What's Happening?
Lexicon Inc., a steel fabrication and industrial construction company based in Little Rock, is expanding its workforce development initiative, Lexicon University (Lex U). This program aims to address skill gaps by providing in-house training for welders and other trades. Since its formalization in 2022, Lex U has offered free training to employees, focusing on trades, professional, and management skills. The program has partnered with Arkansas Northeastern College for industrial maintenance training and plans to expand with new facilities in Little Rock and Mississippi County. Lex U recently graduated its largest class, with 40 employees receiving certifications.
Why It's Important?
Lexicon's initiative addresses a critical shortage in skilled trades, particularly in welding, which is projected to require 320,500 new professionals by 2029. By offering free, specialized training, Lexicon not only fills its workforce needs but also enhances employee retention and loyalty. This approach could serve as a model for other companies facing similar challenges, potentially influencing workforce development strategies across the U.S. The program's success may also contribute to local economic growth by increasing the availability of skilled labor.
What's Next?
Lexicon plans to expand its training facilities, which will allow for increased capacity and the introduction of new training programs. The company will need to address the challenge of retaining trained employees, as they are highly sought after by competitors. Continued partnerships with educational institutions and the development of high school-level programs could further strengthen Lexicon's workforce pipeline.
