Closing the Skills Gap
BRIDGING BUSINESS AND EDUCATION
There is a growing disconnect between the skills employers need and what educational institutions are teaching. As a result, businesses spend $590 billion annually to retrain employees who have already attained higher education.
Strayer University bridges this divide between education and business by forging relationships with employers to ensure their workforces have the skills and knowledge to succeed in today’s jobs. Our work with more than 300 Fortune 1000 companies has resulted in innovative solutions such as:
- Workforce skills diagnostic and developmental training plans
- Onsite campuses that enable employees to earn a degree where they work
- Degrees@Work – a customized Strayer University degree program that is offered to employees at no cost. The program boosts employees’ careers and improves company performance and retention
A skills gap solution
Strayer has a deep understanding of how to bring business and education together for the benefit of the American workforce. Learn more about our work with employers like Verizon and FCA US LLC (Fiat Chrysler Automobiles).
Initial Findings on How Degrees@Work Bolsters a Workforce
In search of improved performance, productivity, retention and employee satisfaction, FCA US LLC (Fiat Chrysler Automobiles) partnered with Strayer University to offer our Degrees@Work program to dealership employees at no cost. Results are promising.
FCA US sets an example for how higher education is positioned to help a company invest in its existing talent – with tangible benefits for the organization and individual employees. After two years, FCA US dealerships are seeing improvement in employee performance that translates to business growth.
- Classroom and Career Alignment: When surveyed, employees participating in Degrees@Work scored the curriculum 9.4 (out of ten) when asked how well courses related to their career goals. This is largely due to the company-specific competencies built into the curriculum.
- Employee Retention: Participating dealers experienced nearly 40 percent higher employee retention. Employees participating in Degrees@Work were nearly two times more likely to remain with their dealerships than non-participants, based on first year retention rates.
- Improved Productivity: Improved retention also increases the productivity of sales consultants. Participating dealers reported that an employee with four to five years of dealership experience will sell an average of 10.8 vehicles per month, compared to 6.8 for sales consultants who have been at the dealership for one year or less. Enrolled dealers experienced 17 percent higher revenue growth than non-participating dealers.
This program gives us a competitive advantage. There are lots of automotive companies out there and tremendous products. What we can do now is bring in the best talent and the best employees and we can hang on to them.
Al Gardner, Head of Dealer Network Development for North America, FCA US