It’s rare that an employee sticks around for more than a few years. To increase tenure, many companies are offering perks to keep their workers loyal. The most effective are those that help employees develop their skills and talents, but many companies are afraid to offer such benefits because they might enable an employee to leave for a better position. Tuition assistance programs are one example: They can help employers keep workers and improve their skills, but these programs must be designed properly. “Tuition assistance benefits, like student loan assistance, college coaching for families, and college savings assistance, are part of benefits that employers offer to assist employees with the cost of higher and ongoing education,” said Betsy Dill, senior partner and financial wellness advisory leader at Mercer LLC’s Los Angeles office. “Tuition assistance addresses the cost of additional education, training, and certifications that may be required on the job.” However, employers should be certain of what they are trying to accomplish with these programs. They need to be clear in their goals and market them to prospective employees who will use the programs to distinguish the organization from its competitors.
View Source: Bloomberg BNA