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How Entrepreneurs Can Solve the Higher Education Problem
Opinions expressed by Entrepreneur contributors are their own.
Higher education is in need of a transformation. The trifecta of tuition inflation, increasing student debt and diminishing confidence in the value of a traditional degree leaves the industry ripe for reimagination. Federally subsidized 2- or 4-year college degrees have been discussed as part of a new agenda to help increase access to education. Yet, companies also have the unique opportunity to play a role in increasing equitable access to higher education — and their businesses can benefit as a result.
Corporate America already spends more than $180 billion annually on educating and training employees, but most business leaders don’t experience a significant return on the investment. Instead, most training programs are poorly aligned with business and learner objectives, such as addressing specific skills gaps or improving employee recruiting and retention.
When enterprise education programs are mutually aligned, employees are able to access life-changing opportunities without the traditional barriers to higher education, while companies can achieve their strategic business objectives. Most corporate-sponsored training and tuition assistance programs underperform
Among the billions of dollars that are spent annually on inside and outside training programs, $28 billion is allocated for traditional tuition programs — typically developed […]