Training Industry Magazine - January/February 2020 - 52

CLOSING
DEALS

GUILD EDUCATION, NOW VALUED AT $1 BILLION,
HELPS ORGANIZATIONS UPSKILL EMPLOYEES
THROUGH EDUCATION BENEFITS
BY TARYN OESCH

An almost ubiquitous statistic coming
out of the World Economic Forum's
2019 Future of Jobs report is that 54%
of workers will need reskilling and/
or upskilling by 2022 in order for
them and their organizations to remain
competitive in the quickly changing
world of work. That's over one billion
people in need of training. How can
employers provide this education to their
employees in a way that's cost-effective
but enables them to be agile enough to
respond to changes in the market?
Training Industry market data indicates that
companies globally spent approximately
$43.9 billion on tuition reimbursement or
tuition assistance - essentially paying
employees to enroll in higher education
courses or degree programs. These
programs enable workers to earn degrees
that would otherwise be unaffordable
and keep their skills up to date with
ongoing education.
THE SHIFTING FUTURE OF WORK
"The needs of today's corporations are
changing faster than ever before," says
Rachel Carlson, co-founder and chief
executive officer of Guild Education
and a former member of the Forbes 30
Under 30. Adapting, she adds, requires
a "nimble" learning and development
(L&D) team that "serve[s] the role of
curator as much as creator and draw[s] on
great content from other entities - like
universities and industry associations."
Guild recently closed a Series D funding
round of $157 million, which valued the
company at $1 billion and established
Carlson as one of a handful of female

| 52

founders whose companies reached
unicorn status in 2019. Guild helps
companies transform their tuition
reimbursement programs "from a nonstrategic cost center into a data-driven
benefit and talent strategy," according to
its website.

THERE'S NEVER BEEN A
BETTER TIME TO MAKE
AN IMPACT ON LEARNERS
AND THE BUSINESS.
The company focuses on "high-demand
job titles," Carlson says, "and skills needed
for the future of work." For instance, Guild
worked with Chipotle to create a program
called Cultivate Education, which offered
custom education benefits programs
including university programs and
custom programs such as a bachelor's
degree in business with a concentration
in restaurant management. Chipotle
reports that employees who participate
are more likely to stay at the company
and even to be promoted within. Discover,
meanwhile, provided programs in critical
areas such as cybersecurity and computer
engineering "to enhance critical thinking,
analytical reasoning, problem solving and
quantitative aptitude," Carlson says.
"AMPLE OPPORTUNITY"
Guild will use the funding to expand its
reach to "the 88 million Americans who
need higher education to be prepared
for the future of work and help them
go to school debt-free through their

employer," Carlson says. "We see ample
opportunity to invest and grow the
business, including growing the Guild
team, bringing on additional employer
and university partners, exploring
acquisition opportunities, and providing
additional services like career support
for our graduates."
This ample opportunity extends to L&D
professionals. If it's true, as Carlson says,
that "2019 put a spotlight on education
as a corporate strategy creating a
win-win solution for employees and
employers," training managers may find
themselves in the position to shape
company strategy in a newer, broader
way. As we see the As we see the role
of the L&D professional expand, there's
never been a better time to make
an impact.
A SOCIAL MOVEMENT
Carlson believes that "we're in the
midst of social movement," and more
organizations will make education a
corporate strategy this year "to enable
working adults to advance their career
and align to their talent strategies."
As agility - organizational agility and
individual learning agility - becomes
increasingly important, the future of work
will require employees who are skilled
and ready to perform for their companies.
Providing education as a benefit is a tool
learning leaders should consider adding
to their training toolbox.
Taryn Oesch is the managing editor of
digital content at Training Industry, Inc.
Email Taryn.

https://www.weforum.org/agenda/2019/04/skills-jobs-investing-in-people-inclusive-growth/ https://www.weforum.org/agenda/2019/04/skills-jobs-investing-in-people-inclusive-growth/ https://www.weforum.org/agenda/2019/04/skills-jobs-investing-in-people-inclusive-growth/ https://www.trainingindustry.com/articles/workforce-development/5-ways-to-improve-roi-on-tuition-assistance-with-an-education-benefits-platform/ https://www.trainingindustry.com/magazine/nov-dec-2019/trends-2020-the-broadening-role-of-ld/ https://www.trainingindustry.com/magazine/nov-dec-2019/trends-2020-the-broadening-role-of-ld/ https://www.trainingindustry.com/articles/workforce-development/5-ways-to-improve-roi-on-tuition-assistance-with-an-education-benefits-platform/ https://www.trainingindustry.com/articles/workforce-development/5-ways-to-improve-roi-on-tuition-assistance-with-an-education-benefits-platform/

Training Industry Magazine - January/February 2020

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