In today’s world, people of all ages are choosing to further their education by obtaining some sort of degree from a college or university. This has been made easier for most people because now there is an option of taking courses online rather than having to attend classes on campus. It also gives people the opportunity to work full time while furthering their education and using that opportunity to move through the ranks of the company. With the profits that our company has made over the past year, I believe it is in our best interest to use this money to help our fellow employees with tuition reimbursement during their time here.
A plan to implement a tuition reimbursement can bring professional opportunities to our company and help drive employees to different career fields that are within our company plus the benefits that can brought with it. A tuition reimbursement plan can help expand the knowledge of the company to our employees who decide to further their education. Taking business based classes can help employees see what opportunities their future can have. A few employees who were just seeking a job might consider going to school and turn the job into a career with the company.
Taking classes that are based on business etiquette, management and leadership skills, and how to use communication in a business setting will help employees to be a strong leader. Not only can going to school can help employees become strong managers, there is also a great chance of earning a larger income and being promoted within the company. The employees who choose to use tuition reimbursement and stay with the company after receiving their degree is like the company investing on its own future.
This investment is an affordable way to increase the retention rate in the company as well and prevents us from hiring outside sources with Tuition Reimbursement 3 degrees, but no background with the company. This also gives our employees large selection of career options to pick from when they receive their degree. In a large company like ours, there are a variety of jobs an employee can seek out because each position in management and higher levels tend to have their own areas that can be studied while in school.
A person can study Human Resources Management because they like to work with people while another person can study Computer Science because they are interested in technology. Other career options can take an employee outside of our building and to headquarters to help head marketing positions or work with the public on company image. With career options like these, employees can choose a profession that they like and also earn more money doing it. Having a college degree is not only a something anyone can frame, it can have value, along with other benefits as well.
According to the Get Rich Slowly website, it states that “on average, those who have a college degree earn almost twice as much as those who do not” (Roth, 2008). Employees with have a higher lifetime earnings with a degree, making roughly a million dollars in their lifetime (Roth, 2008). Making more money would not be the only benefit that employees can get. They will have more knowledge of making more educated choices in their personal lives such as retirement plans and investment options. More doors open for the employees who have a degree because of the training and experience that are not available those with one.
All of this means that we increase retention in our company. There are companies who spend money in trying to fill positions from outside sources. When they find someone to fill that Tuition Reimbursement 4 position, the new employee is new to the company. That company is taking a big risk because the new hire is unfamiliar of how the company runs and it takes training and time. If our company offered tuition reimbursement to our own employees, they will most likely stay with the company in the hopes of being promoted.
Unlike hiring a person outside of the company, an employee of the company will require less training as they move through the ranks of the company. This saves our company time and money without starting from scratch with a person who has never worked for us. Another benefit is that employees can be mentored and developed as they are taking courses in school. A mentor can be someone who can develop an employee who is interested in the same position of the mentor. Development at the early stages can give the employee a real sense of how different positions work.
Once again, this saves the company time and training with a seasoned employee rather than someone outside of the company. Investing in our employees is an investment for the company. We should be able to reward our hard working employees who are balancing a career along with further education and a personal life. Implementing a tuition reimbursement program for those who take the business and communication course related to the company well keep people with our company long and sparks interest to those outside who are looking for an employer who encourage advancement to their employees.
Please keep in mind all the benefits that a tuition reimbursement program can do for us. The first being the career opportunities that give employees an idea of what kind of career that would see themselves here in the company. The program can change a person’s mind between having a Tuition Reimbursement 5 job and having a career. Other benefits discussed were the earning potential that an employee can have once they have received a degree.
Having help with getting a degree can also help employees to make smart decisions within their personal life and investments. These investments are an added bonus to the company when employees are able to take advantage of a larger salary and better benefits. All these things impact the success of our company. We have the money to invest in this program and it would be an excellent benefit for our employees to consider. The decision is up to you and I hope I was able to bring up valid points for you consider using the extra money for our team.