In an era where tuition is skyrocketing, students and former students in the United States are grappling with a staggering amount of student debt. This financial burden is leading many to question the value of a traditional college education.
As a result, a significant shift is occurring in the realm of post-secondary education, with employees increasingly looking to their employers to meet their educational needs.
Cost of Education Skyrocketing
The cost of higher education has become a major concern. Students and graduates collectively owe roughly $1.77 trillion (yes, with a “t”) in student loan debt, a figure that underscores the financial strain of pursuing a college degree. This economic reality is prompting a reevaluation of the need for a four-year college degree, especially for certain job roles. See, for example, the recent decision by the state of Minnesota to drop the college degree requirement for most state jobs, aiming to make these positions more accessible.
Employers as Educators?
This trend is not isolated. Across various sectors, employers are rethinking traditional educational requirements, recognizing the value of on-the-job training and experience. This approach not only broadens the talent pool but also aligns with the evolving needs of the modern workforce.
A recent survey conducted by edX, in collaboration with Workplace Intelligence, sheds light on this changing landscape. The survey, which included 800 knowledge workers and 800 C-Suite executives across the U.S., revealed that a staggering 81% of employees view their companies as “the new post-secondary colleges”—84% expect their employers to provide the training and education they need to keep their skills up-to-date.
This perspective is a clear indication of the growing expectation for employers to play a pivotal role in skills development.
Quality of L&D Programs in Debate
However, the survey also highlights a discrepancy in perceptions between the C-Suite and employees regarding the quality of learning and development (L&D) programs. While a majority of executives believe their employees are satisfied with existing learning opportunities, only one in three employees shares this sentiment.
This gap points to a potential area of improvement for companies in making their L&D programs more effective and aligned with employee needs.
Employers are increasingly becoming pivotal in providing educational opportunities, both for the benefit of those employers in terms of upskilling staff as well as to meet the demands of the labor market. This shift is not just a response to the rising costs of traditional college education but also a reflection of the changing dynamics of the workforce and the skills required in the modern job market.
As companies adapt to these changes, they have the opportunity to foster a culture of continuous learning and development.
Lin Grensing-Pophal is a Contributing Editor at HR Daily Advisor.