It's a good time to be in the education business right now. Education as a business has been steadily growing for decades. Increased participation from families seeking academic improvement, increased competition for scholarships and internships, and advancements in EdTech (information technology) have made education an increasingly valuable industry. While the global pandemic has affected the education business in many positive ways, it has also accelerated a lot of the issues facing the industry. What are the challenges and the benefits of being employed in and connected to education as a business? Let's look at some factors.
An Expanding Market
Education has been expanding to online avenues as the internet has expanded and become more commonplace in the home. Pre-pandemic, colleges had been at the forefront of using EdTech to connect with students, expand their revenue sources and streamline their operations. But quarantine restrictions due to COVID-19 forced educators to rapidly expand the scope of EdTech to children as young as 3. A wider user base means more customers and a bigger market share. According to a recent study, the online education market is forecast to grow by $247.46 billion by 2024.
But what about those who do not have reliable internet access which makes all of this innovation possible? For some US cities, they are prioritizing investment in digital infrastructure as a way to stay connected. Expanding access and speed is the only way that companies and services which can only be experienced through a reliable, affordable internet connection will continue to see growth.
A Declining Labor Force
We've examined before the teacher shortage occurring in the US today. Much like how positive trends have increased due to COVID, so has this negative trend. Teachers are retiring in higher numbers than ever before, and many teachers are considering leaving the industry much earlier than planned. On top of this, job factors like increased responsibility, rising classroom sizes, and inadequate compensation are discouraging young people from entering the teaching profession at all. So what can be done?
While many districts are offering incentives and sign-on bonuses to new teachers, there are also plans in place on the national level to invest in recruitment and training of teachers to make it easier to enter the profession. The “Grow Your Own” program, which focuses primarily on community recruitment in areas with large populations of color, is going to be expanded, bringing much needed diversity to the American teacher workforce. While conditions are tough for teachers today, this could turn out to be the best time for enthusiastic and passionate people to use these new and expanded resources to enter the field and improve conditions from within.
A Pivot to Upskilling
The education market isn't limited just to children. The continuing and adult education market is also expanding. Upskilling, the process of a worker or a business acquiring new skills, has become much more popular due to the pandemic and the increased need to work online and be digitally connected. Companies are being encouraged by the education industry to invest in education and training for their current labor force, rather than falling into a cycle of employee turnover.
Employees also look at the chance to grow their skills as a company-provided benefit, just like retirement plans or disability insurance. Offering upskilling attracts motivated and ambitious workers to a company and can increase morale and loyalty among a staff. Needless to say, investing in upskilling has holistic benefits for everyone involved. EdTech companies focusing on continuing education are playing a vital role in the overall education market by contributing to a more stable workforce.
Higher Visibility from Parents
Now more than ever, parents are turning to alternative methods like supplemental education and tutoring to keep their kids focused and excelling in school. Official studies have shown that many children received much less day-to-day instruction from virtual learning than they did in person pre-pandemic. Math and English scores have gone down during the pandemic, and children overall are not advancing in knowledge that way that they should.
Tutoring centers have been a major source of help to families struggling with virtual learning. A supplemental education program, like the one offered at Best Brains, engages students 1-on-1 during classes to guarantee participation. Students' progress is highly monitored and parents are given reliable feedback on how their children are performing. Many of the issues parents were facing with school-organized virtual learning were addressed and often overcome in the Best Brains online classroom.
While many schools are offering either a hybrid or completely in-person model for the 2021-2022 school year, the fact remains that, for many children who haven't had the benefit of supplemental education, a lot of work needs to be done to catch them up academically. Parents are now more aware of these services and have more evidence of their efficacy in the form of friends, neighbors, and classmates who have been coping and performing much better thanks to their involvement. Best Brains, which has always held itself to the highest standards in the industry, is prepared to take on more students than ever before, to get them back on track and to provide an environment where every child can Be Their Best.
If you are interested in the benefits of a Best Brains education, you can get started with a FREE placement test today!