As the job market continues to grow, employers are looking for ways to effectively attract and retain employees. Employee benefit programs, such as health care and retirement plans, have been a traditional way to attract employees. Now, candidates are seeking out jobs that offer a wide range of educational benefits. One of the best ways to do this is by offering an educational benefit program to help attract and keep great employees.
Education benefit programs are commonly offered by employers in a number of ways, including paying employees to attend higher education through scholarships and grants, or repaying student loans and tuition. With these benefits in high demand, it is important to consider the best practices when designing them.
1. Tuition Assistance/Reimbursement
Tuition assistance and tuition reimbursement can be an excellent way to attract employees who are seeking to attend higher education. Offering a tuition assistance program encourages the continuation of their education which creates a more educated and skilled employee base.
2. Student Loan Repayment
Similar to tuition reimbursement programs, having an educational assistance program that includes student loan repayment helps to retain employees by easing the financial stress that student loans often cause. Likewise, this can be a great way to attract college-educated employees.
3. College Savings Plan
A college saving plan, commonly referred to as a 529 plan, is an education benefit that is run by the state and works similar to a retirement plan. A 529 plan effectively allows for employees to save for college tuition costs while working, and is a great way to attract motivated employees. This benefit may also be combined with others, such as tuition reimbursement.
4. On-the-job Training
A great way to provide employees with educational assistance is to offer on-the-job specialized training courses. Although it is not formal college training, employees will still learn new skills and improve upon current skills with a more focused and job-specific educational support program. This is also an excellent way to boost employee engagement.
5. Certificate and License Reimbursement
Similar to on-the-job training, reimbursing employees for specialized and job-specific certificates and license courses will allow for an overall more educated workforce. Offering this educational assistance option to employees also boosts morale and employee engagement within their organization.
Education benefit programs are becoming more common in the workplace as employees are seeking higher education and learning. While there are some logistical matters that must be organized to have them in place, these educational assistance programs are important to have as it is a highly effective way to attract and retain motivated and educated employees.