5 reasons you should invest in your employees’ education
June 20th, 2017
It’s a job-hunter’s market out there right now, which is a welcome sign of a strong economy.
But that market puts pressure on employers to compete with one another for the best talent in their fields. That means if you want to attract good people—and keep them around for a while—you have to invest in them.
Here are five reasons it pays off to assist your employees with graduate school tuition.
1. You’ll save money.
Research shows that employees stick around for college-tuition assistance programs, which saves big bucks in employee turnover. A study by The Lumina Foundation found that, for example, Cigna saved $1.29 in reduced turnover and recruiting costs for every $1 it spent on tuition reimbursement.
2. More of your employees will be eligible for promotion.
That same Lumina study concluded that participants were 10 percent more likely to be promoted and made an average of 43 percent more money, over three years, than their colleagues who did not participate in the program. In the case of the universities we partner with, many offer the opportunity to add a certification—which may be just what your top talent needs for you to justify that they’re ready for a well-deserved promotion.
3. You can outsource your training.
Many companies require their employees to be enrolled in a program related to their job description to qualify for the reimbursement benefit. Regardless of if yours does, think of it this way: you’re investing not just in the general edification and retention of your employee, you’re also investing in that employee’s training. You’re helping them build a resource bank that may prove valuable for your company’s bottom line.
4. Many employees expect it.
More than half of employers provide a higher-ed benefit to their employees. That means competitive job candidates will easily find another employer who offers tuition assistance.
5. You’ll attract the right job candidates.
Employees who are passionate about their own professional development tend to be ambitious, hard-working, and devoted employees. Your support tells them you’re just as serious about them as they are about you.
Finding the right program for your company and your employees can be overwhelming. At SRUSA, our mission is to connect you with great programs suited for your workforce. Get in touch to learn more about what we offer.