In June, Missouri Unemployment data reported that in our state, the unemployment rate was 7.9% in comparison to the national rate of 11.1%. Those numbers are down from April, when the unemployment number peaked at 308,494.

During this pandemic, the loss of employment in the hospitality, transportation, retail and professional services industries continues to escalate.  Individuals have been employed for many years with these jobs being their main source of income. They may have no backup plan or other skill set to help them transition to new employment opportunities.  Looking for a way to provide for their families, individuals are beginning to question if they should pursue training or higher education to become more marketable.  At the same time, however, with no income or large savings, the costs to pursue such opportunities becomes more challenging and less attractive.

Should you pursue higher education during this unprecedented period in history? Let’s  take a look at both sides of the coin.

Resources for Missourians

Missouri has been investing a lot of time and resources to train Missourians for the workforce.  Several initiatives have been launched such as the Missouri job recovery initiative. In addition, the Department of Higher Education & Workforce Development announced a new financial aid program called Fast Track Workforce Incentive Grant to address workforce needs in the surrounding Missouri region. 

With the many resources that are available to help individuals pursue further job training, you should not automatically conclude that the cost of higher education will be prohibitive. On the other hand…

Consider the Competition

Traditionally, higher education has been the key to a rewarding career, a great sense of accomplishment and, to a degree, a “sense of financial security.” Given the situation today, this is not necessarily the case. Just this year, many graduates of 4-year degree institutions are competing for employment with unemployed skilled workers with many years of on the job experience.  Internships have declined and the remote work option has lessened the need for brick and mortar, fully staffed offices. Individuals with some college or technical training are finding themselves competing in a different world. 

Making Your Decision

Before pursuing more education or training, follow these steps:

1. Do your research. Know what the industry you are interested in requires for education and training.
2. If additional skills are needed, how long and how much money will it take for you to become qualified?
3. Always think of your long-term goals in conjunction with short-term needs and goals (these should overlap and propel you to the next step).
4. Never forget the support of your family and friends. You will need to maintain a balanced and fulfilling lifestyle no matter what decision you make.  

A mentor once told me “Caprice, your plan B can be infinite — just always have one.”  I pass this advice along to others as we all look for ways to remain relevant and visible in the pursuit of our personal and professional goals.  It does not seem like COVID-19 will go away any time soon. Thus, this would be a good time for each of us to do an inventory of our SKAs: our skills, knowledge and abilities. Once we know what SKAs we have to offer that are solid, transferable and marketable, then we will be in a better position to make an educated decision as to whether the pursuit of further education or training will be in our best interest. If you have any questions or need assistance in this area, I’m at your service.  Feel free to reach out for a 20-minute complimentary and confidential coaching assessment email capricecoachinginfo@gmail.com.

“Don’t put off until tomorrow what you can do today” – Benjamin Franklin

Caprice C. Moore