Tuesday August 20th, 2019
Tuition reimbursement is a benefit that some employers choose to offer to their employees. Also known as tuition assistance, this benefit provides reimbursement to employees for their higher education tuition. Most employers who offer it set a limit on how much they will offer in reimbursement. The intent is to encourage employees who want to further their education, allowing them to do so without the financial burden that can make pursuing a degree more difficult.
A tuition reimbursement program offers a clear advantage to employees. A savvy professional can turn the financial support from their employer into a college degree that will ultimately benefit them and their career. However, the benefits don’t just extend to employees. Employers gain a number of advantages by offering such a program, which is why your company should consider offering it as well.
Providing tuition reimbursement allows you to invest in your employees and their futures. When employees know that their employer is invested in them, they tend to be more loyal to that company. Additionally, offering this type of program as an employee benefit can help you attract up-and-coming talent for your open positions. According to a study performed by Accenture, one employer, for every dollar it invested in tuition reimbursement, saved $1.29 in lower recruiting costs and reduced employee turnover.
Upskilling is also a hot topic for employers, which refers to the ability to get employees trained and proficient in new skills that can benefit the company. Since a college education tends to include a number of different subjects, an employee who pursues a bachelor’s degree can gain skills that will be advantageous for their career, as well as the company overall.
Promoting from within can also improve employee loyalty and help your team members feel valued. When employees can further their educations, they may qualify for higher positions that allow them to move up and progress in their careers. This ultimately benefits your business as well.
Many companies are launching tuition reimbursement programs to take advantage of these benefits and invest in their employees. At Infinisource Benefit Services, we can help you put together a program that works for your business while encouraging your team members to continue their education and gain new skills.