By Paying for Education, Companies Hope to Attract the Best
Hiring skilled workers is never an easy proposition, and most employers understand that offering benefits like health insurance, matching 401Ks, and generous vacation policies will help them attract the best and the brightest.
But many companies are launching a new benefit: paid postsecondary education credits. It’s a savvy move—not only does it help with recruiting, it also creates a company filled with educated employees.
As Tom Vander Ark writes in Forbes, a number of companies are offering these benefits. Starbucks, for example, offers what they call a College Achievement Plan in cooperation with Arizona State University. Employees (both full- and part-time) receive full tuition coverage toward a bachelor’s degree on ASU Online. And that’s not all—they also get coaching and advising support, and access to tutoring.
Amazon is another big player when it comes to education offerings. Their program, called Amazon Career Choice, reimburses up to 95 percent of tuition towards a diploma. There are some restrictions (only certain fields of study are covered, and there is a yearly maximum) but it’s a way for the company to provide upward mobility for its workforce, which currently numbers about 2.3M people.
McDonalds is another player in the tuition reimbursement space, with their Archways to Opportunity program. After three months of employment of at least 15 hours/week, crew members get anywhere from $2,500-$3000 a year toward education costs.
Another approach to support education is student loan repayment. This is particularly attractive to financial companies like New York Life, Prudential Financial, John Hancock, and Mastercard, many of whom hire candidates with degrees from schools with high tuition.
Whatever the method , it’s encouraging to see companies valuing education, and taking steps to ensure their employees have pathways to success.