It’s a proven fact that an improved education assistance program through scholarships, grants, cross-training and tuition reimbursement programs will equate to an improved employee retention and satisfaction rate.
As any HR professional knows, employees who feel like they have “just a job” are the employees most likely to leave, but you can’t afford that or any form of high turnover rate. If you want to nip this issue in the bud – adopt our employee education assistance program.
Fortunately, employer-provided benefits like tuition assistance, scholarships and education assistance can help stem the tide of this potential turnover. Whether these programs take the form of scholarships for employees, tuition reimbursement, children-of-employee scholarships or community scholarship programs, they’re the kind of benefit that employees are looking for.
The Society for Human Resource Management Report
According to the USA based Society for Human Resource Management’s (SHRM) 2015 Job Satisfaction and Engagement Report agrees. According to that report, “Generation X employees were more likely to report paid training as a contributor to their job satisfaction compared with Baby Boomers.” SHRM also notes that employers who require their workers “to have advanced degrees or value higher education in their culture may want to emphasize this benefit in order to attract talent.”
Education assistance benefits are vital for any organization looking to attract and retain a talented workforce. But how do you ensure the ongoing impact of those programs? You can manage your education assistance programs by making note of the following:
- Understand your budget. This goes hand-in-hand with setting up your program criteria, such as how many employees can qualify for tuition assistance in a year, what programs are approved for reimbursement and when (or if) to cap your organization’s contribution.
- Keep your employees in mind. As you start or improve your tuition management system, it’s important to think about just who your employees are. What are their needs? How old (or young) are they? Where could you most effectively build talent?
- Communicate about your program. Oftentimes, tuition benefits are advertised to prospective employees, but they may fall off an employee’s radar once they’re deep into their work.
Education assistance and tuition reimbursement offer a significant return on investment for companies of any size. They help make employees happier, more motivated and more capable.
In addition, your company will have a bigger, smarter, more flexible pool of workers, which can attract more talent. And, by recognizing your employees’ value by supporting their education, you’ll help keep that staff engaged and retained.
Some local organizations with the best education assistance and tuition reimbursement programs are in the financial sector such as the Bank of Jamaica, some major Credit Union such as COK Sodality Credit Union, and manufacturing companies such as Red Stripe Jamaica. There are many more similar local and international organizations that offer these benefits. Start by asking your employer about their education assistance program and also ask at your next job interview.