InStride Celebrates Five Years of Growth, Innovation and Social Impact
Industry pioneer delivers workforce education programs for 50 enterprise companies offering their employees tuition-free degrees and courses
LOS ANGELES, March 20, 2024 (GLOBE NEWSWIRE) -- Today, InStride commemorated five years by announcing its 50th enterprise-scale corporate partnership, signifying the company’s position as an industry leader. With 25% average annual revenue growth since its inception in 2019, the workforce education solutions company has delivered notable impact for companies and their employees, including saving employees $57.6 million in tuition and achieving over 90% retention for participating employees.“Through a unique partnership between Arizona State University and TPG’s The Rise Fund, InStride was founded to help solve America’s talent and student debt challenges through employer-sponsored education programs,” said Craig Maloney, Chief Executive Officer at InStride. “I am thrilled that today, providing tuition-free education to company employees is the gold standard for America’s leading corporations.”
Business and social impact
Through consultative collaboration with academic and corporate partners including Medtronic, Intermountain Health, and Aramark, InStride has driven significant outcomes across myriad industries:
· $57.6 million in student debt prevented through free tuition coverage from employer-sponsored education programs
· A +74 Net Promoter Score (NPS) across corporate partners, academic partners, and employees
· 50% of employers expanded their programs after year one
· Average 7% participation rate for mature programs, compared to 1-2% for traditional tuition reimbursement
· > 90% of participating employees remained at their company
· 3x reduction in attrition rates for participating employeesCompany milestones
InStride’s status as workforce education’s premier innovator continued to take shape when the company introduced Career Education Paths, a solution that enables learners to connect education to skills and career advancement. More recently, InStride launched InSkilling^TM as a solution for employers to expand talent pools by replacing traditional degree requirements with skills-based hiring.
"Our partnership with InStride has enabled us to remove barriers to growth opportunities for our talent and increase retention with our Medtronic MAPS workforce education program. InStride worked with our team to identify relevant skills for our open roles, enable our emerging skills-based talent strategy, and broaden our access to a more diverse workforce for tomorrow's challenges," said Dr. Sally Saba, Medtronic Chief Inclusion and Diversity Officer.
InStride gained momentum in the healthcare industry in recent years with the company collaborating with prominent health systems such as Ascension and Intermountain Health to develop and launch first-of-their-kind hybrid clinical certification programs. Building on the company’s collaborative, strategic approach in the healthcare space, InStride announced new partnerships with Rochester Regional Health and SSM Health in 2023 and Saint Peters in 2024.
Looking ahead
“InStride has never been stronger and our distinctive combination of services and solutions are poised to deliver remarkable innovation for the modern workforce,” said Maloney. “Our roadmap includes enhancing our franchise capabilities and integrating artificial intelligence into our operations and academic offerings. We also aim to expand Career Education Path participation, introduce additional hybrid clinical programming to meet growing demand, and extend our offerings to Canada, marking significant global expansion.”
In May, the company will bring together forward-thinking HR, DE&I and L&D professionals alongside academic and social impact leaders for its third annual IMPACT Summit in Washington, D.C. The invite-only event will focus on the power of partnerships and building the workforce of the future.
*About InStride*
InStride, in partnership with top academic institutions, enables companies to provide career-aligned, debt-free education through a personalized digital platform and consultative service model. InStride empowers forward-thinking, talent-focused corporate partners such as Banfield Pet Hospitals, Labcorp and Magna to drive meaningful social and business outcomes by unlocking access to life-changing education. InStride was named one of the World’s Most Innovative Companies by Fast Company and a Best Place to Work by Built In for five consecutive years. Visit instride.com or follow InStride on Twitter and LinkedIn for more information and up-to-date news.
Contact:
Nick Greif, VP, Corporate Communications & External Affairs - nick.greif@instride.com, 323-363-8910