Tuition assistance has been around for a while, but it’s growing in popularity. The benefit helps employees attain higher education and develop their skills, which can be valuable for both the employer and employee. “As the pace of technological change accelerates, the role–and value–of education in the workplace is exploding,” says Patrick Donovan, senior vice president of emerging services for Bright Horizons.
Research finds that education benefits double as recruitment and retention tools–80% of employees say education benefits would make them more likely to recommend their employers, according to Bright Horizons. Adding the benefit also shows an employer cares about employees’ educational and career development, which workers say is important.
Assisting employees with education and tuition is an expense, to be sure, but companies often partner with universities and programs to drive down costs. The move also can help employers solve a big problem before it starts: a growing amount of student-loan debt.