External Education and Educational Reimbursement Programs
By Dawn Robson
A report from the ADP Research Institute, The Evolution of Work: The Changing Nature of the Global Workforce, indicates that 65 percent of employees recognize that constant role shifting within their organizations will require learning new skills, and 45 percent believe this trend of role shifting and having to learn new skills will impact them personally. And, according to the World Economic Forum, “60% of the skills needed in the next 20 years are not even invented yet”.
So…how do you, as a business owner, endeavor to keep your team on the top of their game and stay relevant in the changing work environment? The answer to this dilemma may well lie in providing access to external education programs. The educational needs of employees are diverse – from bachelor’s degrees, to skills boot-camps, to GED programs. A comprehensive education benefits platform can help employees find the right program to suit their aspirations and busy lives.
Post-secondary institutions offer a wide variety of programs in different formats and at different times and durations. Online learning and evening classes are popular options as they allow some flexibility with other work and personal commitments. Online tools like Moodle can allow students to collaborate on projects with fellow learners from different parts of the world.
An Educational Reimbursement Program is an excellent way to demonstrate to your employee group that you are committed to their development and growth as individuals. Although this can be an expensive program to implement, according to a recent study completed by Accenture Consulting, Cigna Healthcare Company received a 129% ROI on tuition reimbursement costs with savings related to employee promotions, retention and transfers. Now that’s a great investment!
An Educational Reimbursement Program can cover all or part of the cost of a staff member’s educational plan, with eligibility based on duration of employment. Employers may choose to pay for the course up front, or cover the cost on the successful completion of each course. The latter option ensures that your employee is committed to the program and will work diligently on the materials. You may also request that the employee share their learnings with their peers to get even greater value out of the training investment.
The commitment to learning is vital from both the organizational and individual perspective. Change is upon us – and it is up to everyone to ensure that both businesses and individuals remain relevant in the evolving work environment. Education benefits and reimbursement programs are important training options to consider given the flexibility in content and delivery that they provide. Your employees will gain the tools and opportunities they need to grow and you will inspire a culture of continuous learning in your workplace. This, in turn, will ensure that your business remains relevant and successful in the ever-changing business environment.
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