Employers across the country are facing hiring challenges and even though life may seem like it is getting back to normal, employers must find ways to attract employees and keep them. Perhaps one advice given to prospective employees should be look beyond the salary – does your comprehensive benefits package include an employer tuition reimbursement policy?
👉 Why Offer Tuition Reimbursement?
For a new hire, a benefit such as employer paid tuition reimbursement may be more valuable than their starting salary. Rather than a paycheck, which comes and goes, the possibility of having school tuition reimbursement offers an investment for his or her future. For hourly employees, being able to earn their bachelor’s degree while working enables them to establish a crucial credential that they will be able to take forward into the workforce. For salaried staff, acquiring critical skills can position them to take the next step in higher wages and/or a promotion.
In both cases, the employee whether they are hourly or salaried, feels a sense of pride from achieving both an academic and professional goal as well as an impactful long-term reward. MyFootpath Student Success and Research Manager, George Rohde, explains, “No one can take that degree away from you. You have earned it. You can make the investment in yourself by taking the first step and enroll in your employer tuition reimbursement program.”
Employer Tuition Reimbursement policies are being found at chains across the country; McDonalds, Chipotle, Taco Bell, and other major grocery stores and big box chains are offering some type of tuition reimbursement or employee assistance program. When an employer offers to help pay for school, an employee tends to stay with their employer longer. Furthermore, making an education tuition reimbursement program visible to the public fosters a platform for employees to attribute their success to the company itself, and to share their achievement on social media.
👉 How Does Tuition Reimbursement Work?
Your company sets the parameters. You can decide as an employer what cost band to enter in; the employer contribution can range from $2,000 to $4,000-$5,000 or higher. J.T. Allen, President of Operation Graduate, recommends keeping employer tuition reimbursement at the $2,000/year for general education or undergraduate degrees. He also mentions allowing students to have the freedom to choose their own majors and courses.
The employee should consider the pricing of the schools offered in the network and the overall cost for them as a student. Ideally, the student would maximize their Pell Grants, since this is money offered by the government that the student will not have to pay back but could also use financial aid to cover the remainder of the tuition.
👉How Can Operation Graduate Help You?
Having an employer tuition reimbursement program is one thing but having one that will attract employee use is another. On average, only 1-2% of employees make sure of programs offered by their employers. This could be due to the mass of information – from financial aid and grants to transfer credits. Operation Graduate makes it easy.
Operation Graduate can help your employees cut through all the red tape by walking the student through a series of steps to ensure that the application process and preparing for school is complete. Many other programs offer services to manage the money, but Operation Graduate already has a perfect solution. Operation Graduate works directly with the students in the program to help the students navigate the myriad concerns of an adult learner. Furthermore, Operation Graduate provides an additional scholarship to students who maintain a 2.5 GPA or higher.
Operation Graduate makes the process easy for employers. J.T. explains, “The key to a successful employer tuition reimbursement program is choosing a program that people will use but will not over-burden your company resources.” There is one solution to your one-stop shop for your employer tuition reimbursement program: Operation Graduate.
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