Posted on: March 10, 2021
BenefitEd now offers a Tuition Reimbursement program, in addition to an already comprehensive suite of education benefits program. Employers and employees alike will benefit from this new addition because it eases the burden of administrators, helps employers recruit and retain top talent, and gives employees financial support to further their education.
How does Tuition Reimbursement with BenefitEd help employers?
BenefitEd acts as a third-party administrator of the program, freeing up valued HR employees’ time. Employers can be assured their Tuition Reimbursement program will be handled smoothly, while HR employees can focus on more important work. Transaction functions, customer service functions, and reporting functions can be accessed by the employer at any time.
Employers can utilize this benefit to improve retention, and ensure that employees are receiving the best possible training so they can better perform their job duties. This benefit is built to reduce turnover by investing in current employees to grow with the company, and employers can promote more talent from within, instead of seeking out new external talent.
How does Tuition Reimbursement with BenefitEd help employees?
Employees can use Tuition Reimbursement to gain further skills and education with financial assistance from their employer. Continued education will give these individuals the tools to do their jobs more effectively and learn new skills that can help them move up in their profession. These new tools will make employees more valuable in the workplace and unlock new opportunities for growth.
Thinking About Implementing Tuition Reimbursement?
With Tuition Reimbursement, employers pay for a set amount of education credits or college coursework that is applied toward an employee’s degree. 85% of employers offer some form of tuition assistance, according to a 2017 survey. This benefit eases the burden on employees looking to advance their education in a desired field. Further education means increased industry knowledge and sharper skills they can bring back to the workplace.
While program details may vary by employer, there are some aspects of tuition reimbursement that remain constant. Annual reimbursement limits can be determined by the employer based on each employee, and reimbursements won’t usually cover the entire cost of a degree, but they can cover a good portion of the educational cost.
Eligible courses for tuition reimbursement can be limited to subjects related to the employee’s current job duties, or for a position they are working toward. Employers can also set a minimum grade the employee need to achieve in order to qualify for reimbursement. Companies can also require an employee to stay with the company for a few years after finishing the coursework to receive the full reimbursement amount.
Learn all about BenefitEd’s Tuition Reimbursement program and how our third-party management makes your job easier.