{"id":30141,"date":"2020-11-13T06:16:17","date_gmt":"2020-11-13T14:16:17","guid":{"rendered":"https:\/\/futuresharks.com\/?p=30141"},"modified":"2020-11-13T06:16:20","modified_gmt":"2020-11-13T14:16:20","slug":"employer-sponsored-college-programs-are-mutually-strategic-investments-during-the-pandemic","status":"publish","type":"post","link":"https:\/\/futuresharks.com\/employer-sponsored-college-programs-are-mutually-strategic-investments-during-the-pandemic\/","title":{"rendered":"Employer-Sponsored College Programs Are Mutually Strategic Investments During the Pandemic"},"content":{"rendered":"\n

At this time of the pandemic, where the economy and businesses experience economic adjustments, employer-based college programs by companies rise to benefit employers and employees mutually. These programs can lead to high retention rates, enhanced work skills, improved morale, and increased business\/company productivity. Employer investment in employee’s higher education is, therefore, countercyclical, presents a clear ROI, and economically rewarding.<\/p>\n\n\n\n

However, due to company layoff, establishment closure, and recession to reduce expenses, people utilize the opportunity to hone their skills through education and skill enhancement. It is a blessing for the employee to be developed through corporate, educational opportunities, with minimal costs and less stress than companies that delegate ‘self-education’ to employees.<\/p>\n\n\n\n

Yet, some agencies cut back their contributions during ‘tough times’ on their employees’ education to reduce overall expenses, as stated by Mary Alice McCarthy, director of New America.<\/p>\n\n\n\n

Additionally, forty-three percent (43%) of companies resorted to employee skill upgrade as of July 2020. More than 80% of learning and development leaders in May 2020 expected an increased expense on education within 12 to 18 months. Sixty-six percent (66%) perceived investment in education as a strategic and intellectual organizational move. <\/p>\n\n\n\n

Companies double up their efforts on education investment to keep up with the global competition for skills, credentials, and competitiveness in a dynamic market and economy, according to research by the US Chamber of Commerce Foundation. Companies will attract employees that are retainable, growth-inducing, and productive to their businesses.<\/p>\n\n\n\n

When accelerated digitization and technology, coupled with scarcity in technical talent, are the norms of advancement, business owners rethink this perception and capitalize on providing employer-based college programs. Business owners become forward-thinkers and double down education investment. Examples of companies include:<\/p>\n\n\n\n

  1. Chipotle \u2013 pay directly for its employees for a debt-free college program under Guild Education (which allows enrollment in more than 75 online programs with specific colleges) and even including Paul Quinn College as one of the college partners; to date, more than 8,000 employees availed of the educational program<\/li>
  2. Walmart opens healthcare supercenters with 4,000 stores across the US, in partnership with Penn Foster school, to train optician and pharmacy technician roles.<\/li>
  3. Fiat Chrysler Automobiles US (FCA) \u2013 teams up with Strayer University to provide tuition-free college programs<\/li>
  4. Noodle Partners \u2013 partners with Strayer University to deliver relevant employee education programs<\/li>
  5. US Chamber of Commerce and Federal Reserve Bank of Atlanta \u2013 collaborates with Talent Finance to invest in a skills plan for their employees.<\/li>
  6. Amazon<\/a> \u2013 ties up with Career Choice to prepay tuition for its employees’ upskilling program.<\/li>
  7. Disney<\/a> \u2013 teams up with Guild Education and prepays tuition for its employees.<\/li><\/ol>\n\n\n\n

    Advantages of providing employer-based college programs for the employees include:<\/p>\n\n\n\n

    • Increased employee retention rates (three and a half times higher) than replacement rates and career shifts.<\/li>
    • Cost-effective educational investment because less than 5% of employees avails the program, according to SHRM.<\/li>
    • Increased employee participation, productivity, and turnover, according to the Graduate! Network survey (2016-2017)<\/li>
    • Development of highly skilled, competitive internal employees through reskilling, rather than outsourcing talent<\/li><\/ul>\n\n\n\n

      However, corporate education programs may encounter barriers to the implementation of the programs, such as:<\/p>\n\n\n\n

      • Programs that address both employer and employee needs<\/li>
      • Lengthy implementation of the programs<\/li>
      • Address employees\u2019 worries about the program<\/li>
      • Increased maintenance costs for the program<\/li>
      • Increased demand for tuition reimbursement compared to the high expenses shouldered by ‘breadwinners.’<\/li><\/ul>\n\n\n\n

        Overall, companies emphasize value on education and skill investment for their employees, outweighing its disadvantages over the advantage of high retention, improved productivity, employee-employer work satisfaction, and cost-effectiveness, the factors that are alleviating at this pandemic times.<\/p>\n\n\n\n

        Employers must develop corporate programs with well-understood platforms, employee-friendly, and skill-tailored courses, and adaptable to the changing technological advancements. A growing US economy needs education and skill-oriented employment relations for its development.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

        At this time of the pandemic, where the economy and businesses experience economic adjustments, employer-based college programs by companies rise to benefit employers and employees mutually. These programs can lead to high retention rates, enhanced work skills, improved morale, and increased business\/company productivity. Employer investment in employee’s higher education is, therefore, countercyclical, presents a clear…<\/p>\n","protected":false},"author":3378,"featured_media":30150,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[1087],"tags":[],"uagb_featured_image_src":{"full":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",1068,709,false],"thumbnail":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",150,150,true],"medium":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",300,300,true],"medium_large":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",768,510,true],"large":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",1024,680,true],"1536x1536":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",1068,709,false],"2048x2048":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",1068,709,false],"post-thumbnail":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",80,75,true],"goodlife-thumbnail":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",80,75,true],"goodlife-grid":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",320,270,true],"goodlife-latest":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",320,225,true],"goodlife-latestshort":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",320,170,true],"goodlife-vertical":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",320,420,true],"goodlife-gallery":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",320,150,true],"goodlife-galleryvertical":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",320,350,true],"goodlife-poststyle1":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",770,511,true],"goodlife-thumbnail-small":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",40,150,true],"goodlife-thumbnail-2x":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",160,150,true],"goodlife-thumbnail-mini":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",20,18,true],"goodlife-grid-small":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",160,540,true],"goodlife-grid-2x":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",640,540,true],"goodlife-grid-mini":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",20,16,true],"goodlife-latest-small":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",160,450,true],"goodlife-latest-2x":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",640,450,true],"goodlife-latest-mini":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",20,14,true],"goodlife-latestshort-small":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",160,340,true],"goodlife-latestshort-2x":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",640,340,true],"goodlife-latestshort-mini":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",20,10,true],"goodlife-vertical-small":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",160,709,true],"goodlife-vertical-2x":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",640,709,true],"goodlife-vertical-mini":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",20,26,true],"goodlife-gallery-small":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",160,300,true],"goodlife-gallery-2x":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",640,300,true],"goodlife-gallery-mini":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",20,9,true],"goodlife-galleryvertical-small":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",160,700,true],"goodlife-galleryvertical-2x":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",640,700,true],"goodlife-galleryvertical-mini":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",20,21,true],"goodlife-poststyle1-small":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",385,256,true],"goodlife-poststyle1-2x":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",1068,709,false],"goodlife-poststyle1-mini":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",20,13,true],"profile_24":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",24,24,true],"profile_48":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/ALE-76.jpg",48,48,true],"profile_96":["https:\/\/futuresharks.com\/wp-content\/uploads\/2020\/11\/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Abdon","author_link":"https:\/\/futuresharks.com\/author\/viena\/"},"uagb_comment_info":0,"uagb_excerpt":"At this time of the pandemic, where the economy and businesses experience economic adjustments, employer-based college programs by companies rise to benefit employers and employees mutually. These programs can lead to high retention rates, enhanced work skills, improved morale, and increased business\/company productivity. Employer investment in employee’s higher education is, therefore, countercyclical, presents a clear…","_links":{"self":[{"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/posts\/30141"}],"collection":[{"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/users\/3378"}],"replies":[{"embeddable":true,"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/comments?post=30141"}],"version-history":[{"count":0,"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/posts\/30141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/media\/30150"}],"wp:attachment":[{"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/media?parent=30141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/categories?post=30141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/futuresharks.com\/wp-json\/wp\/v2\/tags?post=30141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}