Business
Companies offer tuition assistance, support programs to address talent-skill gap: Report

Organizations and employers aim at training their employees with 21st-century skills which are in huge demand in the present times. The firms offering tech-based educational content render a helping hand to the companies by offering upskilling and reskilling specific program-based curriculum.

They provide training for both hard skills spread across different business domains along with soft traits such as communication, leadership, team management, logical thinking, and problem-solving

The survey report by Wiley, Reimagining the workforce 2021 brings to light the fact that companies are increasingly preferring to offer tuition assistance and support programs to address this talent-skill gap. The survey further points out the role of educating employees and the advantages of offering them tuition assistance along with the organizations' inclination towards incorporating this benefit for the employees into their business strategies.

In the present times, the workplace landscape is undergoing major transformations. COVID-19 upturned the existing unbalanced hiring sector as many professionals lost their jobs while others were struggling to prove their capabilities and deal with the global pandemic crisis. While some businesses were forced to lay off their employees, various others resorted to internal mobility as a viable option. However, what goes unnoticed is that organizations have to let go of their quality talent since they do not possess the required skills to cope with unpredictable times or crisis situations.

Owing to the present unstable times induced by the pandemic, businesses are increasingly moving beyond traditional routes and are incorporating new-age strategies of reskilling and upskilling their employees. Introducing workplace education is not only helping them cope with the challenges but is also ensuring the seamless continuance of their operations.

Key Highlights

• What started out as a trend in the market is now becoming the dire need of the hour. Reskilling and upskilling are emerging to be the ideal solutions to bridge the talent-skill gap in the hiring market.

• Wiley, one of the leading global tech-enabled educational solutions providers highlights this very trend of bridging the talent-skill gap through workplace education by offering tuition assistance and support programs to the employees via its report, Reimagining the workforce 2021.

• Wiley Education Services surveyed approximately 1000 Human Resources Officers, Learning and Development Professionals including 300 leaders at the Executive/C-level. Via this survey, Wiley has reported some noteworthy trends pertaining to the rising prominence of workplace education, reskilling, and upskilling in the market along with the consequential impact on the organizations by offering these services.

• 60 per cent of the HR and L&D employers believe that there is a major talent-skill gap

• 70 per cent of them are of the view that upskilling and/or reskilling are the most viable way-outs to bridge this gap

• 87 per cent of employers give preference to tuition assistance and support programs and believe that they are the most effective and impactful upskilling/reskilling tools

• However, only 45 per cent of the HRs and leaders representing their respective companies stated that they offer tuition assistance programs at their firms

• 89 per cent of HRs and L&D executives are of the opinion that tuition assistance and support programs render a positive impact on employee retention as well whereas 70 per cent feel that these tools positively affect the recruiting process

• Tuition reimbursement/scholarships, university-sponsored discounts, along with industry certificates, and the likes of these traditional forms of education are the most effective methods for upskilling/reskilling according to 70 per cent of employers

• However, only 30 per cent of employees share that their companies don't offer such benefits until they complete a year with the organization

• Only 1/3rd of the employers eventually incorporates tuition assistance into their review process

Workplace education via the routes of upskilling and reskilling can play a pivotal role in achieving major business goals such as talent mobility, diversity, equality, and inclusion. However, only when an effective execution plan is conceptualized and executed along with the appropriate selection of the ed-tech partners is made; can the potential of workplace education be leveraged optimally. Employers and firms prefer associating with an external entity that is recognized for its offerings and credibility in providing new-age upskilling and reskilling training. They partner with firms that possess the expertise in this domain and offer new-age solutions so as to seamlessly cater to the skills gap. These ventures offer state-of-the-art tech-enabled content and curate curriculum that suffices the workplace requirement of extending high-end upskilling and reskilling educational experiences to their employees.