Educational assistance programs, or tuition assistance, can come in many forms: Student loans, grants, scholarships, or tuition reimbursement via employer-sponsored education. For students or prospective students, oftentimes one of the main deciding factors on whether to return or continue with school, outside of time commitments, comes down to finances. Some people are lucky enough to work for an organization who supports continuing education and has added an educational assistance program into their employee benefits offerings.
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This employee benefit is one where the employer pays for all or a portion of an employee’s educational expenses as they relate to tuition. While the benefits should be made available to all employees (or at least those with full-time status), traditionally the employer will impart certain requirements the student must satisfy to receive reimbursement for their educational expenses. For example, the employee may be required to hold a certain GPA, finish each class with a specific letter grade or higher, or that the courses and program directly relate to the employee’s current job.
Educational assistance programs are a great tool to market to top candidates and for encouraging existing employee retention. Retaining an existing employee is always a more cost-effective solution rather than recruiting, hiring, and training a new employee.
Contact VensureHR to learn more about educational assistance programs, employee retention, and recruiting services.