Benefits of Tuition Reimbursement
| Benefits of Tuition Reimbursement| | Latoya Freeman| | 3/17/2011| Benefits of Tuition Reimbursement Programs I am here to inform you on why adding tuition reimbursement for bachelor’s degrees in business and communication will benefit our company. Since the company has already approved a budget for this expansion, and financial costs are of no concern, we should put this program into action. I think this program will be very beneficial to our company. I believe this program will open up a whole new world of opportunities for our employees.
People who earn their degree have more professional opportunities than those who don’t. They are open to a wide range of different careers, they have a higher earning potential, and this program will benefit our company. In today’s economy it is very hard to find a decent paying job without a college degree. The cost of living is on the rise and minimum wage is just not a valid source to provide for a comfortable living. We are always stressing to our employee about how much we value them and care about their well being. Why not help to provide them with the opportunity of a lifetime.
It is the dream of many of our employees to obtain a college degree, but because of different circumstances, they are unable to fulfill that dream. We have a lot of hard working individuals who have the potential to grow within our company and the thing that is holding them back is their lack of education. By offering to help with the expenses of tuition and books will show our employees that we are aware of their potential and we care about their success and the success of the company. This benefit will encourage those employees who have the desire to further their education do so and thus providing a loyalty to our company in appreciation.
It is no secret that those who earn their degree have more professional opportunities available to them. We can’t expect all of our good workers to remain with our company with low pay. Some of our employees are enrolled as college students and earning their degree already. Do we really want to risk losing a dedicated worker to another company because they can’t see any future growth with our company? If we offer this benefit to our employees they will able to live a successful life just like the rest of us. They will have the opportunity to become a supervisor, a manager, and maybe even President one day.
I don’t think we should deny our workers this opportunity, especially if we have room in the budget to cover it. This would seem a bit selfish on our part. Some may think that offering this program will eventually cause the company to spend more money. But I believe that paying for our current employee’s tuition will save the company money. If you think about the money that will be spent to hire a new employee with the degree that our experienced employee is trying to obtain, you will eventually spend more time and money on the new hire. They will need to be trained and that costs time as well as money.
Whereas, our employee that is earning their degree can have the opportunity to obtain extra training while they are still in school. Let’s think of the positives here, we will provide our employees with the opportunity to work, earn their degree, and receive on the job training for future promotions. One of the main reasons that people make the choice to further their education is to increase salary potential and advancement in their careers. Individuals who go that extra mile to obtain their degree are rewarded with exceptional employment opportunities.
If we offer assistance for those who want to explore the business field, it will give our company a major boost as opposed to our major competitors. In most cases a business degree is required for executive and senior management positions. Some companies will not even want to look at an applicant’s application if they didn’t have a degree in business. (businessmajors. about. com › … › MBA Program Information) There are many different types of employment opportunities available for those who hold a business degree. Think of all of the wonders this could add to our business.
Many business programs offer an education in general management along with a more specialized curriculum. This form of education is relevant to all industries and sectors. It will be valuable regardless of the career that is chosen after graduation. The different jobs that are able to be performed by an employee who has a business degree are endless. They can perform many jobs in human resources, operations management, accounting, marketing, etc. In this case, we can’t lose. We will have the opportunity to have an employee that is well rounded. They can perform operational duties as well as business and other human resource tasks.
Overall, I believe this program will benefit our company as a whole. We won’t have to waste money to hire new people to take care of any business that we may have because we already have a qualified person with a business degree. By providing our employees with this benefit we will have more educated employees. Employees that take advantage of tuition reimbursement tend to stay with their company longer. This establishes loyalty between employer and employees. Another advantage of offering tuition reimbursement is that the company will be given a tax deduction.
Up to $5,250 annual maximum, an employer’s reimbursement program costs are tax deductible. Essentially, after the tax benefit, the employer pays very little to offer this benefit. Since the costs balance out and the company reaps the benefits of a smarter workforce, it’s a highly desirable win- win scenario for the company. (distancelearn. about. com › paying for school) I think this is a great program that will be very beneficial to our company. We as employers should see this as an incentive for our employees to go to college. This will make them more productive as well as more knowledgeable, thus adding to the success to our business.
We need our employees to be smart, diligent, and very hardworking individuals, and by earning their degree in a field related to their job, it will allow them to be better employees. I also believe it will encourage them to gain a higher respect for our company. They will make us more money and in turn we can pay them a little more to work harder. We must remember that education is the key to success. By adding this benefit I believe in turn we will have a much more successful company. References: businessmajors. about. com › … › MBA Program Information distancelearn. about. com › paying for school