How Talent Finance Carves a Path for the Future
The ASU+GSV Summit, founded in 2010, developed from a collaboration with Arizona State University (ASU) and Global Silicon Valley (GSV). The annual meeting centers its mission on all people gaining equal access to the future and connects leaders and businesses focused on these goals in learning and work.
Jason Tyszko, vice president of the Center for Education and Workforce, outlined the significance of financing when discussing both the cost and desire to upskill employees when he attended the summit this month. Through the U.S. Chamber Foundation’s Talent Finance Initiative, a network of partners, including Walmart, Google, and Microsoft, are exploring a public-private approach to financing options that are more affordable, generate less debt, and can achieve better outcomes.
“Right now, as a country, we have a tremendous student debt problem, and a lot of people are trying to solve it,” he explained. “What’s more is we have employers who are putting a tremendous amount of skin in the game, but they are not necessarily optimizing the results that they are getting with that investment. In fact, employers invest nearly $30 billion every year in tuition re-imbursement alone. On top of that, we have workers or older learners, who have been in the labor market for some time and who need to upscale and rescale but don’t necessarily have access to the capital or financing to do it in a more affordable way.”
As jobs shift to new industry demands, skills will need to pivot to address those specific employer needs. Coupling these concerns with inherent risks of the labor market, such as changes in employment and fluctuation in income, this approach considers both learners working to enter the workforce and unemployed or under-employed workers seeking different opportunities.
Learn more about our Talent Finance Initiative here.