Putting Education Benefits to Work in Your Organization
The definition of today’s modern workforce is one of rapid evolution. A new generation of employees are job hunting – coming into the workplace with new priorities, concerns, and needs. Millennial workers,in particular, are inclined to place value on personal fulfillment and opportunities for development over long-term stability factors that influenced older generations.
How can your organization meet the challenges of this new workforce, and remain competitive in a world where the rapid changes in technology make keeping up difficult? The answer is simple and one that many companies take for granted – education benefits.
1 – Keep Employees from Drifting Away (to Competitors)
In adopting educational programs for your employees, you provide an alluring opportunity that helps talent stay with your organization. It reduces attrition and fosters longevity in the workplace. In a recent study, 7 out of 10 employees said that job training and employee development opportunities influenced their decision to stay longer at a job. And with an average cost of $4,129 and 42 labor hours to hire a new employee, education benefits are worth every penny spent to the employer.
Education benefits keep your employees fulfilled and engaged, as well provide cost savings at the end of the year when you factor in the expense of hiring and training. Removing the pressure of hiring new employees through cultivating in-house talent frees up time and resources to achieve a wider breadth of goals.
2 – Promotions from Within
Opportunities for internal promotions are an attractive concept for both employer and employee. But it’s about more than just employee retention. It’s increasing the value of talent to your organization. Employees whose proclivity for taking advantage of education benefits packages are usually candidates for moving up the corporate ladder. While many companies look outside of their walls for individuals to solve problems, one of your best options for filling higher-ranking positions is an internal hire. For example:
• Employees you already have are going to know the team, its strengths, and where improvements can be made, and will make for an easier workflow transition.
• Employees that take advantage of educational opportunities and benefits offered by an organization are more likely to remain loyal to that organization.
• Hiring in-house is statistically a safer financial bet. External hires demanded 18% more in pay and were 61% more likely to be fired from their position than an internal hire.
3 – Mutual Benefits for Employer and Employee
Crafting the right education benefits for your employees affords your organization a world of convenience. There are a number of ways that you will save you and your employees from the headaches of training deficiencies.
In certain fields, employees can spend up to seven hours a week outside of the workplace in on-site facilities educating themselves on skills that they need to succeed at their jobs. This is an incredible time commitment to be adding to an already busy work week. Spending so much time thinking of work outside of the workplace can drag employees down and reduce morale. Providing the flexibility of online courses is a huge win-win. Not only will this appeal to busy schedules, but also provide a more relaxed atmosphere in which to study and absorb new skillsets.
While partnering with specific learning institutions may seem beneficial at first glance, it’s actually the customized programs – tailored to the employee – that result in the greatest achievements. This type of concierge education benefits are advantageous to both the employer and the employee. For all parties involved, it ensures that coursework is aligned with the individual’s goal as well as your mission critical business challenges. Corporate concierge learning programs for companies can negotiate better pricing on enrollment and can typically save thousands in fees by helping employees complete their degree programs faster than businesses without this guidance.
Taking full advantage of education benefits provides an organization in the modern job market the opportunity to remain competitive, relevant, and a desirable place to work. The key to doing so however, is to implement the right program – one that offers a more individualized approach to continuing education. ClearDegree is an education concierge partner that works with companies and their employees to tailor tuition assistance (TA) programs that benefit both the organization and the individual. We represent a smarter way to invest in education benefits by bringing degree programs to professionals and creating a short list of ideal opportunities that are cost-effective and relative to corporate goals.
Contact us for more information about ClearDegree solutions that lead to higher completion rates of higher education degrees and increased ROI for companies.