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An Australian billionaire is offering university students the equivalent of $300,000 to complete their studies while learning on the job at his company.
Richard White, founder of logistics software company WiseTech Global, is expanding his “earn and learn” program, which also offers shares in the company upon graduation.
There is a small catch: On-the-job learning will extend the standard timeline for earning a degree from three to four years, but Mr. White said the extra year is worth it, as the degree is virtually assured.
White, a former guitar tech for bands including AC/DC and The Angels, has built WiseTech into a $31.23 billion powerhouse since it listed on the ASX in 2016.
‘Instead of having three years of effort, no pay and then HECS debt, (students) get four years of paid service and their salary increases as their skills increase, and they end up with a stock portfolio… and a career,” he said The Australian.
Richard White is expanding his company WiseTech’s “earn and learn” program (pictured with his glamorous girlfriend, Zena Nasser)
The program has been a success, with the first group of students outperforming third-year university graduates, Mr White said (pictured: some of the students in the 2023 programme).
According to the government, Australia will need another 650,000 tech workers by 2030 as it moves towards a “smart economy” that embraces modern innovation.
But White said that despite the focus and investment in science, technology, engineering and mathematics (STEM) in high schools and colleges over the past decade, the number of graduates in these fields has not increased dramatically.
WiseTech’s earn and learn program is gradually increasing from a cohort of 30 students in 2023 to 52 this year and 100 next year, doubling the number of students.
It is also opening up the program’s successful format for other companies to follow so that they too can work to address the skills shortage.
White said he is trying to spearhead something “very different in the education system” that creates “value” while avoiding many of the “pains” college students face, including HELP debt and breaking into their chosen industry. .
“It’s not like everyone is going to go to college, but we’re talking about people who will be much better off because of this hybrid arrangement.”
The program will expand to 100 students next year and the format will be rolled out to other companies in an effort to fill the tech worker shortage (pictured: 2,023 students).
The former musician said doing the work instead of simply learning theory in a classroom enhanced the learning process.
Speaking in terms of his first love of guitars, he said that the best guitarists will practice their instrument for a few hours a day and learn theory for a fraction of that.
However, most college courses focus the other way around.
“I think we’re onto something with this,” he said.
He stated that the first group of students in the WiseTech program starting in 2023 were already outperforming university graduates with a three-year degree.
The founder of WiseTech Global is now Australia’s richest boss, toppling mining magnate Andrew Forrest (pictured with CSIRO scientist and Genics founder Melony Sellers).
In addition to the university-focused program, White will also donate one percent of WiseTech’s pre-tax profits, which amounted to more than $200 million in 2023, to the Grok Academy.
The program teaches coding skills to elementary students to foster interest in the field from a younger age.
Applications for WiseTech’s Earn and Learn 2025 program open in June.