Greater Washington Partnership Blueprint Report

Tuition support helps employees deepen their industry knowledge and skills, enables them to advance along career pathways, and makes employers more competitive to jobseekers. It can also narrow the degree gap between racial and ethnic groups. More than 74% of Black and 80% of Hispanic Americans over the age of 25 do not have a four-year degree (compared with 64% of white and 43% of Asian Americans over 25);23 however, 87% and 81% of Black workers say completing a certificate or degree, respectively, will be important for their future success.24 By offering tuition assistance and loan forgiveness, employers can reduce financial barriers and enable their employees to obtain higher education, and thus bring valuable knowledge and skills back to their company and help boost employees’ lifetime earnings. Offering educational benefits also helps employers differentiate themselves at a time when talent attraction and retention are high priorities.

Earning a college degree can open doors to family-sustaining wages and other benefits, but systemic barriers prevent many Americans from obtaining one. The six-year bachelor’s degree graduation rate is 69.6% for white students and 51.5% for Black and Hispanic students.29 Moreover, the economic burden for low-income, underserved students is vast and goes beyond tuition. Financial pressure—either lack of funds or the need to maintain an income while in college—is a primary reason that students do not begin or complete a degree.30 And for those who do enter a degree program, the debt burden can be staggering. Black college graduates owe $7,400 more than their white peers upon graduation; by four years after graduation, Black graduates hold nearly $53,000 in student loan debt, roughly twice as much as their white peers.31 Contributing to scholarship funds is one step that Capital Region businesses can take to boost residents’ long-term earnings, minimize student debt, and diversify the future workforce.

Schools and out-of-school organizations operate on lean budgets, and often lack funding for supplies or services such as operations strategy, asset management, financial planning, and volunteer support.33 Ninety-four percent of public-school teachers in the US spend hundreds of dollars (or more) of their own money on basic school supplies for their classrooms; many cite this as one reason they leave the profession.34 Many education providers would benefit from operational, resource, and volunteer support that can be provided by the private sector, nonprofit community, and other organizations. For example, an intermediary that deeply understands educator and student needs can match a coalition of businesses with opportunities to provide support and manage the logistics of delivering requested resources and services to recipients. An effort like this could be augmented by an easy-to-navigate platform that highlights educator and student needs for businesses to meet.

During the COVID-19 pandemic, large numbers of Americans began leaving their jobs in a movement experts dubbed “the Great Resignation.” In 2021, roughly 4 million Americans quit their jobs each month, leaving approximately 11 million jobs consistently open throughout the year.42 Factors like automation and the general need for digital literacy exacerbate this trend, reinforcing the mismatch between open jobs and available qualified workers.43 Employer collaboratives can complete an analysis of open jobs in a particular region and assess the availability of training to equip regional students to fill those roles. They can also connect employers with community colleges and training providers to develop upskilling or re-skilling programs, and help develop selection criteria for job-seekers. The private sector can also support training development or upgrades to existing curricula, fund training programs for open jobs so they are free to participants, and commit to hiring graduates of the training programs.

Work experience is becoming increasingly important for high school
students looking to boost their resumes before applying to college or
seeking full-time employment.⁵⁰ It is also important for college
students, only 41% of whom report feeling extremely or very prepared
for their future careers.⁵¹

Internships and apprenticeships^G can help students develop a
professional network and prepare them for the workforce. However, the
opportunity cost of unpaid internships remains a significant barrier
for students who may not have the financial resources to work without
a salary.⁵² Businesses in the Capital Region can offer meaningful
paid work experiences to high school and college students as part of
their education investments and workforce development strategies,
thus building a talent pipeline of skilled future workers.

One in three young adults aged 18 to 21 transitions to adulthood without a mentor of any kind; this translates into 16 million young people nationwide, over half of which are estimated to be “at risk.”56 H Mentors can give practical advice on hard and soft skill development and career pathways, provide access to a professional network, and act as a source of encouragement and accountability during key milestones like college applications and interview preparation. Well-structured and executed mentorship programs bring professional and personal benefits to mentors and mentees, but many students are not aware of or do not have access to these opportunities. Many private sector employees have benefitted from mentorship throughout their academic and professional journeys or have lived experiences that make them well-positioned to offer guidance to younger generations.