{"id":16736,"date":"2023-08-24T12:31:16","date_gmt":"2023-08-24T16:31:16","guid":{"rendered":"https:\/\/gaijindensetsu.com\/?page_id=16736"},"modified":"2024-07-20T13:36:04","modified_gmt":"2024-07-20T17:36:04","slug":"workforce-success-toolkit","status":"publish","type":"page","link":"https:\/\/gaijindensetsu.com\/education-talent\/workforce-success-toolkit\/","title":{"rendered":"Workforce Success Toolkit"},"content":{"rendered":"
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\r\n Detroit Regional Chamber<\/span><\/a><\/span> <\/div>\r\n

\r\n Workforce Success Toolkit <\/h1>\r\n <\/div>\r\n \"Grow\r\n <\/div>\r\n<\/section>\r\n\n\n
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\r\n Talent Drives Economic Prosperity<\/h2>\r\n
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Investing in education, training, and upskilling opportunities for the workforce benefits not only workers, but employers and the Region as a whole.<\/p>\n

Talent is one of employers’ most critical assets in building and scaling their organizations. Without the right talent, businesses struggle to boost productivity and provide the quality products and services needed to drive profits.<\/p>\n

Education attainment and advancement are also crucial for the Region’s economic prosperity. There is a direct correlation between the percentage of adults 25 and older with a postsecondary degree and per capita income across major cities in the United States. The more adults 25 and older with a postsecondary degree in our Region, the higher the Region’s per capita income. Applying a racial equity lens to education advancement and attainment only improves this correlation, ensuring all workers have access to economic opportunities and career outcomes that will further strengthen our regional economy.<\/p>\n

The Detroit Regional Chamber offers a variety of talent solutions for employers to support talent development and upskilling initiatives for their workers. It developed the Workforce Success Toolkit to serve as a resource for employers as they navigate strategies to attract, develop, advance, and retain their current and future talent.<\/p>\n

This toolkit provides the framework and resources for developing upskilling programs tailored to each employer’s needs. For additional information or tips for implementing this toolkit, check out the Workforce Success Webinar Series<\/a>, led by Jon Kaplan, former chief learning officer at Discover Financial Services and national leader in employer-led upskilling and tuition assistance support.<\/p>\n <\/div>\r\n <\/div>\r\n<\/section>\r\n\n\n\n

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\"College<\/a><\/figure>\n<\/div>\n\n\n\n
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\"Upskilling\"<\/a><\/figure>\n<\/div>\n<\/div>\n<\/section>\n\n\n
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\r\n Wondering Where To Start?<\/h2>\r\n
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\"Equity<\/a><\/p>\n <\/div>\r\n <\/div>\r\n<\/section>\r\n\n\n\n

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In this Toolkit:<\/h2>\n\n\n
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\r\n Tuition Assistance<\/h2>\r\n
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<\/div>\r\n \"Tuition\r\n
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Providing tuition support for employees is good for your workforce, but it\u2019s also good for business. Unfortunately, the benefits to business performance and profitability aren\u2019t widely understood; as a result, employers often miss out on the many business gains that come with a robust tuition assistance program. This section will help make the case for a tuition assistance program that works for your organization and will help you understand your likely return on investment.<\/p>\n <\/div>\r\n <\/div>\r\n<\/section>\r\n\n\n\n

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\"Retention\"<\/a><\/figure>\n<\/div>\n\n\n\n
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\"Effective<\/a><\/figure>\n<\/div>\n<\/div>\n<\/section>\n\n\n
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\r\n Making the Case <\/span>\r\n <\/dt>\r\n
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Providing tuition support for employees is good for your workforce, but it\u2019s also good for business. To successfully develop a tuition assistance program, there needs to be buy-in from business leadership. This section will help make the case for a tuition assistance program that works for your organization and will help you understand your return on investment. It includes resources and strategies for calculating costs and potential return on investment, addressing misconceptions, and making the case to the executive team and the board.<\/p>\n

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Are you ready to move forward with a tuition assistance program? This section provides implementation tools, from a step-by-step project plan to a budget calculator to help assess program costs. In addition, you\u2019ll find resources for spreading the word about your program and the benefits of continued education, to ensure utilization is strong.<\/p>\n

Tuition assistance programs are proven to increase employee satisfaction, <\/em><\/strong>reduce turnover, and lead\u00a0to\u202finternal\u202fpromotions, all of which lead to\u202fsavings.<\/em><\/strong><\/p>\n

Calculating Costs<\/h3>\n

Much of the cost saving for tuition assistance programs comes from reduced expenses for recruiting and onboarding caused by employee turnover. Tuition assistance programs are proven to increase employee satisfaction, reduce turnover, and lead to internal promotions, all of which lead to savings \u2013 both in terms of direct expenses and staff time spent on recruiting, onboarding, and training new employees.\u00a0To help make the case to your leadership, calculate your own turnover cost.\u00a0<\/a><\/p>\n

Tuition assistance policies also lead to increased internal promotion rates, which are beneficial to businesses that struggle to find skilled workers to fill certain positions. Looking internally at your workforce \u2013 and providing potential candidates with the education and tools needed to be successful in higher-skilled positions \u2013 helps solve employer talent gaps while boosting employee morale and loyalty.<\/p>\n

SHRM estimates promoting internally\u00a0is\u00a018-20% less expensive<\/a> than hiring externally. Calculate your internal promotion\u00a0rate.<\/a> If this number is lower than your company\u2019s internal expectations \u2013 especially for your front-line employees \u2013 education assistance is a proven method to increase internal promotions and thus reduce costs.<\/p>\n

Addressing Misconceptions And Barriers<\/h3>\n

Misconception One: College costs a lot so my tuition assistance program will cost a lot too.<\/em><\/strong><\/p>\n

There are actually several misconceptions here. Let\u2019s start with the first one: college is expensive. While tuition at many colleges is astronomical, there are also extremely affordable options. The\u00a0average cost per credit hour at a two-year community college in Michigan is only $183<\/a>. At that rate, a complete Associate Degree costs only about $11,000. If a student were to transfer their first 60 credits to a four-year college in Michigan, they could complete an entire bachelor\u2019s degree for an average cost of about $33,000.<\/p>\n

This figure does not take into account\u00a0Michigan\u2019s free community college program,\u00a0Michigan Reconnect<\/a>, which allows Michigan residents ages 25 and older to attend community college tuition-free. Qualifying employees can receive an associate degree with their tuition fully covered, so employers do not need to cover these costs. However, assistance programs should still account for expenses like books and allow for flexible scheduling and other supports so that employees can access educational opportunities.<\/p>\n

Moreover, there are a lot of ways to structure your tuition assistance program to reduce the overall cost to the company.<\/p>\n