Is your business missing out on a crucial avenue for learning and development?
Internal human capital development teams and external training vendors are obvious resources to have in your arsenal. But unless you work for a massive company that can afford its own university, there is another resource with much to offer: higher education.
Even if your training function is entirely in-house, there are still ways to benefit from a relationship with (one or more) higher ed institutions beyond curriculum-related needs.
Higher ed is not a monolith
First, it’s important to recognize that higher education is not a monolith. A small private liberal arts college offering bachelor’s degrees, a large university with a prominent research focus and a local community college that prioritizes professional training provide vastly different experiences and vastly different benefits to corporations.
It’s true that many schools are branching outside of their initial offerings. You might have noticed that more liberal arts colleges are adopting STEM curricula, and more community colleges are offering four-year degrees in addition to the traditional two-year associate degrees. It will be interesting to see how this trend plays out. I believe that schools, like any business, are most effective when they “know thyself” and stay true to their value propositions instead of trying to be everything to everyone.
5 ways corporations can benefit from relationships with higher ed
So, what role can higher education play in your company’s success? There are several distinct ways that corporations can benefit from relationships with higher education.
1. Training and upskilling. Training and upskilling are the most obvious reasons for companies to engage in higher education, and luckily for corporations, recent higher education trends are working in their favor. As more Americans question the value of a four-year degree, schools are embracing microcredentials and badges as alternative solutions. Microcredentials offer agile and efficient pathways for corporations to train new employees or upskill current ones.
2. Employee retention. Ninety-four percent of employees say they would stay at a company longer if it invested in workplace learning. Retention is 34 percent higher among employees who have opportunities for professional development. The message is clear: One of the best ways to retain talent is to offer educational experiences. For example, you might consider partnering with higher education institutions to subsidize the employee degree completion or retention initiatives you offer.
3. Research and innovation. Ground-breaking research often comes from higher education institutions. A partnership with a prominent research university can give innovative companies access to pioneering research and technology, putting them on the cutting edge of what’s next in their fields and giving them a competitive advantage.
4. Facilities access. Be sure not to overlook what’s in your backyard: local colleges and universities. Facilities access is one major benefit of nurturing relationships with institutions in your community. Chances are they have spaces you can use for company training, events and offsite team meetings and activities.
5. Finding and influencing future talent. History shows that businesses are integral in catalyzing innovation in higher education. The deeper your relationship with higher education, the more influence you can potentially have on preparing the incoming workforce for your industry and company. Additionally, you can work to develop a pipeline from a partner school to your company, giving you consistent access to high-caliber talent.
