Performance based funding for postsecondary institutions will help ensure graduates have the real-world skills they need for rewarding careers now and in the future
Our PC government recognizes that students and their families make tremendous sacrifices to attend college or university, and they make these sacrifices in order to find stable, high-quality jobs.
Under the previous funding agreement, however, students were graduating with world-class degrees but were finding it difficult to secure stable employment in their field of study, while some businesses were struggling to find young talent with the skills they needed. The previous system was not working for students and needed to be driven by results.
That’s why we are implementing changes in our post-secondary education sector that are modern, forward thinking, and will equip students with the skills and knowledge they need to succeed in rewarding careers. By signing Strategic Mandate Agreements with each of the province’s 45 publicly assisted colleges and universities, our government is revolutionizing the province’s public postsecondary educational institutions and helping students get the education, skills, and experience they need to find good jobs.
The agreements, which are in effect from 2020-2025, introduce a new ‘made-in-Ontario’ performance-based funding model that places a higher weighting on student and economic outcomes — making the province a national leader in performance-based funding.
Until now, most operating funding to institutions was based on enrolment, with only a small proportion of funding tied to performance. By tying a larger portion of government funding to performance, Ontario is encouraging institutions to focus on their institutional strengths, to ensure that students and graduates have the real-world skills they need for rewarding careers.