Amid the Great Resignation, and what LinkedIn refers to as the Great Reshuffle of talent, more employers are looking for ways to retain employees. One at the top of mind for companies has been upskilling or reskilling their workforces to fill higher-paying and often more technical roles. In fact, 46% of learning and development professionals say that upskilling and reskilling is a top focus area this year, according to LinkedIn’s 2022 Workplace Learning Report.
At the forefront of this effort is Guild, an upskilling platform that partners with employers, universities, and other education providers to bring courses as well as certificate and degree programs to workers. Last week, Guild announced a $175 million Series F financing round that will help grow the company’s business in more in-demand sectors, including health care and financial services.
“In this environment, where 76% of workers feel unequipped with skills they need—and that demand for frontline workers is stronger than ever—we’ve seen innovative companies knocking on our doors asking for help,” Rachel Romer Carlson, Guild’s CEO, tells Fortune. “This funding will help continue that work.”
This round of funding, led by Wellington Management, brings Guild’s valuation to $4.4 billion. Reports show that the upskilling industry has a market size of $370 billion. Other investors in this round include Bon Secours Mercy Health, Citi Impact Fund—and even Oprah Winfrey.
“I believe deeply in the power of education to change the trajectory of a person’s life, and Guild is creating a more equitable path to quality education,” Winfrey said in a statement.
How the funding will help Guild expand its offerings
Guild partners with employers, including Fortune 500 companies like Tyson Foods and PepsiCo, to offer a payment platform for course, certificate, or degree program tuitions and also offers other education and career services. For example, Guild’s partnership with PepsiCo will allow employees access to more than 100 undergraduate, certification, and other upskilling programs—all at no cost to them.
In the past year, Guild saw its number of members who use its Career Opportunity Platform increase by 140%. The company currently partners with about 80 organizations to offer learning programs, career development, and one-on-one coaching.
This Series F round of funding will help Guild build more partnerships in industries that are “experiencing major workforce transformation and talent shortages,” Romer Carlson says. That includes health care companies and financial services firms.
Guild also plans to grow its career services offerings to provide more support for users’ personal and professional growth. This includes features such as occupational assessments, employer loan repayment programs, and financial wellness tools.
“Workers want more than just purpose and pay out of their employers. They want greater opportunity and a chance to advance,” Romer Carlson says. “That’s the essence of what we’re trying to do with our career mobility offering and what we can unlock with our Career Opportunity Platform.”
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