Benefits of Supporting Employee Education
This paper emphasizes the advantages Philip LLC and its employees can have by encouraging its employees to pursue higher education. Numerous studies have shown that many employees leave to pursue further education. A tuition and book reimbursement program that encourages employees to pursue further education will increase the likelihood that an employee will stay with the company. The rate of corporate turnover will decline as a result.
It has been observed that many workers in any organization want to sign up for part-time classes and higher education, but are hesitant due to financial constraints. If they finish their higher education, these employees will help the company. Personnel will be more prepared to contribute to the expansion and success of the firm after completing their higher education. There is a compelling reason why employers are increasingly offering employees financial aid for school.
Demand for New Skills from Employees’ Side
According to a new Gallup poll, learning and development are top priorities for job seekers and essential to keeping your current workforce happy and motivated. Regarding new career opportunities, 66% of workers between 18 and 24 ranked the chance to learn new skills as the third most important perk, right behind health insurance and disability benefits. Employees seek to grow new skills that will help them in their careers. 48% of workers, according to Gallup data, would switch careers for the chance to upskill (Rockwood, 2022).
Addressing Financial Barriers to Higher Education
Therefore, the business should launch a program to cover students’ tuition and textbook costs. This program will cover the employee’s additional education, and once they start working again for the company, they can repay it without incurring interest. This program for book and tuition reimbursement could be very helpful to the company:
- Improves staff retention rates.
- Encourages recruitment efforts.
- Employee skills are improved.
- Employee engagement and happiness are increased.
- Corporate taxes are saved.
Reference
Rockwood, K. (2022). How learning and development can attract—and retain—talent. SHRM. Web.