Companies find that reimbursement programs can boost morale, build employee loyalty, increase efficiency and return on investment. Tuition reimbursement is alive and well. According to Human Resource Management some major corporations are willing to pay between $16 billion and $55 billion in education fees.
- Four in five companies say they offer the benefit (tuition), according to a national member-company survey for 2000 by the Society for Human Resource Management.
- One in three small companies offers reimbursement, according to the U.S. Labor Dept.
- According to Xerox, 1,700 employees are currently taking advantage of its tuition -reimbursement program, and some 40 percent study online.
According to a Hewitt Associates survey, about 88% of companies offer some tuition reimbursement.
In addition to the benefits listed above, in today's economy, tuition reimbursement is becoming an important recruitment and retention tool for organizations. Targeting companies that offer tuition reimbursement is a win-win situation for both your school and the companies you reach.
Key factors that can influence corporate alliance relationships include:
- Customize a course or certificate program.
- Develop on-site training at the employer's site.
- Build your your creative piece and make it rich with benefits, value, and relevancy to the companies.
- Target companies that are flourishing in this economic climate such as biotechnology/pharmaceuticals, utilities/energy, aerospace/defense, packaging machinery, medical equipment/instrumentation, government, HVAC/fire control, and safety.
- Look beyond U.S boundaries. Think globally.
- Incorporate webinars.
- Target companies of size. Human Resource Management reports that approximately 75% of all companies having a staff of twenty or more participate in some form of tuition reimbursement.
- Overlay a company match to your house file.
- Leverage print and online resources such as print advertising, online banner ads, direct marketing and broadcast media.
- Take the time to make sure you are reaching the right company contact.
- Personalize your communications to the target company- use terminology that is relevant to your audience.
The Beginning of a New Era Preview By: BERSIN, JOSH. Chief Learning Officer, Jun2009, Vol. 8 Issue 6, p14-14, 1p; (AN 40835969)
Seeing Around the Curve Preview By: SHEPHERD, LEAH CARLSON. Employee Benefit News, Dec2008, Vol. 22 Issue 15, p32-35, 4p; (AN 35620759)
Straight A's for Tuition Benefits Preview By: ROBBINS, MCLEAN. Employee Benefit News, Nov2008, Vol. 22 Issue 14, p62-64, 3p; (AN 35158273)
Partnering in the Learning Marketspace
By: Duin, Ann Hill; Baer, Linda L.; Meyerring-Starke, Doreen