Solving employee recruitment challenges with fully-funded degrees
You know that in every successful company you’ll find a vision for the future. A goal. A strategic plan. A mission. Yet when it comes to employee recruitment and retention, looking ahead just to next quarter can be daunting. It’s so challenging that you might want to stop reading, but don’t. There may be a solution easily within reach.
Turnover costs more than you think.
It’s a tough reality: replacing an employee who leaves your company costs an average of 21 percent of their annual salary. While you understand the value in offering incentives to improve retention rates and lower turnover costs, do you know what employees really want? In a recent study, education benefits ranked the third most valued, just behind health insurance and salary increases. If you aren’t currently offering an education benefit that offers tuition assistance, maybe you should reconsider.
Investing in a tuition assistance program can help recruit and retain employees, yet you may be wondering, “How do I help my company cover the added cost while ensuring results?” Excellent question, to which there is an answer. In addition to tax benefits, your company could enjoy a demonstrable return on the investment. According to a recent Lumina Study, it was found that for every $1 spent, $1.44 was returned to the company – that’s a 144% return on your investment. It’s more than just a line item, it’s a revenue generator. Seems like a sure bet for future-proofing your business.
Ensure a future skilled talent pool.
Here’s another startling truth: California needs more graduates. A study from Center for American Progress revealed that if current trends continue, the state will face a large skills gap by 2030 — it will be 1.1 million workers with bachelor’s degrees short of economic demand. If you don’t produce a skilled employees for your business, who will?
Knowing what the future will hold can help you determine the steps you need to take today. Offering a tuition-assistance program is one way to help bridge the skills gap while future-proofing your business. Then partner with a university that knows how to serve working adults while bringing you the best return on investment — degrees for employees.
Find an education partner that improves your ROI.
Did you know that most educational institutions only graduate about 50% of their students? That’s a 50/50 bet that your investment will come to fruition. However, if you partner with University of Massachusetts Global, you increase the odds of a return on your investment because more than 82% of our returning students attain their degrees. With quality instruction that reflects the latest trends and innovations, UMass Global leverages the power of education and the highest levels of student support to help shape your future workforce.
As a socially responsible, nonprofit institution, UMass Global understands that the value of a degree is not only life-changing for its students, but also vital to our economy’s future. And, you know that highly qualified, well-trained employees can ensure success for your company, not only for today but for years to come. Let’s face it, providing educational opportunities not only sweetens your benefits package and empowers your workforce — it’s the right thing to do. At UMass Global, we’re so committed to making a difference, we’ll even help your HR department build a tuition-assistance program from the ground up.
If you’re ready to future-proof your business, join our partnership network today and strengthen your company one employee at a time — it’s just a matter of degrees.