as field trips, site visits, hosting guest speakers, workshops, students’ seminars, etc.).

• Enhance academic services (admission, registration, advising, orientation, grievances and appeals, graduate audit, scholarship, graduation ceremony).

• Improve campus wide services (food services, technology, printing services, housekeeping services, etc.).

• Planning, designing, and implementing Campus Life student counseling and wellbeing services..

Encourage Students to Become Future Entrepreneurs

• Cultivate entrepreneurship culture within the FIN by focusing on the activities geared towards entrepreneurship.

• Create opportunities for students to participate in social entrepreneurship contests.

• Develop partnerships with community entities that could support or finance FIN students’ start-ups.

Objective 3: Develop International Student Mobility Initiative 2022-2027

Establish opportunities for outgoing student mobility

Establish opportunities for incoming student mobility

Establish virtual mobility experiences within programs

International Student Ratio

Actions by Initiatives

Establish Opportunities for Outgoing Student Mobility

• Promote student mobility program, select and send the best eligible undergraduate and graduate students to the partner.

Establish Opportunities for Incoming Student Mobility

• Plan and implement recruitment campaign for attracting international and visiting students.

• Update and maintain a well-informed website devoted to international students.

• Build and maintain strong relations with international entities (cultural attaché, Islamic centers, international schools, international universities,.

Establish Virtual Mobility Experiences within Programs

• Plan and implement recruitment campaign for attracting international and visiting students.

• Provide attractive scholarship/sponsorship programs and support services.

• Plan and implement recruitment campaign for attracting international and visiting students.

• Update and maintain a well-informed website devoted to international students.

• Build and maintain strong relations with international entities (cultural attaché, Islamic centers, international schools, international universities, ...).

• Provide attractive scholarship/sponsorship programs and support services.

• Plan and implement recruitment campaign for attracting international and visiting students.

• Update and maintain a well-informed website devoted to international students.

• Build and maintain strong relations with international entities (cultural attaché, Islamic centers, international schools, international universities, ...).

Objective 4: Increase Student Population

KPIs Responsibility 2022 2023 2024 2025 2026

% of graduate and undergraduate students enrolled at educational institution abroad for at least six weeks in the academic year

% of international incoming students to FIN

# of virtual mobility opportunities and programs established

Proportion of international undergraduate and postgraduate FIN students who spent at least three months in the institution during the academic year

LEAD: DEAN SA

OTHERS: PROVOST/ DEANS/DEPT. CHAIR

LEAD: DEAN SA

OTHERS: PROVOST/ DEANS/DEPT. CHAIR

LEAD: DEAN T&L

OTHERS: DEANS/DEPT. CHAIR

LEAD: DEAN SA

OTHERS: DEANS / DEPT. CHAIR

Achieve sustainability through recruitment and retention of diverse body of students

KPIs Responsibility 2022 2023 2024 2025 2026

% of FIN students’ population out of the projected number in the strategic plan

Actions by Initiatives

Achieve Sustainability through Recruitment and Retention of Diverse Body of Students

LEAD: DEAN SA

OTHERS: DEANS/DEPT. CHAIR

• Launch and closely monitor a student journey management initiative, where strong recruitment and retention plans cover the entire students’, journeys based on the following different levels:

a. Enrolments – Conduct effective marketing activities on relevant students target groups, attractive online and offline recruitment processes and on-campus school recruitments from leading schools with great pass-out, to ensure enrolling good quality students. Special attention should be giving to male recruitment

b.Onboarding – Simplify the onboarding processes through efficient digital tools, bringing services directly to the students.

c. Student Life – Employ a Customer Relationship Management to track and monitor a student’s touchpoints throughout the journey.

d.Alumni Engagement – Engage alumni in building marketing capabilities and contributing to the university through donations or other non-revenue generating activities.

Objective 5: Improve Alumni Relations

Initiative

Graduates with entrepreneurial businesses

Improve alumni communications and data management

Develop focused portfolio of alumni activities

Establish alumni mentorship program

Improve alumni performance

2022-2027

2022 2023 2024 2025 2026

KPIs Responsibility

% of entrepreneurial businesses of undergraduate alumni within (12/24) months of graduation

% of completion of FIN alumni database

Number of alumni activities developed

% of alumni participation in mentorship programs

% of alumni participation in offered training programs

Actions by Initiatives

Graduates with Entrepreneurial Businesses

• Cultivate entrepreneurship culture within the FIN by focusing on the following:

a. Case studies of real-world corporate stories and operational hiccups faced by them

b.Create opportunities for students to participate in social entrepreneurship contests

c. Invite business executives to deliver lectures

d.Provide consulting services to non-profit organizations (for final year students)

• Follow closely with clubs and activities that encourage entrepreneurial activities.

LEAD: DEAN SA

OTHERS: DEAN / DEPT. CHAIR

LEAD: DEAN SA

OTHERS: DEAN / DEPT. CHAIR

LEAD: DEAN SA

OTHERS: DEAN / DEPT. CHAIR

LEAD: DEAN SA

OTHERS: DEAN / DEPT. CHAIR

LEAD: DEAN SA

OTHERS: DEANS/DEPT. CHAIRS

Risk Management

The following table indicates the key risks associated with each strategic recommended area and a corresponding mitigation plan for every risk:

Topic Risk Mitigation Plan

Financial restraints

Improve Students’ Involvement in Activities & Governance & Experience

Smart allocation of funds and collecting extra fees from the students participating to reduce the burden of additional funds required

Improve Student Population and Experience

Organizational constraints (lack of time and resource)

Lack of internal capabilities

Long term commitment

Financial consideration for the student

Hiring additional resources to balance the workload and focus on student clubs and activities

Hire external agencies and organizations that are proficient, to deploy a few of these initiatives

Deploying systems such as CRM and capturing sufficient data should be considered a long-term goal

Form strong relationships with the partner universities, such that the host college provides a tuition waiver and free accommodation to visiting students and provide the same to the visiting students

Student Mobility

Cultural differences between the host and home institution

The international office should provide psychological counselling for those students who are in culture shock or in some kind of difficulty

Language-barrier Emphasis on English learning courses

Pleasantries exchanged are usually one-way Communication to be designed in an interactive way

• Follow graduates with entrepreneurial business and invite them as motivational speakers and for workshops, etc.

Improve Alumni Communications and Data Management

• Obtain the information while they are still students in FIN.

• Build unbreakable alumni relations, promote their brand, and earn goodwill for the Department.

• Update the alumni database with all possible alumni information every semester.

Develop Focused Portfolio of Alumni Activities

• Organize focused portfolio of alumni activities and events in collaboration with the alumni association representative through:

a. Engaged and rich discussions with alumni from different ages, locations, and professional backgrounds

b.Social media activities

c. Personalized messages to establish a strong personal communication

d.Alumni annual gathering

e. Other focused activities

Establish Alumni Mentorship Program

• Provide mentorship opportunities for alumni by current FIN faculty.

• Invite alumni to mentor current students through individual or group activities.

• Invite alumni regularly to the university campus to meet with the current students through seminars, speeches, etc.

Improve Alumni Performance

• Assess the needs of the alumni for professional development opportunities.

• Offer training programs, workshops, seminars, to improve the performance of the alumni.

Alumni Engagements

Alumni relations solely based on financial contribution

Alumni contribution can be in other forms too such as helping in bringing in employers, mentoring students, etc. Efforts should be focused on these if financial contribution is not likely

Communication might be impersonal Customized and more personalized communication to build an emotional connect.

VIII. Strategic Area 5: Faculty & Staff

Objective 1: Maintain the Staffing Profile that Complies with Governing Body Requirements

Initiative 2022-2027

2022 2023 2024 2025 2026

Actions by Initiatives

Rebalance Faculty Workload

• Encourage the faculty to participate in different research and professional activities by receiving research support (reduction of teaching load, incentives, facilities, leaves).

Enhance the staffing profile to meet and maintain the requirements of governing bodies

Actions by Initiatives

KPIs Responsibility

% of achieve institutional Saudization body

% of females vs males (KPI-P-12)

Proportion of faculty members with doctoral qualifications (KPI-I-12)

% of Part-timers vs. Full-timers

% of achieved ranks (Full ProfessorAssociate Professor – Assistant Professor) (KPI-P-12, KPI-PG-11)

% of achieved recruiting needs

Enhance the Staffing Profile to Meet and Maintain the Requirements of Governing Bodies

LEAD: DEPT. CHAIR

OTHERS: DEAN MHR

• Balance faculty workload between teaching and research for research-intensive faculty.

Foster Equity Diversity and Inclusion Strategy

• Provide an effective orientation program.

• Make the University bylaws & faculty and staff handbooks available for all employees.

• Maintain a healthy work environment.

• Enhance the climate of the Finance Department by engaging faculty & staff.

• Give employees multiple ways to provide feedback.

• Apply fair and transparent promotion procedures for all employees.

Objective 3: Extend Faculty Development Program

Initiative 2022-2027

KPIs Responsibility 2022 2023 2024 2025 2026

• Attract and recruit a qualified Saudis faculty and staff to fulfill the Saudization requirement by governing bodies.

• Promote talent Saudis within the FIN by offering incentives to pursue their path

• Send Saudi students abroad for higher studies to prestigious universities around the world under the scholarship program.

• Identify the needed teaching staff profile.

• Implement the recruitment process.

Objective 2: Improve Faculty Experience

Rebalance faculty workload

Foster equity diversity and inclusion strategy

Ratio of students to teaching staff (KPI-I-11, KPI-P-11, KPI-PG-10)

Proportion of faculty with reduced teaching load

Faculty satisfaction with work environment

Proportion of teaching staff leaving the institution (KPI-I-13, KPI-P-13, KPI-PG-12)

International teaching staff Ratio

LEAD: DEPT. CHAIR

OTHERS: DEAN MHR

Provide professional development support for novel pedagogies

Proportion of professional development opportunities provided to support for novel pedagogies out of the total

Faculty satisfaction with professional development opportunities provided to support novel pedagogies

LEAD: DEPT. CHAIR

OTHERS: PROVOST/ DEAN MHR

Provide professional development support for research

Actions by Initiatives

LEAD: DEPT. CHAIR

OTHERS: DEAN MHR

Proportion of professional development opportunities provided to support research out of the total

Faculty satisfaction with professional development opportunities provided to support research

Provide Professional Development Support for Novel Pedagogies

• Collect the annual needs for faculty professional development.

• Prepare an annual plan for professional development, which is implemented in three phases

a. Educational Development

b Personal Development

c. Organizational Development

• Implement the PD plan.

• Assess the plan through the faculty satisfaction rate.

• Encourage faculty to have memberships of professional societies aligned to their respective programs.

• Recognize outstanding teaching.

Provide Professional Development Support for Research

• Develop and implement an annual plan for professional development to support research activity.

• Conduct training and workshops to enhance the faculty research skills.

• Increase the involvement of Professors in research to increase the research and innovation output.

LEAD: DEPT. CHAIR

OTHERS: PROVOST/ DEAN MHR

Objective 4: Maintain Appropriate Mechanism to Recruit and Retain Competent Support Staff in all Occupational Category

Initiative 2022-2027

2022 2023 2024 2025 2026

KPIs Responsibility

Ratio of students to support staff in all occupational category

• Based on the category of the stakeholder, develop a tailor-made communication strategy plan using one or more of the following communication channels:

Push – Where information is pushed to the stakeholder either manually in the form of emails, memos, written agreement or automatically, through a work management software, where email notifications are sent every time a project action has been performed.

Develop and implement desired support staff profile plan

Actions by Initiatives

Develop and Implement Desired Support Staff Profile Plan

• Attract and recruit the finest staff.

Proportion of support staff in all occupational category leaving the institution

Proportion of staff receiving professional development opportunities per year

Staff satisfaction with professional development opportunities provided

LEAD: DEPT. CHAIR

OTHERS: PROVOST / MHR

Pull – Consists of information and resources like project management plan, resource load charts, and other reports stored in a central repository for stakeholders’ perusal.

Interactive – These include face-to-face meeting, training sessions, telephonic meetings, video calls and any other mode of communication involving direct human touch.

• Devise a communication plan based on the identification and segmentation of stakeholders to establish clear goals and action points. A sample table to illustrate the recommended framework is mentioned below:

• Apply retention strategies, aimed at retaining qualified employees.

• Ensure at least 12% of HRM department staff are being professionally developed.

Stakeholders’ Management

The development of a robust Stakeholder Management Plan (SMP) is critical to achieving project’s objectives in more streamlined and effective way. According to the industry best practices, the SMP can be bifurcated into four phases:

• Phase 1: Stakeholder Identification - Identify the stakeholders and bifurcate them into:

Note: There might be an overlap for some people

• Phase 2: Stakeholder Analysis - Each stakeholder must be analyzed based on their influence, motivation/interest, success, etc. to develop a tailored plan to keep the stakeholders happy and committed to university’s vision. We recommend the following framework for the analysis:

Meeting Internal Weekly (Ad-hoc as per requirement) President

Government Entity Organization 1 Keep Satisfied Face-to-Face Meeting

External As per protocol Dean

• Phase 3: Execution of the Plan - Assign a committee headed directly by and under the supreme control of the university president responsible for the execution of the SMP..

• Phase 4: Monitoring and Improvisation - SMP cannot be static; it must be dynamic and amended and updated as and when required throughout a project (continuously improved). Disaffected people within stakeholder groups must be identified throughout the process and managed accordingly.

To achieve the best results through the implementation of above-mentioned framework, we recommend the following to FIN:

• Assign a team of 3-4 members to a committee that is responsible for the development, monitoring and implementation of the SMP.

• One member will be responsible for the mode of meetings to be conducted with the stakeholders (face-to-face, telephonic, etc.). This member will segregate the stakeholders according to their seniority and position with the university to further decide on the mode of engagement.

• Build impersonal relationship with the stakeholders at various levels through constant interaction and engagement.

• Seek their opinion and views of the stakeholders regarding various issues and activities.

• Create a feedback system where the stakeholders are empowered to share their thoughts on sensitive matters without any apprehension.

• One member within the team will be responsible for the communication channel strategy, to choose the best mode of communication depending on the type (internal or external) of stakeholder and their importance to the university.

• One IT and process related member will be responsible for all the data to be stored and analyzed later. This process must be streamlined and eventually the same member will develop reports on a monthly basis to continually leverage stakeholders’ position with the university.

Risk Management

The following table indicates the key risks associated with each strategic recommended area and a corresponding mitigation plan for every risk:

Topic Risk Mitigation Plan

Recruitment Criteria

Lack of talent or stringent recruitment criteria in the national market Nurture talent from within as a part of a fast-track initiative

Training workshops should be conducted, and lecturers should be utilized as a resource under the professors

Management Initiatives Increasing research output with limited resource

Objective 2: Improve HRM Department Services (IT & Facilities and Equipment)

Enhance/upgrade the technological solutions to support academic and administrative operations

KPI-I-15 Average of beneficiaries’ satisfaction rate with technical services...) on a five-point scale in an annual survey in terms of:

a. Suitability.

b. Safety and confidentiality.

LEAD: DEPT. CHAIR

OTHERS: DEAN/DQA/ MIETS

Vision Saudization Finding and recruiting local talent

Lecturers will gain more exposure to research while contributing to more research output Assistant professors can contribute more to the research while passing on some of the administrative responsibilities to lecturers and admin staff

Incumbents should be promoted from within the FIN

Incentives in the form of scholarships, fast track-growth, exposure in the form of faculty exchange programs, etc.

Optimize the use of facilities and equipment to achieve safe, healthy, and sustainable campus

c. Availability and ease of access.

d. Maintenance and support services.

% of fulfillment of facilities and equipment of the needs for the department

Average of beneficiaries’ satisfaction rate with facilities and equipment services on a five-point scale in an annual survey in terms of:

a. cleaning services

LEAD: DEAN QA – SES & PES

OTHERS: DEAN/DEPT. CHAIRS

Faculty Development Program (FDP)

Building an internal development center

Knowledge Development

IX. Strategic Area 6:

Resources

Objective 1: Maintain Financial Stability

Implement Financial plan reflecting FIN strategy

Diversify income streams

Actions by Initiatives

Implement Financial Plan Reflecting HRM Strategy

Workload amongst the internal faculty needs to be redistributed in order to make time for the inception of an FDC

Introduction of professional courses or workshops to define and align the goals in professional development

Institutional

b. Safety and healthy campus

c. access for disabled

d. Maintenance and support services

Actions by Initiatives

Enhance/Upgrade the Technological Solutions to Support Academic and Administrative Operations

• Improve the quality and equipment of the lecture rooms and computer labs to ensure high quality of teaching and facilitate the interaction with students.

Optimize the Use of Facilities and Equipment to Achieve Safe, Healthy, and Sustainable Campus

• Revise and update Master Campus Plan to ensure its alliance with FIN needs (including vacant land parcels) and to maintain compliance with Ministry of Education Bylaws.

• Annually review campus building and facilities to meet the emerging needs of academic and administrative units.

Deviation percentage (positive or negative) of expenditure and income from the budget (measured monthly, quarterly, per semester and annually)

Percentage of self- income of the institution to total income (KPI-I-14)

% of achievement for each source of income to budget

LEAD: DEPT. CHAIR

OTHERS: DEAN/MF

LEAD: MF

OTHERS: DEAN/DEPT. CHAIR

• Establish a smart campus deployment plan to maintain best practices in a sustainable and healthy campus infrastructure.

• Upgrade current campus facilities with the emerging needs of students.

Risk Management

The following table indicates the key risks associated with each strategic recommended area and a corresponding mitigation plan for every risk:

Topic Risk Mitigation Plan

Untenable financial demands for new technology commitments

Prioritization and smart allocation of funds based on more lucrative opportunities

• Maintain the financial planning and management control system, with capabilities to perform budgetary and forecasting processes, financial delegations and risk management.

Diversify Income Stream

• Develop, implement, and evaluate Revenue diversification strategy.

Improve Institutional Infrastructure

Strong faculty and staff resistance to new solutions related to buildings and grounds on philosophical or other grounds

Long-term benefits to the ECoB should be clearly communicated before taking capital decisions

X. Strategic Area 7: Research & Innovation

Objective 1: Develop Diversified Research Impact in Areas of National and International Priority Initiative

Number of national, and international research partners

Percentage of national and international partnered research/total research output

Monitor and Respond to National Policy on International HE Regarding Research

• Scan, on a yearly basis, the possible updates of research by checking the governmental research related institutions (i.e., KACST, RDO, SAIP).

• Design a timeline to review research related policies, and update if needed.

Objective 2: Consolidate Research Achievements

Increase proportion of active researchers

KPI-I-16 Percentage of publications of faculty members

LEAD: DEPT. CHAIR

OTHERS: DEAN/DGSR

Identify and establish focused research relationships with national and international partners

KPI-I-21 Proportion of external funding for research to the total College research budget

The degree of international diversity in terms of partnered international research network is as: Formula = (Number of partners -1)/ln (number of collaborated research output)

Percentage of collaborative research to the total research output

LEAD: DEPT.CHAIR OTHERS: FACULTY

Extend integration of graduate students and programs in published research

Increase researcher productivity

Proportion of graduate students with a) at least one refereed publication during their study) presented paper in a conference to the total number of students in the PG program during the year. (KPI-PG-18)

KPI-I-17 Rate of published research per faculty member

LEAD: DEPT. CHAIR

OTHERS: DEAN/DGSR

LEAD: DEPT. CHAIR

OTHERS: DEAN/DGSR

Monitor and respond to national policy on international HE regarding research

Actions by Initiatives

Percentage of operational steps completed LEAD: DEPT.CHAIR OTHERS: FACULTY

Identify and Establish Focused Research Relationships with National and International Partners

• Review policies and procedures related to research for faculty participation in national and international seminars and workshops.

• Promote research collaboration by enhancing FIN visibility through national media communication.

• Scan, identify and collaborate with possible opportunities for national, regional and international research partners.

• Evaluate the effectiveness of the research partnership and set the new goals for next cycle.

• Prioritize fund-raising efforts through collaborative research proposals targeting national and international funding organizations and businesses.

• Develop capabilities to raise funds (5% from the total research budget not less than 500 K SAR) through external sources by targeting national and international funding organizations.

• Support Faculty in identifying external sources of funding to supplement funding from the University, thus ensuring their financial autonomy.

• Assisting faculty with the process of writing proposals for funding by, among other things, organizing proposal writing workshops, marketing the capabilities of Finance Department Researchers among the funding agencies, and incentivize Finance Department Researchers for networking.

• Delegate responsibilities to the most credible names within the research faculty to write proposals for funding.

• Identify Finance Department research clusters and link them to the activated research partnerships nationally, and internationally.

Improve research impact

Actions by Initiatives

Increase Proportion of Active Researchers

KPI-I-18 Citation’s rate in referred journals per faculty member Number of Scopus/ISI publications over the 5 years.

Number of Scopus publications per year

KPI-I-19 Number of patents, innovations, and awards of excellence per year

LEAD: DEPT. CHAIR

OTHERS: DEAN/DGSR

• Foster the recruitment of leading national and international scholars, leading in their respective fields of research (postdoctorates, scholars on sabbatical, retired scholars as they can contribute through their experience).

• Offer adequate compensation or incentives for the active researcher, based on the research projection.

• Conduct regular workshops and meetings to promote collaborations between EU faculty with active researchers.

Extend Integration of Graduate Students and Programs in Published Research

• Promote the process of involving PG students in research publication by co-authoring with their faculty.

Increase Researcher Productivity

• Focus further in the faculty recruitment on candidates with a proven track record in research.

• Aid new researchers and early careers in the process of publications and grant proposal writing.

• Provide adequate internal seed funding (Internal Financial Support) to increase the research productivity of active scholars.

• Allow teaching release time for very active researcher whenever possible to spend the needed time on research production.

Improve Research Impact

• Improve the quality of the research production published in national and international journals and books and impact through:

• Improve the quality of the research production published in national and international journals and books and impact through:

Raise awareness for internal cross citations.

Facilitate the university support for open access publications to increase the opportunity of citations.

Index ECoB Journal to help in increasing the number of indexing citations.

Empower faculty to publish with top 2% (highly cited) scholars.

Spread the research advancements made by Finance Department researchers through effective PR communication, both internally and externally.

Establish a regular newsletter to highlight and celebrate the achievements of Finance Department researchers.

Create awareness of Finance Department research activities on EU website and blogs as a gesture of promoting research culture both within and outside the university.

Instill and grow a strong research culture amongst all departments to bolster research output through support and motivation to the researchers.

• Encourage Effat University Faculty & Students to produce quality research by providing variety of venues (Indexing Effat Journals/Proceedings, incentive systems, Editing Office Services).

• Maximize the opportunities for faculty to collaborate with highly cited researchers.

• Develop capabilities to increase the production of IPs, patents, and innovations through the establishment of an intellectual property office in the university.

• Support Finance Department faculty, students & researchers to obtain external research awards across various fields and categories.

Objective 3: Promote the Research Environment

Actions by Initiatives

Establish Endowed/Named Research Chairs

• Identify research strengths and opportunities of the Finance Department and develop plans for scientific chairs.

• Scan, identify and collaborate with governmental and/or institutional bodies for the selected research areas.

• Address potential donors/ sponsors for research chairs.

• Manage the chairs and evaluate their effectiveness..

Utilize Existing Research Labs /Units /Centers

• Enhance the research environment and infrastructure to increase the research productivity through effective use of state-ofthe-art research laboratories, research centers, online databases and resources such as Scopus, Thompson Reuters Web of Science, and software for both qualitative and quantitative research.

• Evaluate the satisfaction of the users of research facilities and equipment.

Risk Management

The following table indicates the key risks associated with each strategic recommended area and a corresponding mitigation plan for every risk:

Increase credibility of FIN research

Research collaborations

Research Output & Alignment to National Objectives

Competitive space to get grants and funding from external sources

Financial constraint, lack of resource and skill

Enhanced communication and marketing to get FIN out there in the public space thereby enhancing visibility

Focus on high ROI through spends to hire more resource

Conduct training workshops to develop skill Focus on winning grants and getting funded

XI. Strategic Area 8: Community Engagement

Objective 1: Institutionalize Community Engagement Governance

Establish coordinated approach to community engagement (Partnership and Agreement)

Increase memberships with wellknown organizations

Promote consultancy services

Actions by Initiatives

Number of partnerships and agreements per year

Number of active memberships per year

DEPT. CHAIR

OTHERS: DEAN/DGSR

OTHERS: DEAN/DGSR

Number of consultancy opportunities offered per year LEAD: DEPT. CHAIR

Establish coordinated approach to community engagement (Partnership and Agreement)

• Develop, review and implement policies for community engagement relations.

OTHERS: DEAN/DGSR

• Nurture and continue community engagement activities both locally and internationally through constant communication with organizations in the community, showcasing the mutual benefits that can be achieved by partnering.

• Develop relationships with the community leaders by inviting them to the FIN for their expertise and problem-solving abilities.

• Focus on developing agreements and partnerships with key government, economic and service sectors, to support the sustainability of environmental resources.

• Increasing the awareness hereabout the important of community engagement.

Increase Memberships with Well-known Organizations

• Evaluate the current FIN memberships and recommend the renewal of efficient ones.

• Scan, identify and activate new membership opportunities with prestigious national/international organizations.

Promote Consultancy Services

• Assess consultancy needs of the market, develop the marketing plan to promote consultancies, and implement & analyze the effectiveness based on the market study.

Objective 2: Engage with the Community (Activities, Events, and Exhibitions)

Initiative

Improve quality of community engagement activities

Improve quantity of community engagement activities:

Volunteering, events, workshops, webinars industropedia, sport activities solicitation and sponsorship, awards and competitions, partnership, agreement, memberships

Actions by Initiatives

2022-2027

KPIs Responsibility 2022 2023 2024 2025 2026

KPI-I-23 Rate of community programs, projects and initiatives

KPI-I-22 Satisfaction of beneficiaries with the community services

Number of volunteering hours/Effat employees and students per year

Number of Conferences, events, workshops, and webinars per year

Actions by Initiatives

Establish a PACE-HIT Training Center and Programs

• Finalizing all the required process to authorize PACE-HIT.

• Align the FIN’s training programs to the economic development, job creation to support Saudi Vision 2030.

• Develop, and license the identified training programs by the TVTC..

Offered Professional and Certified Training.

• Design, and approve an offering plan for the training programs

• Implement a recruitment plan for the training programs to achieve the projected number of trainees

LEAD: DEPT.CHAIR OTHERS: DEAN/DGSR

LEAD: DEPT. CHAIR

OTHERS: FACULTY

• Evaluate the results of the plan to modify and enhance the offering plan.

Objective 4: Enhance HRM department Visibility

Initiative

HRM department’s contribution to MCPR/Media Cen-ter

Market FIN with all key external stakeholders

Improve Quality of Community Engagement Activities

• Review, update and enhance the quality of the community engagement activities.

• Increase the engagement level of students, faculty, staff and alumni in quality community engagement activities to nurture the culture within the Finance Department

Improve Quantity of Community Engagement Activities: Volunteering Activities, Conferences, Events, Workshops, Sports, Webinars Industropedia, etc.

• Review the needs of the community to offer community engagement activities.

• Plan, and implement the annual community engagement activities (volunteering activities,

• Conferences, events, workshops, sports, and webinars).

• Evaluate the impact of the offered community engagement activities and plan for future improvement.

Objective 3: Provide Training with Community Partners

Initiative

Establish a PACE-HIT training center and programs

Offered professional and certified trainings

2022-2027

KPIs Responsibility 2022 2023 2024 2025 2026

Percentage of executed program s over the planned ones LEAD: DEPT. CHAIR OTHERS: FACULTY

Develop revised social media pres-ence

Promote the partic-ipation in external Awards opportuni-ties for Effat Uni-versity Faculty and Students

Actions by Initiatives

2022-2027

KPIs Responsibility 2022 2023 2024 2025 2026

Number of press releases by FIN per year

Number of new external stakeholders per year

Number of participations in Exhibitions per year

Number of solicitations per year

Number of new followers for each platform (LinkedIn, Facebook, Twitter, and Instagram) per year

Number of reaches per post

Number of marketing campaigns per year

Number of external awards obtained

LEAD: DEPT. CHAIR

OTHERS: MCPR

LEAD: DEPT. CHAIR

OTHERS: FACULTY

LEAD: DEPT. CHAIR

OTHERS: FACULTY

LEAD: DEPT. CHAIR

OTHERS: FACULTY

FIN contribution to MCPR/Media Center:

• Specify the function, tasks and responsibilities of FIN contribution to the media center.

• Develop and implement the annual plan of FIN contrbution to the media center.

• Assess the impact of the implementation of the plan on the FIN visibility.

Market FIN with all Key External Stakeholders:

• Maintain and update FIN content and insights as per international standards to attract the best talent and connect with all external stakeholders.

FACULTY

Percentage of registered students from the projections LEAD: DEPT. CHAIR

• Expand FIN stakeholder network, categorize them and tailor-made communication strategy plan.

• Interact with the prospect students or their families through the chatbot to help resolving any query.

• Participate in major exhibitions to promote FIN.

• Scan, and identify, the solicitation opportunities in the market.

• Design a marketing plan to attract the attention of potential companies and evaluate its success.

Develop Revised Social Media Presence

• Intensify the presence of social media platforms such as Instagram, twitter, LinkedIn and Facebook.

• Enhance targeted ad-strategy to market the content on these social media platforms to increase the number of followers (Audience Growth) and post reach (impressions).

Promote the Participation in External Awards Opportunities for Finance Department Faculty and Students

• Encourage the internal participation with awards and certificates to foster more participation.

MarCom (Marketing & Communication) Planning Framework

The following is an integrated marketing and communication (IMC) framework followed widely around the globe because of its strong fundamentals:

Risk Management

The following table indicates the key risks associated with each strategic recommended area and a corresponding mitigation plan for every risk:

Institutionalize and Enhance Community Governance and Engagement

Assistance needed by the students engaging in community services

Lack of motivation for students and alumni to continue with community engagements

Financial constraints

Provide support to the students in the form of transportation, food, and guidance

Reward the service providers in the form of awards and certificates

Events can be done in collaboration with the local community bodies to reduce the financial burden on the university

Enhance FIN Visibility

Marketing team hiring constraints. Avail the services of an external marketing agency while slowing ramping up internal marketing capabilities

• According to the research conducted by IPSOS, digital marketing is the most accessed channel by both the UG and PG potential students, with Instagram and Twitter being the most popular social media venues explored by the potential students.

• The visual representation of the same is depicted below: