Across the nation (and beyond), managers and industry leaders alike are striving to meet varying and ambitious diversity, equity and inclusion (DEI) targets in 2023. The impetus to do so is driven by demands from both shareholders and stakeholders.

Evidence of this trend can be seen in the changing hiring patterns of modern American corporations. Encouraged by America’s increasing diversity, companies are today recruiting a more diverse pool of talent. Indeed in 2019, a historic milestone was reached when the majority of new hires emanated from diverse backgrounds.

However, make no mistake that diversity hiring will prove inadequate if we do not dismantle the internal barriers that impede the advancement of diverse talent within companies, and learning leaders play a key role in creating an inclusive environment — for everyone.

Disparities remain: Despite growing diversity among new hires, a recent KPMG study found that only 3% of corporate board members are Latino, even though they comprise 18.5% of America’s population. In addition, Black and Asian executives are also underrepresented at the C-level; the women’s leadership gap is also an ongoing challenge.

Addressing these issues requires more than establishing employee resource groups (ERGs) groups and setting up more diverse hiring outreach programs. To maximize the potential of new hires from diverse backgrounds, employees require resources, skills investment and most crucially, access to professional development and workforce education options.

Strategic workforce education, which tailors education options to strengthen the organization’s bottom line while also providing employees with debt-free education, can aid organizations in achieving their DEI goals. It offers employees the chance to earn academic degrees and credentials, financed by their employer; the employer benefits by bridging existing skills gaps within their workforce and preventing future ones. In doing so, employees are then able to advance their individual careers, and future-proof the workplace in the process.

One Better Buys study on professional development underscored this point. In it, 92% of the 2,000 surveyed employees said that access to professional development “is important or very important.” Moreover, companies that provided professional development opportunities reported a 34% increase in their retention rate.

It’s essential for companies to recognize the uphill battle that diverse talent faces to attain leadership roles. Making significant progress toward their DEI goals requires investing in workforce education and skills development. Such challenges are, in fact, surmountable with strategically aligned workforce education programs.

For any business looking to implement workforce education, here are some key success factors:

• Implement policies that link education with career advancement. Because when employees can see a clear leadership path linked to educational attainment, they are more likely to invest in the outcome.
• Eliminate financial barriers by offering tuition-free education: Consider forming strategic alliances with academic institutions or collaborating with partners to offer customized learning programs for evolving workforces.
• In a competitive labor market, the top talent will scrutinize prospective employers for leadership opportunities and education resources that offer a clear career trajectory. These individuals will also prefer companies that value employees with diverse educational backgrounds and life experiences.

Ultimately, the most competitive organizations in today’s market will be those who can confidently answer a prospective hire’s question: “Will you invest in my career development here?”