Employer Education Benefits Tips When Creating a Benefits Package

When creating a benefits package for your employees, it’s important to offer a package that can attract and retain employees. Potential employees may weigh their employer education benefits heavily in their choices of employment. You can also design a package that will expand the capabilities of your employees through education benefits. By growing your employees internally, you can help avoid the time and risks associated with losing employees and hiring new ones.
 
Employer Education benefits usually come in two flavors:
 
  1. Tuition Reimbursement
  2. Continuing Education
 

Tuition Reimbursement

Companies offering Tuition Reimbursement programs are generally more college friendly, and these programs are typically much more lucrative to your employees than Continuing Education programs. When looking at a Tuition Reimbursement program, make sure you decide upon and document the normal parameters surrounding tuition reimbursement.
  • What are you willing to allow in terms of the maximum annual reimbursement?
  • Is there a lifetime, or program specific, maximum reimbursement?
  • Do you want to ask for a commitment from the employee, typically having the employee pay back some of the tuition dollars if they leave the company within a set period of time?
  • What restrictions would make sense for you in term of what degree fields you are willing to fund? Also, get some advice about any legal limitation that may apply at the state level.
  • Will you vary the reimbursement amount depending on the grades attained by the employee? For example, only reimbursing for grade of the “B” or “A” level.
 

Continuing Education

Typically focuses on professional and industry-specific certifications. In some industries, these certifications can be very significant to the employee, especially in the IT fields.
 
 
 Modern Business Associates frequently deals with designing employee benefit packages and issues.  As a Professional Payroll and HR outsource organization, our clients rely on us to help them effectively deal with these kinds of topics.