by Jessica Flora
Society increasingly values education and encourages continuing education. Each of your employees is unique with respect to his/her educational status. Some may be working to complete their associate or bachelor’s degree, while others might be working toward a graduate-level degree. Continuing education can also mean working toward a certification in a specific area or a soft skills course such as critical thinking.
Overall, additional education is a benefit to the organization. It will increase your employees’ skills and engagement while adding value to your organization.
The survey says:
According to AAIM Employers’ Association’s 2015-2016 Policies and Benefits Survey of 150 St. Louis and central Illinois businesses, 63% of organizations offer tuition reimbursement to their employees. The average tuition amount refunded by organizations if all of the policy’s requirements are met is $2,702.
Suggestions to consider when creating a tuition reimbursement program:
• Require that courses are job-related and a minimum grade is achieved.
• Set up a waiting period. This way your new employees cannot take a course and depart the organization. A waiting period of six months to one year is very common.
• Put in place a repayment program in which employees must pay back a percentage based on how soon they depart the organization. This will also ensure that your organization is receiving the most added value. n
Jessica Flora, PHR (solutions.team@aaimea.org) is on the Research and Solutions Team for AAIM Employers’ Association, which helps Missouri and Illinois companies manage their people and processes.
Submitted 7 years 200 days ago