Shaping the Future: The Role of Businesses in Education Policy

In today’s fast-paced economy, businesses must keep up with the competition and prioritize knowledge and education. It’s not enough to simply hire employees with degrees or experience. Companies must also invest in their employees’ ongoing education and training to ensure they are equipped with the necessary skill sets to succeed.

As part of Lumina Foundation’s “Goal 2025” initiative, the Committee for Economic Development (CED) released a research report titled “A National Imperative: The Role of Business in Promoting Educational Attainment.” The report aims to identify how employers in select metropolitan areas are supporting their employees in advancing postsecondary education and to identify any barriers to those efforts.

CED’s research is based on focus groups and interviews with representatives from small, family-owned firms and global Fortune 500 companies, as well as business-education support intermediaries. The report highlights the importance of businesses in shaping education policy and promoting educational attainment.

Since 1942, CED has been researching and supporting policies to promote shared, long-term national prosperity. In today’s economy, businesses face unprecedented competition from abroad and must prioritize education to succeed. However, fewer than 40 percent of Americans have a college degree, making it even more critical for businesses to invest in their employees’ education and training.

Through its research, CED found that businesses can play a crucial role in shaping education policy and promoting educational attainment. For example, some employers are offering tuition reimbursement or flexible scheduling to accommodate employees’ academic pursuits. Others are partnering with educational institutions to provide training and certification programs.

CED’s research also identified barriers to employers’ efforts to support their employees’ education, such as the cost and lack of flexibility of traditional postsecondary education. The report suggests that policymakers should work with employers to create more flexible and affordable education options, such as online courses and apprenticeships.

Takeaway

In today’s rapidly changing economy, the importance of education and training cannot be overstated. As technology and automation continue to transform industries and create new job opportunities, businesses face the challenge of staying ahead of the curve and ensuring their employees have the skills and knowledge necessary to succeed.

That’s where the role of businesses in shaping education policy comes in. By investing in their employees’ education and training, businesses can help close the skills gap and stay competitive in the global economy. Offering tuition reimbursement, partnering with educational institutions, and creating training and certification programs are just a few ways that businesses can support their employees’ postsecondary education.

But businesses can’t do it alone. Policymakers must also play a crucial role in creating an education system that meets the needs of both employers and employees. This means working with businesses to create more flexible and affordable education options, such as online courses and apprenticeships. It also means supporting policies that prioritize education and training, such as increasing funding for workforce development programs.

Together, businesses and policymakers can create a better-educated and more prosperous workforce for the future. By prioritizing education and training, businesses can help their employees develop the skills and knowledge necessary to succeed in today’s economy. And by working with businesses, policymakers can create an education system that meets the needs of both employers and employees, ensuring that America remains competitive and prosperous for years to come.