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Business Benefits of Higher Education
In today’s challenging economic climate it is more important than ever that businesses utilise all available sources of support in order to create and maintain their competitive position. Higher Education Institutions in Herefordshire & Worcestershire are increasingly becoming invaluable partners to local businesses in their search for a competitive edge.
Universities and Higher Education Institutions can assist businesses in a variety of ways, including:
• Facilitating knowledge transfer;
• Supporting Innovation;
• Providing the future workforce;
• Developing leaders and managers. | |
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Facilitating knowledge transfer
- Helping companies unlock their potential by identifying and facilitating key areas of potential growth, such as new products, markets, and processes;
- Providing companies with the opportunity to exploit the latest business thinking, as well as access to the latest technology and ideas in specialist fields;
- Access to impartial specialist expertise at extremely good value for money;
- The opportunity to influence future developments in the HE sector
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| 2 | Supporting innovation
During difficult economic conditions, it is important to continue investing in growth, research and development. Businesses that do so often emerge stronger and more competitive than they were before the recession. Higher Education Institutions in Herefordshire & Worcestershire are well equipped to assist local businesses which want to prosper through their R&D activities. Initiatives such as Innovation Vouchers, which provide £3,000 worth of free HE consultancy to firms, have been shown to really help firms improve their products, processes and overall business positions.
Among the benefits employers have derived from working with HEIs on innovation are:
- greater responsiveness to customer demands;
- faster turnaround times;
- reduced waste levels and downtime;
- improved product design and quality;
- greater potential for a wider product range;
- streamlined relationships with suppliers and customers.
- Greater awareness of developments in a particular sector at an international level
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| 3 | Providing the future workforce
Together Universities and Higher Education Institutions in the UK help approximately 300,000 undergraduate and 100,000 postgraduate students obtain qualifications every year. The development of such highly educated people benefits not only the individuals concerned, by also businesses and the economy more generally.
Research with employers has identified the following ten key benefits of employing graduates:
- Graduates have great enthusiasm and are highly motivated;
- Graduates can apply their knowledge in original and creative ways;
- Graduates are enthusiastic learners and become productive at a faster pace;
- Graduates can more effectively and efficiently adapt to new environments;
- Graduates are the ideal target for career development and succession planning;
- Graduates starting their first job arrive with no baggage. They have no pre-conceived ideas about what can and cannot be done;
- Graduates have the ability to deal with complex issues and solve problems;
- Graduates are trained in cutting edge technologies and can help firms with both product and process innovation;
- Graduates can introduce new and fresh ideas, knowledge and techniques to the workplace;
- Graduates have the ability and experience of working independently and to meeting tight deadlines.
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| 4 | Developing leaders & managers
Higher Education providers in Herefordshire and Worcestershire offer leadership and management development opportunities ranging from short, bite-sized courses to full Masters level degree programmes. Frequently adopting a modular approach, these courses are designed to provide development pathways from junior management right through to senior management and chief executive Level. Local Higher Education Institutions and Research Centres are also able to offer in-company, bespoke management and leadership provision to cater for the needs of individual employers and their workforces.
Research by the Association of MBAs identified the following employer benefits from investing in management and leadership development:
- It helps generate new ideas and fresh thinking that can have an immediate and positive impact on the business;
- Employees frequently become more effective at work, generating new ideas and resolving problems;
- Company working practice is updated, using proven tools, ideas, and best practice to resolve business issues;
- Universities and HEIs can provide a 'safe' test-bed for cutting-edge ideas in preparation for implementation in the organisation concerned;
- It can greatly assist in the retention and motivation of staff, while also nurturing future leaders.
- Employees frequently develop informal networking activities, resulting in discussion of common issues and the pooling of good practice.
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| 5 | Other Services to Businesses
Universities and Colleges offer a broad range of services to businesses. These may involve up-skilling the management and workforce through short courses and staff development, or may provide direct input to business success through consultancy, collaborative research, testing of new products or running clinical trials.
Successful businesses often have long-term relationships with Higher Education providers that enable them to remain at the cutting edge of technology and rapidly adapt to new policies and markets.
Businesses wishing to find out more about these services should contact the University or College directly.
Sources of Course Information
Wider Horizons , UCAS , Hot Courses , Learn direct advice , Education UK
FAQs & Further Information
What do Universities and Colleges do for businesses?
- Development of short courses
- Accreditation of qualifications
- Consultancy
- Collaborative research
- Knowledge transfer
- Clinical trials
- Product design and testing
- Conference facilities
- Staff development opportunities
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