Why investing in higher education is a smart business strategy
You already know that recruiting and retaining high quality employees is an ongoing challenge for HR departments everywhere. How do you put together a benefit package that employees really want?
Education is a valued benefit.
According to the National Association of Colleges and Employers survey, tuition reimbursement came in as the third most desirable corporate benefit, only trailing behind fully covered medical coverage and annual salary increases. Furthermore, 87% reported improved organizational commitment and job satisfaction. If you had some inkling that tuition assistance could be a win-win for both the employer and the employee, then the research findings should convince you that the mutual benefits are staggeringly real.
We know training and learning opportunities empower associates to deliver for customers while growing and advancing in their careers. - Greg Foran, CEO, Walmart U.S.
Research demonstrates real ROI.
You might be thinking, “I know that offering educational opportunities can create a more proficient, productive and engaged workforce, but tuition assistance is expensive!” What if the benefits to your company – which by the way is a lot of positive metrics – included a real return on investment? The Lumina Foundation recently reported that Discover Financial Services reaps $1.44 in savings for every dollar spent on tuition assistance for their front line employees. That means this program can actually be a source savings and not a cost at all.
144% ROI for every dollar invested
Not all universities are equal.
If these statistics have you rethinking your tuition assistance benefits, then keep reading. The next question you should ask yourself is, “Which educational institution do I entrust with those dollars to ensure my employees acquire the knowledge and complete their degrees?” This is where you should do some digging. Many 4-year degree schools have low graduation rates. However, at University of Massachusetts Global, we boast an 82% graduation rate, helping to ensure your investment in your employees can be fully realized. Our graduation rate, coupled with our experience in serving working adults, were determining factors for Walmart and Discover Financial Services in selecting UMass Global to be one of their six university partners.
Working with select quality schools that yield positive results will also help our employees improve their chances of achieving a brighter financial future. - Jon Kaplan, VP Training & Development, Discover Financial Services
A nonprofit university that invests in students.
What is UMass Global’s recipe for superior degree completion rates? There’s two important ingredients. First, it’s our culture of student support. As a nonprofit, we put our money in student services staff to guide your employees through the entire educational experience and provide the helping hand they need along the way. Second, it’s our backwards designed curriculum. We gather data on employer needs and then build our courses to ensure our graduates gain the most applicable skills to serve your organization. The evidence is so compelling that brands you know are investing in tuition assistance programs - Discover Financial Services, Walmart and many more – and doing it with University of Massachusetts Global. If you’d like to learn more about how a tuition assistance program at your organization can return dividends, we’re happy to walk you through it, just visit our partnership page to request information.