Adding "Educational Reimbursement" to Employee Benefit Programs
The Competitive Edge
In today's challenging economy, employees must possess a wide variety of skills to survive in the workplace. To give staff a competitive edge, many corporations offer employee benefit programs that provide a tuition discount for those who want to upgrade their skills by furthering their education. According to a national study, 85% of businesses provide some form of tuition assistance for employee education programs—making this a standard offering in human resources employee benefits packages.
Although reimbursements for employee tuition may be costly, companies reap a big return on their investment by building a more educated workforce. Employee tuition assistance programs are also effective tools to retain top performers, increase company loyalty, and reduce turnover—resulting in real dollar savings. In addition, offering partial or full tuition discount enables businesses to attract highly motivated talent. Recognizing the mutual advantages of employee tuition assistance, more progressive companies are strategizing their approach to employee benefits services to meet organizational goals.
To ensure employees are getting the most of their education, some companies implement rules that employees must meet in order to receive a tuition discount. These include GPA requirements, employment contracts and degree time limits. Before participating in HR employee benefits or faculty tuition discounts, employees need to know the tradeoffs for continuing education.
Different Forms of Education
Gaining new skills through employee benefit programs doesn't always require a traditional classroom setting. Hundreds of colleges reward college credit to students who demonstrate a mastery of course content through company training or work experience, which saves the student time and money. Students can also earn degrees through distance learning with videotapes, correspondence or the Internet. Many online colleges, like the New England College of Business and Finance (NECB), offer undergraduate and graduate programs that are relevant to the industry and allow corporations to provide significant discounts for employee tuition.
Negotiating For Tuition Discount
The cost of employee tuition could add up and impact a company's bottom line. However, there are various ways to fund employee benefit programs and save money, such as negotiating with schools for a tuition discount. NECB partners with corporations around the U.S. to facilitate employee benefit programs at no cost to the employer. The Corporate Partnership Program extends the employee tuition benefit to immediate family members, with personalized recruitment and enrollment services. Partner companies can also arrange direct invoicing for all students, which reduces the hassle of paperwork. NECB knows employee benefit programs are crucial for company growth, and works to assist both organizations and employees to achieve their goals. For more information about the Corporate Partnership Program or NECB's vast selection of courses, visit www.necb.edu.
