Turnaround support for regional Victorian TAFE
Hands-on support to staff embedding their turnaround program, developing reporting and financial controls and establishing overall program governance.
Related Services
Performance ImprovementRelated Industries
EducationWith declining student numbers, falling revenue, and a rising cost base, a regional Victorian TAFE faced significant challenges in achieving financial sustainability.
Previous efforts to improve performance had failed, and the Department had lost confidence in an Executive group experiencing high turnover and instability.
To stabilise the organisation, we were engaged to perform a rapid financial and operational diagnostic. The findings informed the development of a turnaround plan co-designed with the Executive team.
How we helped
Our role
We worked hands-on with senior leaders to embed the turnaround program and establish strong financial controls, reporting, and governance. Our focus was on providing practical support during a period of significant organisational change.
Objectives
- Support senior executives to implement and embed the turnaround plan.
- Establish financial control mechanisms and develop clear reporting for the Department, Board, and Executive.
- Build a business case for workforce reductions and separation packages to improve sustainability.
Outcomes acheived
The results were impactful, achieving the outlined objectives:
- Within twelve weeks the KordaMentha team completed a diagnostic across financial performance, revenue and course profitability, workforce and operational costs, property portfolio, culture and capability.
- Developed a 12-month roadmap which sequenced the critical projects and workstreams required to deliver a balanced budget, including plans-on-a-page for each accountable workstream lead.
- Designed and built monthly reporting for the Department, Board and Executive to provide a concise consolidated view of the financial and operational position.
- Supported the on-boarding of a Chief Transformation Officer and established the governance and operating rhythm for the turnaround program to better drive accountability and outcomes.
- Supported key workstreams with the delivery of immediate critical milestones, i.e. implementation of cost controls, business case approval of workforce reductions.
- Provided a clear, independent view and ongoing support to the CEO and wider Executive team to build capability as they managed multiple Board and Department stakeholders during a challenging period.
