Key Insights Into Offering Tuition Reimbursement Programs

16 Jul

Providing tuition reimbursement can help workers develop their skills and stay at the company.

Developing workers' skill sets and knowledge can help their employers become more successful and have greater shares in the market. HR professionals are key when it comes to the talent management of the workforce because they are integral in providing training and education to workers. However, many workers often need to go back to school, or have gone to college and are in high demand among employers. Offering tuition reimbursement can encourage employees to gain the knowledge they need to help the business and also lead to acquiring more talent within the company. Even though these programs aren't new, they are seeing a revival, and employers and their HR professionals need to establish whether it is in the best interest of the company to invest in a tuition reimbursement program.

The Benefits of Offering These Programs
Tuition reimbursement initiatives are becoming more popular. One of the most cited models for this type of program is the one used by Starbucks. The Hill noted Starbucks offers full tuition for workers who choose to study at Arizona State University, and there are 40 programs Starbucks allows them to decide from. The program specifically aims to get those workers who are partially done with their degrees to finish their education.

According to an article in Forbes by finance expert Luke Landes, employers can gain much from providing workers with this type of benefit. Landes said he took advantage of this employer's tuition reimbursement program specifically to help him with his day-to-day tasks. Yet just better performance isn't the only gain – these programs can help with employee retention and loyalty, and can even encourage stronger talent acquisition and management. This is because higher-quality workers tend to be attracted to companies that value these initiatives.

Tuition Reimbursement Initiatives Should Be Part of Company Culture
These programs shouldn't just be an add-on to the company's current talent management and professional development initiatives – they should be an integral part of the entire company culture. Because worker quality is critical to employers' success, their training and development should be as well. The company culture should drive workers to improve and be better, but only making tuition reimbursement programs open to certain employees or not giving workers information on these initiatives can cause talent management to stagnate at the organization. HR professionals should look to ensure all workers understand the benefits of taking advantage of the company's tuition reimbursement perk. 

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