From the CEO
Inside ClassWallet HQ, we have been talking a lot about millennials mainly because in the next 5 years, they will make up 38% of the teacher workforce. School business offices should take notice.
Millennials are unconstrained and connected. They do not accept the adage “That’s the way it has always been.” They are using smartphones, Venmo, PayPal, and ApplePay to make their purchases, and they get instant gratification. When confronted with a culture of requisition forms, purchase orders, paper receipts and processes that take weeks, millennials simply will leave the teaching profession, in droves.
Today, 13% of teachers leave after the first year, 20% after the second and over 40% in five years. Maintaining the status quo of paper-based procurement tracking will only exacerbate this churn. Business officers need to break out of the box and find technologies that cater to millennials if they have the desire to keep them happy and more importantly keep them employed in their district. Do you agree? Drop me a line with your thoughts.
ClassWallet Launches DirectPay - No More Purchase Cards NeededThis month ClassWallet is launching its DirectPay feature which allows users to pay service providers via ACH. The user experience is much like online billpay. Service providers enroll upon customer invitation and provide account and routing number information. Users can upload invoices and submit payment, subject to approval workflow. Admins get all the paperwork automatically digitized and reconciled, vendors get paid faster and no purchase or credit cards are needed to complete the transaction. Want to learn more about our DirectPay? Book a meeting with Melody Page. 50,000 Items Added; Many Beat Amazon Prices ClassWallet has partnered with several suppliers that together offer more than 50,000 office supply and classroom resource items at wholesale prices. We researched how our pricing matched up with Amazon, and for a majority of product manufacturers, our pricing is below Amazon’s. We are excited by this new addition to our ecommerce marketplace and providing more value to our customers and users.
Findings from Focus Group on Teacher Retention; Trust and Support Matter MostWe recently sat down with expert teachers from elementary, middle, and high school, building and program administrators, and district administrators for a Florida Association of School Administrators Focus Group on Teacher Recruitment, Retention, and Absenteeism. We compiled our findings on what we learned and how school districts can positively impact district culture to improve teacher retention and gain teacher recruitment competitive advantages. Read about our findings here.
Where Do You Think New Teachers Would Rather Work?Millennials will make up close to 40% of the teacher workforce over the next five years. If District A gives them a classroom budgeting tool that allows quick and nimble purchasing and real-time view of balance, and District B requires requisition forms, paper receipts and paperwork, which district do you think the teacher would want to work for?
Say Hi in Person! Find UsInternational Association of School Business Officials Annual Conference Kissimmee, FL September 21 - 24 We will be hosting an event at the international ASBO in Kissimmee, Florida in September - stay tuned for details to come!
ClassWallet addresses the pain of managing checks, reimbursements, paper receipts, and the paperwork associated with tracking expenditures for school systems. The platform makes the accounting and audit trail very easy and helps reduce administrative costs.