Corporate academic partnerships aim to bridge the gap between theoretical knowledge and practical application. They are a win-win situation for both sides, fostering innovation, economic growth and a more prepared workforce. There are many reasons you may consider a corporate academic partnership. Below, we list the top three.
How Corporations Benefit from Academic Partnerships
1. Meet Evolving Industry Demands
Corporate academic partnerships encourage your employees to develop new skills and a fresh perspective on approaching their jobs. Employers who take advantage of educational partnerships reduce the need to hire external resources and the potential for internal information gaps. The skills gap in many organizations is a challenge in nearly every industry. Employers hire outside help or invest in lengthy searches for the perfect hire, which can be costly and inefficient. Companies can invest in their workforce by helping employees gain new skills and knowledge. This makes employees more valuable assets and strengthens the overall skillset of the organization.
2. Tuition Benefits Are an Employee Retention Tool
Companies that commit to their workers’ career development benefit from increased employee retention. Employees who receive education and training opportunities often feel a sense of loyalty and believe they can grow within the organization instead of seeking employment elsewhere. When companies offer tuition assistance, it shows employees they value their growth and development. In addition to serving as a retention tool, a well-designed tuition benefit program can attract top talent. Tuition benefits are a significant perk for potential hires, especially in a competitive job market.
3. Boost Engagement
In addition to enhancing employee skills and knowledge, increased education levels correlate with escalated confidence. Workers are often re-energized when they complete certificate and degree programs which elicit feelings of pride and increased self-worth. High enthusiasm often creates a ripple effect among co-workers, and they benefit from their colleague’s new knowledge.
Overall, corporate academic partnerships are a strategic investment that can pay off in the long run by reducing turnover, attracting top talent and fostering a more skilled and engaged workforce. UMass Lowell’s corporate academic partnerships enable your employees to take advantage of a variety of benefits, including customized training opportunities and academic support. We deliver courses and training engagements on-site, online or in our state-of-the-art classrooms and lab facilities. Let us know what is best for your workforce’s schedule.
Interested in Learning More?
Consider the benefits of becoming a Corporate Academic Partner.