“Education is for improving the lives of others and for leaving your community and world better than you found it”—Marian Wright Edelman
We are faced with a significant talent drain in America. While we have a talented and capable workforce, there is a lack of education, training and support for many young workers as they pursue their education and start their careers. Recently Federal Reserve Chairman Powell noted during his testimony to Congress that the upward mobility of less-educated workers has declined and has been part of a long-term downward trend. This seems largely due to the fact that they are unable to compete in today’s market. Unfortunately, due to the cost of higher education and the lack of government assistance to stave off the financial burden this poses, Americans from middle and low-class income brackets are the hardest hit and caught in a vicious cycle of debt and limited options.
One small step employers can take is to provide student loan repayment assistance to their employees. Doing so would be a win for both employers and employees and would help attract a new, talented pool of workers who are hungry for a better life and eager to contribute to society.
If we want to ensure this generation and future generations are equipped to compete in the coming age of Artifical Intelligence (AI) and other advanced technologies, we need to implement viable solutions such as tax-free education assistance for workers.
If we can work together to incentivize all Americans to reach for their goals and achieve their educational aspirations we will help fan the flames of innovation and, more importantly, contribute to making the lives of our fellow citizens better in every way. It is our duty, it is our American way to help others reach for the stars, so let’s do this together and encourage Congress to pass the newly proposed Employer Participation in Repayment Act (H.R. 1043).
Jamell Mihalik, SHRM-SCP, SPHR is Director of Human Resources at Carnegie Mellon University.
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