In the U. Among Millennial employees, 37 percent have student loans and, of that group, 46 percent say their loans are having a significant impact on their ability to meet other financial goals, according to a May PricewaterhouseCoopers survey of 1, full-time employed adults.
Since financial stress harms workplace productivity, a growing number of companies have been researching whether they can help their employees whittle down their student-loan debt. But student-loan assistance is a difficult benefit to administer. Legislation that would change the tax treatment of employer student-loan payments has stalled in Congress.
Providing such a benefit may be especially effective for companies with many younger employees and workers with advanced degrees.
Komen, whose employees range from entry-level staff to Ph. For Komen, with fewer than employees, administering such a complex benefit has been cost-prohibitive, but the company recently made a push to educate employees and job candidates about federal loan-forgiveness programs available to nonprofit employees.
The organization also has increased its focus on internal leadership development for midlevel employees and high-profile individuals. You may be trying to access this site from a secured browser on the server. Please enable scripts and reload this page. Education Benefits Present a Learning Opportunity Changes in higher education are prompting companies to rethink the education benefits they offer to employees. By Amy Merrick February 28, Reuse Permissions.
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Delete Cancel. You have successfully removed bookmark. Delete canceled. Please log in as a SHRM member before saving bookmarks. OK Proceed. Your session has expired. A look at one major healthcare company puts the benefits into stark relief. The study found that:. Tuition assistance is a boon to employees, employers and the bottom line.
That leads them to de-emphasize the program or make it difficult to use, rather than focusing their spending on college courses that benefit both employee and company. When companies bring tuition assistance into this fold, the results speak for themselves.
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Full Name Required. E-mail Required. We care about your privacy Your details are only shared with software vendors that are the right match for you. We use your email and phone number to ask further questions or to verify your identity. Thank you! We will follow up on your demo request as soon as possible. Earning a degree or job-related certification can give the person a sense of accomplishment, moving them forward in their career paths. Learning new information, especially if it relates to the job, can leave your employees feeling motivated and excited to apply them to work duties.
Someone who feels appreciated and has a high degree of job satisfaction may be more productive than someone who feels unappreciated.
By offering your staff the opportunities that a reimbursement program provides, you can indirectly boost their outlook on work and gain improved efforts simultaneously. An employee who takes classes may not finish the degree for several years, but each class offers new skills and information that they can apply immediately.
And you get the benefit of having fresh ideas introduced into your company. The staff member may help streamline the work processes or come up with a new way of doing things that completely change the way you do business.
These relevant certifications will hold your company in good stead from the outset and into the future. Some employees have no interest in taking classes. Some may take a class here and there but not complete an entire degree.
You can also set limits on how much you pay. You might limit the amount to a percentage of the tuition costs, several credits or classes, or a flat amount. On top of limiting the outright spending on education fees, there are also government grants and assistance programs that can lower the overall costs your company takes on.
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