Investing in your employees is essential for any business to thrive in the long run. I this competitive market where companies are doing their best to attract the top talent and retain it, it is essential to find new incentives that will improve on the company culture and provide the already valuable employees a much-needed reason to stay and grow with the company. Simply throwing money into the mix is no longer enough, so it is time to get creative, and supporting employees with their college degree completion is definitely one of the ways. Now, let’s discover how this can be done.
Establish a tuition assistance program
This is one of the best ways of assisting your employees, and it is nothing short of a great investment. A recent study has shown that every dollar the company spends on the program generates a $1.29 savings. Now, there is a lot of unfounded fear that employees might take advantage of such a program, or that if they don’t participate they might not be serious about getting that degree. In reality, in most cases the issue is lack of available information. Some might not know that such a program exists in their company, while others might think they are not eligible to apply. So aside from establishing a tuition assistance program, a company should also consider doing an informative campaign about it and being open to employee questions.
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Adjust working conditions for employees pursuing a degree
Now, if you want to be truly supportive of your employees and their desires to get degrees, it is important to create working conditions that demonstrate it. For example, monitor their workload, and adjust it accordingly, it is also a type of investment in the long run. Create support groups, and make sure they have the resources they need. From access to relevant platforms where they can get QUT past exams, different student notes or simply guides for some subjects. That way you will show that you have an understanding for your employees and their individual needs. And in return, you can expect a higher level of commitment and loyalty, because they will feel like their company supports them.
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Take a page from one of the leading companies
Different companies approach this subject in different ways, but they all agree that it is an important aspect when it comes to employee retention and satisfaction. Companies like Lyft, Walmart, Taco Bell, Discover, and Chipotle offer education as a benefit program for their employees and have partnered up with different institutions to make it happen. Even giants like Amazon are on board, through their program they pay up to 95% of tuition and fees for certificates and diplomas for their employees. And not only that, they even offered their facilities for some of the courses to take place at. So far over 10000 employees have participated in this program.
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Get everyone on board
Having a program that supports the employees through their journey toward a college degree involves certain structural changes in the company. As we have already mentioned there has to be a shift in workload for those who are doing the work at their job and at home. But also there needs to be a raised awareness that these employees are performing double duty. So that the managers who monitor their work progress can make appropriate changes in schedule during exam times. This will help your employees achieve their goals faster, and at the same time save your company time and money in case they are not able to give 100% during these weeks.
Don’t look at establishing such a program as only a means to attract employees or something other companies are doing. Look at it as an important investment into the future of your company. This means that you should be serious about it, make a work plan and execute it. Just having it as an offer without going through with it can end up costing the company valuable employees.
It all boils down to how much are your employees worth to you. And in the current economy, a qualified, hard-working employees are a commodity, one that most companies are not willing to part ways with.