Craig Maloney, CEO of InStride, shared insights into the evolving landscape of education benefits within the workforce in a recent interview. Maloney’s leadership at InStride is focused on connecting companies with education providers to create opportunities for employees that align with company needs, such as improving retention or addressing skill gaps. He emphasized the importance of viewing investments in benefits not just as expenses but as initiatives that offer significant returns on investment for employers. Maloney highlighted the shift in perspective towards benefits as strategic investments that benefit not only the employee but also the company by enhancing retention, promotability, and filling open roles, while also having a positive social impact by providing education and upskilling opportunities at low or no cost, thus avoiding student loan debt.
Maloney believes that education benefits extend beyond traditional Learning and Development (L&D) and are becoming a core part of human capital strategies, driven by business priorities. This approach to continuing education is seen as more engaging and beneficial for employees seeking upward mobility and higher pay scales. He contrasted InStride’s model with traditional tuition reimbursement benefits, pointing out that tuition reimbursement often requires employees to pay upfront, which can be a barrier to further education. In contrast, InStride’s model involves employer subsidies and program design consultation to meet specific human capital needs.
This approach to continuing education is aligned with the trend towards skill-based hiring, recognizing the value of skills acquired through experience over traditional degree requirements. Maloney argues for a more inclusive view of qualifications that accommodates individuals who contribute significantly to the workforce without holding degrees, suggesting a shift towards recognizing the importance of skills and practical knowledge over formal educational credentials.
