6 ways to level up your education benefits for a more inclusive workplace

Talent officers and learning and development professionals have a tall order right now. As employers look to bounce back from the coronavirus-induced recession, many are experiencing long-term shortages in their workforce, with open positions available but the right talent becoming increasingly difficult to attract and retain.

At the same time, the workforce itself has changed, and prospective employees are making clear what benefits they need to join or stay with an employer.

Recently, Bright Horizons EdAssist Solutions conducted a survey of American working adults to get a better understanding of their sentiment and outlook on the role of education for professional growth, including their motivations and barriers to pursuing education. "Workforce Education and Equity in the Workplace" is the first in a series of reports in our annual Education Index.

After more than a year of financial insecurities created by furloughs and job losses, data from the report shows working Americans – and particularly those in underrepresented groups – place a high priority on learning to ensure their futures. These employees share many of the same motivators around pursuing education, as well as concerns:

Job growth and stability

Job growth and stability is a top motivator for American workers today, with 41% of respondents saying they are pursuing an education program to increase their pay, and 40% are doing it to increase their job security.

Yet more than half of workers believe there are few opportunities to advance their careers in their current job, and 50% say their job offers them few opportunities for education programs that could help them advance their careers. Coupled with the fact that nearly 4 in 10 workers considering quitting their jobs and 94% of workers saying they'd stay at their company longer if it invested in their career through more education, employers should be critically and fastidiously reviewing their education benefits to meet the needs of the current and future workforce.

Financial concerns

Money is a top barrier to pursuing and completing education programs, and it's no surprise since the cost of college has increased more than 250% since the 1980s – eight times the pace of wages. The struggle is even greater for employees in underrepresented groups and women. Black employees are 1.5 times more likely than white employees to experience cost barriers, and women are 1.5 times more likely than men to experience the same.

Time and flexibility

Time is another top obstacle, with more than half of workers preferring programs that can be completed quickly. In fact, 70% said certificates and shorter, non-degree programs are important to their future success. Despite strong desire, less than 50% of workers have been able to pursue education in the last five years primarily due to money and time. Providing a variety of programs and program providers is key to an employee's educational success.

Short-term learning isn't only a benefit for the employee, but also for the employer who can upskill workers quickly for jobs that are in high demand. This is actually a cost-savings for the employer, as attracting talent is more expensive than training current employees. According to analyst Josh Bersin, it costs six times as much to recruit a new employee than to develop one internally.

Encouragement and support

Workers are not getting the guidance they need from their employers around pursuing education, including what programs are available to them, how to get started, or what skill sets will best benefit their career. Half say their employers don't motivate them to pursue education, and many aren't confident they can complete a program, with 28% saying they have too much going on to pursue education.

The survey data also shows that Black, Hispanic/Latino, and first-generation degree holders over-index in trying to enhance skills in order to advance and grow professionally. More than 90% of both Black and Hispanic/Latino workers believe learning new skills will be important for them to succeed in the future. Compared to white workers (73%), more Black (90%) and Hispanic/Latino (88%) employees are looking to develop and expand their skillsets to advance and grow.

Additionally, Black and Hispanic/Latino workers are more likely to believe that improving (86% and 85%, respectively) and diversifying (86% and 80%, respectively) their skillset is more crucial than ever before, as compared to their white peers (71% and 69%, respectively).

Education can be transformative to these groups – and workforce education programs are an important way to promote equity.

There are several ways employers can up-level an education benefits program to ensure it attracts and retains talent:

• Be sure your education benefits program is equitable across all employees: A strong workforce education program should create opportunity and remove barriers for all employees. This may include considering additional supports that give your employees the bandwidth to succeed, such as child care or elder care benefits for employees who are balancing caretaking responsibilities at home.
• Remove the need for employees to pay up-front for their education: Since financial circumstances are one of the most significant barriers to participation in education programs, employers can remove the need to pay up front by paying the school directly. In combination with low-cost education programs, employees can take advantage of a variety of low-to-now cost educational programs, which makes the dream of obtaining an educational credential a reality for many who would not have been able to do so before due to exorbitant out-of-pocket costs.
• Add a complementary student loan support program: Support for student loan repayments is also worth considering, as Black college graduates owe $7,400 more on average in student loan debt than their white peers, which may be preventing them from going back to school.
• Don't limit your education benefit policy to traditional degree programs: The uncertainty of the last year has employees hungry to make quick progress with non-degree programs like certificates, boot camps, and professional certifications. Additionally, self-paced, flexible learning is critical for employees who are juggling work and life. More options means more employees can participate, and the more employees you can educate, the more opportunity they have to progress their careers and you have to fill your open positions with the right skills.
• Consider adding targeted programs that support DEI: Strengthening ties with MSIs (minority-serving institutions), which include HBCUs (historically black colleges or universities) illustrates to your employees how committed the organization is to achieving its DEI goals.
• Acknowledge wrap-around supports that increase employee learner success: Provide success coaching and support for employees going back to school. Success coaching helps employees find the right program for them and increases their chances of success in their courses and beyond. This is particularly important for first generation students who are undergoing this process for the first time.

The "Workforce Education and Equity in the Workplace" report shows that underrepresented employees feel that the odds are stacked against them in their careers, and access to education is a key element that can level the playing field in the workplace. This is where employers need to step in or risk their organization's reputation and employee morale. Education assistance has the potential to both build skills, and put real movement toward DEI initiatives.

 

This article was written by Emily Payne from BenefitsPro and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to legal@industrydive.com.