Tuition Reimbursement
A tuition reimbursement program is one thing that every company should consider. Tuition reimbursement is good not only for the employees but for the company as well. Employers who offer tuition reimbursement are usually at an advantage over companies that do not offer it. Three key advantages plus several other less tangible benefits come from offering tuition reimbursement. (Browning, 2005) Improving retention of top frontline staff, attracting high-performing new employees, and boosting productivity and company profitability can all come from offering tuition reimbursement in the company. (Browning, 2005) Tuition reimbursement helps attract new employees as well. The attraction of this benefit is most powerful with younger job applicants. According to the Society for Human Resources (SHRM), education assistance is important to 20% of potential recruits under the age of 35, but only 4% of those over 55. (Browning, 2005) Since 79% of employers provide educational assistance (SHRM, 2002 Benefits Survey), the minority of organizations that do not offer this benefit may lose potentially valuable new talent to one of the majority of companies that already offers this benefit. (Browning, 2005) If a company wants to attract newer and younger recruits, tuition assistance is a good way to do so. By offering tuition reimbursement, employees improve their job performance. While employees are attending school, employers get the advantage of new knowledge and innovative ideas put into practice right in the workplace. Employees have a chance to apply what they are learning in class to real life situations. Employees also open the door by learning to promotional opportunities within the company. Several companies offer tuition reimbursement under a few stipulations. Many larger companies offer tuition assistance as long as the classes are related to the employee’s work. Some employers will pay for an entire degree but not usually. Most employers also require that
References: