Employee Retention Through Education
Investing in Employee Education for the Future
To compete in today's global economy, it's important to keep pace with a rapidly changing business landscape. This may mean offering benefits, like tuition reimbursements, that attract personnel and increase employee retention. By providing employee education and training programs, staff members gain fresh, new ideas that put their companies in the forefront, and, in essence, improve the bottom line. Research confirms that the advantages of employee retention programs to the employer outweigh the risks:
- Turnover rate for those who take advantage of employee education benefits is reduced by at least 50 percent.
- Employee retention saves companies millions of dollars a year in new recruitment costs.
- Employees in retention education tend to be more committed to their organizations and consistently deliver higher job performance.
- Other benefits of education for business employees are job mobility, promotions and career advancement within the company, which has become increasing important as baby-boomers prepare to leave the workplace.
Other Benefits of Education for Business
From refresher courses to degree pursuits, education for business employees creates a better working environment by increasing productivity and profitability. Investing in human capital and employee retention are crucial in today's marketplace. But how can businesses ensure they get their money's worth with employee education programs? As a tradeoff for tuition funding, some companies require their employees to work for a certain number of years after completing an education for business.
Online Education for Business
For years, employees had to take valuable time away from work to attend classes when acquiring an education for business purposes. Now, many online colleges, like NECB, offer accredited courses to elevate employees' skills, all from the convenience and comfort of home. Students can brush up on accounting or earn a Master's of Business Administration as part of their employee education.
NECB Corporate Partnership Program for Employee Retention
To make employee education more affordable, NECB is partnering with organizations to give employees discounts on tuition benefits. Best of all, the Corporate Partnership Program extends this employee education benefit at no cost to the employer. When it comes to education for business, we believe you'll agree that offering flexible but industry-relevant classes is key to employee retention. For more information about employer benefits at NECB, contact us here.
