Lissy Giacomán
CEO and Co-Founder
Vinco
/
View from the Top

Education as a Strategy for Retention, Productivity, Development

By Sofía Hanna | Fri, 02/04/2022 - 10:59

Q: How much work will it take to reduce the educational gap in Mexico and what will be the benefits? A: Reducing the educational gap in Mexico is a big multi-entity effort, though the accelerated tech adoption has opened new opportunities. Vinco helps those who have historically struggled with educational prospects to connect with those opportunities and prepare for the jobs of the future.

 

Q: What is the role of Mexican companies in improving the available talent pool?

A: Mexican companies can do so much to develop the workforce of tomorrow, and can obtain huge gains in the process. For example, operational bases and frontline workers tend to have really high rotation rates. If employers help sponsor their employees’ education – like their high school or college degree - employees stay for at least three to four years in a company instead of just a few months. Investing in different levels of education makes a great difference for companies because it also foments loyalty and motivates the employee. Companies also benefit from increasing productivity through upskilling as they identify existing skill gaps and align educational opportunities to the areas they want to strengthen.

 

Q: Why should a company invest so much on an employee when there is a risk of losing them to another company?

A: What if companies don’t invest in their employees’ development and they stay? Even if companies only invest in employees while they are working at the company, they increase talent retention, which is a large win for the company. For industries like retail or fast-food restaurants, this makes a great difference. In the future, if an employee has a good experience working at a company, they could return as clients or recommend working at the company to their peers.

 

Q: How do platforms like Vinco incentivize employee loyalty and retention?

A: We support companies by offering educational benefits at scale. For HR directors with a large operational base, finding the right educational opportunity for every employee can be complex.

Other companies offer similar educational benefits but they do not track their success. For example, some companies help their employees finish high school but the employer has no way of knowing if the employee is attending classes. Vinco manages that tracking process so companies can see the results of their offered educational benefit. Vinco also supports students on their academic journey to ensure their success. For Vinco, it is essential that every student who goes through our program finishes the program, which boosts their loyalty to the company and improves graduation rates. The company can see a return of investment from that educational benefit primarily through retention.

 

Q: In the time of the “Great Resignation,” how can Vinco’s solution help companies to be part of the “Great Retention?”

A: Employees are much more likely to stay at a company when their employers invest in their development. It’s interesting how most of the employees we’re working with say that they want to get their next degree because they want to stay at their current company and aspire moving on to a greater role. This is where and why educational benefits make a huge difference for companies; it demonstrates how companies care for its employees’ present and future, making them want to stay at the company.

 

Q: Are employers more open to hiring those without a degree, which could be later obtained through a program like Vinco’s?

A: With the current war for talent, companies struggle often to find the right talent outside the company; so they recognize that they need to develop that talent internally. This drives them to invest more in different education opportunities, which leads to greater talent attraction and retention.

 

Q: What myths exist in Mexico and Latin America regarding hiring and how can they be challenged?

A: The main myth or fear for companies in Latin America is not investing in an employee’s education because they will leave the company. Vinco breaks this myth by quantifying a company’s positive return on investment from education benefits through retention and productivity. It’s a trend we see more and more across the globe, as more companies see the benefits in investing in employee education.

 

Q: What does the educational panorama in Mexico look like in the short, medium and long term?

A: Latin America is the region with the largest skills gap, but recently, educational programs have become much more accessible and affordable, offering high-quality content and in flexible formats, particularly for working adults. The pandemic has been a main driver of this shift to digital, and we need to make sure that there’s a more equal access to these academic opportunities.

In the medium term, as technology adoption increases, further strengthening the quality of education is key. Academic programs will need to constantly be reinvented to maintain their attractiveness and create competitive professionals. And as lifelong learning becomes essential for everyone, employees will also constantly look for more education opportunities.

In the long term, reducing the skills gap must be the greater goal for the country and the region. With equal access to education opportunities, the workforce will constantly be connecting with the best education programs that prepare them for the jobs of the future.

 

Q: What must companies do to remain a viable option for the workforce?

A: As the war for talent increases, companies will rely more on learning opportunities to attract, retain and grow their workforce. To compete, they must take care of their employees’ personal development. Investing in education benefits is a huge win for employees, but also for companies.

 

Q: What can you share about your experience as a female CEO and the opportunities that exist for women to occupy more decision-making positions?

A: I find it really motivating that most of my interactions and meetings are with female leaders who are at the head of HR teams and educational institutions. I admire all that they’re doing to impact their organizations and the region – and working alongside of them, as well as my female co-founders Miriam and Sofia, is one of the best parts of my day-to-day. I look forward to seeing even more women leaders and entrepreneurs collaborating and empowering each other to push for more significant changes in the workforce.

 

Vinco connects employers looking to develop and retain their workforce, employees looking to grow their capabilities and educational institutions willing to boost their enrollment online.

Sofía Hanna Sofía Hanna Journalist and Industry Analyst