By Adam Medros
It’s no secret that the age of automation is not just on its way; it’s here. Last year, the World Economic Forum estimated that 1.4 million people would lose their jobs by 2026, as a result of technological change, with more than 70 percent of those job losses happening because the job type will cease to exist.
I believe that the power to create immediate change and impact lies with corporations. Companies already implement corporate social responsibility (CSR) programs to give back to their communities and make a positive impact. They should now use these initiatives to join the fight against economic disparity and inequality by safeguarding the future labor force.
More education has historically had a positive impact on both average earning potential and the unemployment rate—and the data proves that employees are not only willing to accept the help, but that it would be a game changer for them. According to LinkedIn’s 2019 Workforce Learning Report, 94 percent of employees would stay at a company longer if it simply invested in helping them learn.
Skeptics should look to companies that are already tackling skills gaps by investing in education opportunities. For example, Amazon’s Career Choice program pays up to 95 percent of tuition and fees toward a professional certificate or diploma in qualified fields of study, augmenting established skills and allowing recipients to apply for in-demand jobs. More than 10,000 employees have participated in this initiative so far.
It is both a moral and economic imperative for companies to help protect the future labor force. This means focusing on removing the biggest barriers—time, cost and location—to high-quality education in popular fields.
By viewing training and development as a CSR initiative and investing in flexible pathways that make it easier for individuals to pursue lifelong learning, corporations can win the talent war, while also investing in their local communities.
Adam Medros is president and chief operating officer of edX.