As competition continues to rise in the global marketplace, the need for a highly skilled and highly educated workforce is evident, as is the need to retain top performers through competitive benefits. People are a company’s competitive advantage; therefore, organizations are realizing the advantages of having programs that reimburse employees for some, or all, of their costs for certification and higher education. The better your tuition assistance program, the better your ability to attract and retain the best people, thereby making your company more competitive. In addition to the advantages of improved employee recruiting and retention, tuition programs help further develop your in-house talent and aid in succession planning—a hot button in many fields due to the aging baby boomer population.
It is clear that tuition assistance programs offer significant benefits to companies and their employees; however, many programs are underutilized. Managing a tuition assistance program can be challenging.