Posted on: June 24, 2024
The high cost of tuition, the large number of borrowers struggling to make student loan payments, and the tight job market give a competitive recruitment and retention edge to employers who offer student loan repayment and tuition reimbursement benefits. But there are more far-reaching benefits than that. We explore them thoroughly in our white paper, Why Employers Pay for College—and How They Can Maximize Benefits.
For example, technology is changing the way businesses work, and workforces need to be agile. Continuing education is key to retooling employees, as well as keeping them engaged and productive. Investing in employees’ education offers additional tax incentives—and your brand management is highly impacted by how you treat your employees and the benefits you provide, as well.
These tangible and intangible benefits factor into the ways employers help with higher education costs for a multi-generational workforce that simultaneously pays off past debt, continues their education, and saves for the education of future generations.
Do Education Benefits Pay Off in Real Life?
Researchers continue to explore the impact and return on investment of offering various education programs for employers. As more companies have added student loan repayment, tuition reimbursement, and implemented provisions of SECURE Act 2.0 to help borrowers take advantage of employer match dollars, it’s important to consider the real-world impact.
For example, Walmart offers field associates 100%-paid tuition and books for degrees and certificates in high-demand job fields on day one with their Live Better U program.
In our white paper, we explore the research and other recent real-world examples. We feature new trends, such as collaboration between employers and higher education institutions, as well as how to maximize those partnerships. We also identify how employers can measure their return on investment on education benefit programs.
Learn More
For more research and examples of how and why employers are helping employees pay for college, read our full white paper.
If you decide to implement education benefits that set your business up for future success and help your employees thrive and prosper, you’ll need a collaborative partner. Let BenefitEd be that partner, helping you customize education benefits like student loan repayment and tuition reimbursement, and implement provisions of SECURE Act 2.0 according to your needs. Contact your BenefitEd representative today.