Beyond Tuition Assistance

It's no secret there is a major skills gap in both the American and global workforce. The need for skilled workers is greater than ever before—yet many job openings remain unfilled due to a lack of applicants. This has created far-reaching problems for the economy while widening the already problematic skills gap across various industries.

So, what's the solution? While there may not be any kind of quick fix available, one option more employers should consider is university partnerships.

An employer-university collaboration refers to a formal agreement between an employer and a school that provides education for their workforce.

In the coming years, we will likely see a notable increase in employer-university collaborations in an effort to close the skills gap and revitalize the global workforce. If you're a business owner in an industry struggling to find and retain talent, it may be time to explore the mutual benefit of a university collaboration.

Why Tuition Assistance Isn't Enough Anymore

It's already pretty common for employers to offer some form of tuition assistance to employees. This usually includes covering some or all of an employee's college tuition costs and related expenses. Generally, these programs come with stipulations, such as the need to maintain a certain GPA or to document progress within the curriculum.

In certain cases, tuition assistance may be paid out to the school directly so the student doesn't have to pay out of pocket. However, some programs are set up to reimburse students after completing their semester or degree program.

Unfortunately, tuition assistance alone sometimes isn’t enough to attract (and retain) the right talent in today's workforce. There are many reasons why this may be the case. Some employees, for instance, simply don't want to take on the initial cost burden of a formal education—even if they're going to be reimbursed down the road. And some may be looking for shorter, not-for-credit options to continue their education.

The Multifaceted Advantages of University Collaborations

More robust university partnerships allow employers and schools to work together to create deeper collaborations that are beneficial to everyone involved. Sometimes this is through employer representation on advisory boards and sometimes through contract training. This allows employers some say in what’s being taught in the curriculum and what form of education—courses, boot camps, or certificates, for example—is best suited to the situation. The result? Employees who are better prepared for workforce expectations and ready to be productive, successful members of a global marketplace.

Still not convinced? Let's dive a little deeper into the benefits of university collaborations for your employees—and you as an employer!

Professional Development and Training

University partnerships provide unique professional development opportunities for those currently working at your organization, often addressing skills gaps. These can be shorter offerings of a couple days or a few weeks and help employees build new skills and confidence to take on new projects or positions. Your organization will consequently reap the benefits of this additional education and training while having a say in the outcomes, objectives, and success metrics involved.

Networking and Industry Partnerships

While some education built during partnerships results in course sessions only open to those in the partner organization, often employees attend open courses where they meet other professionals from across their industry or beyond. So, establishing partnerships and collaborations with universities can also be a great way to help build your employees’ professional networks as they interact with peers in other organizations. The better your organization is able to network and collaborate, the easier it will be to bring in new, qualified talent while building reciprocal relationships with other organizations in your field. In this sense, university collaborations are truly beneficial to everybody involved.

Implementing University Collaborations: A Step-by-Step Guide

Interested in establishing a collaboration with a school or university? Even if you've offered tuition assistance or similar programs in the past, knowing where to begin can be challenging. Here are a few simple and practical steps you can take to get the ball rolling on a successful university partnership.

Assess Your Organization's Needs

Begin by thinking about what your organization hopes to ultimately gain from the partnership. This will likely involve sitting down with some of your key decision-makers and leaders to gain a better perspective on your organization's needs. From there, you can define what success metrics and deliverables should be tracked to ensure your organization is getting what it needs from the partnership.

Maybe you're looking for fresh talent, or maybe you're more focused on helping current employees further develop their skills. You could even be looking to increase retention with long-term commitments from a university partnership. Regardless of your goals, make sure everyone within your organization is on the same page.

Engage the Right University Partner

Next, it's time to find the right school or university with which to partner. Remember that not all schools offer the same programs or even the same quality of education for your industry. Take your time to research and find some of the most notable schools that feed directly into your field. From there, begin reaching out to learn about the partnership opportunities they provide. Make sure that any school you end up working with is open to aligning objectives so everyone benefits.

Formalize Agreements and Define Metrics for Success

Last comes the fun part: Once details of the partnership—including the curriculum, scale, location, and outcomes—are agreed upon between your organization and the university, it's time to formalize the agreement with a written contract. In this legally-binding document, it's also a good idea to outline the previously defined metrics for success.