MOORESVILLE, N.C., Feb. 22, 2018 /PRNewswire/ -- Today, Lowe's
Companies, Inc. (NYSE: LOW) announced Track to the Trades, a new
workforce development initiative that aims to provide innovative
career alternatives and financial support for employees to pursue a
skilled trade. The program will be supported in partnership with
Guild Education, an adult education company. The initiative comes
at a time when the skilled trade industry is experiencing a rapidly
declining workforce.
According to the Home Improvement
Research Institute, more than 60 percent of skilled trade
professionals agree that there is a shortage of labor in the
construction industry. The same study reports ongoing hiring
challenges for professional contractors, with 40 percent of pros
looking to expand their job site workforce.
To begin addressing this critical trade skills gap while also
providing employees with a variety of career paths and economic
opportunity, Lowe's is offering employees:
- Upfront tuition funding for trade skill certification
- Academic coaching and support
- Placement opportunities for full-time pre-apprenticeships in
Lowe's nationwide contractor network or continued growth with
Lowe's
Beginning March 1, Lowe's will
debut Track to the Trades in four cities: Charlotte, Denver, Pittsburgh and Richmond. Following the four-city pilot, the
program will be expanded to qualified Lowe's part-time and
full-time employee nationwide by the end of 2018.
Eligible employees will receive up to $2,500 to gain a certification and serve as a
pre-apprentice in carpentry, HVAC, electrical, plumbing or
appliance repair careers. Pre-apprenticeships take approximately
six to 10 months, and participants will also receive enrollment
guidance and a field mentor.
"The trade profession is a high-demand, high-opportunity field
for the next generation workforce, and today, there is a massive
unmet need," said Jennifer L. Weber,
Lowe's chief human resources officer. "With Track to the Trades, we
are providing unique career alternatives for our associates while
also building a pipeline for the next generation of skilled trade
workers, allowing us to better meet the demands of customers while
creating long-term educational benefits and economic opportunity
for our people."
The U.S. Bureau of Labor Statistics (BLS) reports that the
nation's need for workers in the skilled trades is increasing much
faster than the growth of employment overall, according to a recent
forecast. In fact, Lowe's analysis of BLS data projects we will
experience a skilled trades gap of more than a half million jobs
across construction-related fields by 2026. Lowe's Track to the
Trades program is a first step toward rebuilding the skilled trades
workforce and infusing pride back into trade professions that are
vital to society.
"Lowe's is leading the way on pre-apprenticeship models that
prepare employees for jobs of the future, both while working at
Lowe's and beyond in their careers," said Guild Education CEO,
Rachel Carlson. "The education
pathways offered by Lowe's eliminate the all-to-common false choice
between trades programs and advancement in higher education. At
Guild, we're honored to be working with the Lowe's team on this
first-of-a-kind partnership."
About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a
FORTUNE® 50 home improvement company serving more than
17 million customers a week in the United
States, Canada and
Mexico. With fiscal year 2016 sales of $65.0 billion, Lowe's and its related businesses
operate or service more than 2,370 home improvement and hardware
stores and employ over 290,000 people. Founded in 1946 and based in
Mooresville, N.C., Lowe's supports
the communities it serves through programs that focus on K-12
public education and community improvement projects. For more
information, visit Lowes.com.
About Guild Education
Guild Education is transforming
the way employers offer Education as a Benefit to their employees.
Guild Education's platform makes offering education benefits an
easy choice for leading companies, with a platform to help
innovative HR leaders turn their education programs into a
long-term positive ROI for their company. The company's diverse
network of online, nonprofit universities offer a range of programs
from GEDs and apprenticeship programs through bachelor's and
master's degrees, along with advising and retention coaching to
help each student navigate the worlds of work and post-secondary
education. As of today, Guild Education has raised a total of
$31.5 million in funding from
Bessemer Ventures, Redpoint Ventures, Harrison Metal, and Cowboy
Ventures. To learn more about Guild Education, visit
www.GuildEducation.com.
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SOURCE Lowe's Companies, Inc.