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Chamber’s Detroit Drives Degrees Makes the Business Case for Investing in Employees’ Education

Last week, the Detroit Regional Chamber hosted Forward Detroit investors and Detroit Drives Degrees stakeholders to discuss ways to close the talent gap and continue propelling Michigan’s economy forward. With only 44 percent of all Michiganders having a postsecondary credential, the Detroit region lags behind the national average and this is one of the factors preventing Michigan from filling high-skilled jobs. View the full discussion here.

Investing in Your Employees

Jon Kaplan, corporate education, training and development leader for Discover Financial Services, had a compelling discussion with Danette Howard, senior vice president and chief strategy officer for the Lumina Foundation, on why businesses need to start investing in their employees’ education. Discover found that it’s a minimal expense to get employees enrolled and the return on investment is high. With an ROI totaling 144 percent from their employees’ education, for every dollar invested, Discover earned its money back and more. 

Key takeaways for employers looking to develop tuition programs aimed at upskilling their workforce:

  • The upfront cost can become a barrier to higher education, even if businesses have a reimbursement program, consider paying the educational institutions directly.
  • Choose a set of programs for which employees may apply. Select programs that will help employees grow within the company.
  • Provide academic coaching for returning students.
  • Hire a third party to work with the universities who understand university processes and language.

Read more about the discussion and the return on investment businesses can have from upskilling their workforce:

Workforce Solution? Tuition Help for Workers That Actually Helps 

Learn more about how to get involved with Detroit Drives Degrees here.

For more information on Forward Detroit, contact Marnita Harris at 313.596.0310. To view a full list of investors and past Investor Exclusive content, visit our Investor Resources page.