LOS ANGELES, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Demand for employer-funded education programs is on the rise according to a new survey report from InStride, a human capital management provider of workforce education solutions. The report, which surveyed over 1,000 employed American adults, reveals a significant 80% of U.S. workers under 45 crave career advancement through employer-provided education opportunities that allow them to avoid student debt.
The 2024 Workforce Education Motivations Report delves deeper into the preferences and motivations of the modern workforce, revealing three key findings that underscore the importance of employer-funded education:
- Workers crave academic credentials without student debt: Given two choices, 72% of employees would prefer “to pursue an online degree while working, with tuition fully paid for by their employer” versus opting “to pursue an in-person degree program, paying for tuition with their own funds and/or student loans.” This preference is strong among younger workers, challenging the belief that Gen Z favors in-person learning.
- Younger generations seek education to earn a promotion: 84% of respondents under 45 are highly interested in employer-sponsored education benefits, with 44% citing promotions as their primary motivation.
- Interest in tuition assistance has grown over time: Interest in tuition assistance, particularly where employers cover upfront tuition costs, has increased since 2019 with the proportion of employees who said they were “significantly influenced” by this benefit growing from 25% to 38%, a 13 percentage-point increase. In this time, the percentage of employees more likely to stay with their employer due to this benefit also rose from 48% to 55%.
“Employers that invest in fully funded education programs attract promising new talent, amplify their workforce's skills, support internal mobility and drive higher retention rates. Our survey findings reinforce the critical role of accessible, employer-funded education in today's competitive job market,” said Craig Maloney, CEO of InStride.
A deeper look at the rising demand for debt-free career advancement
The report uncovers that U.S. workers across demographic groups are turning to employers for access to education, driven by tuition costs that have risen twice as fast as inflation over the past 40 years.
Notably, 93% of Gen Z respondents expressed strong interest in workforce education benefits from nationally recognized public universities. This finding challenges the narrative that Gen Z is uninterested in traditional four-year degrees, indicating that they are in fact very interested when they can find a way to afford it.
Additionally, the report highlights that interest in education programs is highest among underrepresented groups, younger employees and managers, with these groups showing significantly higher interest levels than other employees.
“It's clear that today's workforce is eager to learn and strategic about minimizing financial burdens associated with higher education. By providing robust, fully funded education programs, employers can address these concerns and support their employees' career aspirations,” added Maloney.
Access the full 2024 Workforce Education Motivations Report.
About InStride
InStride is a human capital management company that delivers workforce education solutions in partnership with top academic institutions. InStride enables employers to provide career-aligned, debt-free education through a personalized, digital platform and a consultative service model. Empowering forward-thinking, talent-focused corporate partners such as Labcorp, Adidas, and Intermountain Health, InStride helps drive meaningful social and business outcomes by unlocking access to life-changing education. Visit instride.com or follow InStride on Twitter and LinkedIn for more information and up-to-date news.
Contact:
Nick Greif, VP, Corporate Communications & External Affairs, nick.greif@instride.com, 323-363-8910
