...Heather Parker What is Tuition Reimbursement? Simply put, Tuition Reimbursement is a program many companies offer to their employees in which the company reimburses some or all of the tuition fees their employees spend on education. Tuition Reimbursement is a classic win-win scenario. The company gets a better trained, more educated, and often more loyal employee, while the employee receives a subsidized education that may achieve a personal goal and without doubt makes them more marketable in the workforce. Some programs offer reimbursement for books, other expenses, and even a bonus once the employee receives his or her degree. Should we offer tuition reimbursement to our employees? The answer is simple. Yes, we should offer tuition reimbursement to our employees. Starting a tuition reimbursement program is a good idea for both the employee and employer. By helping our employees better themselves we are also helping our company by having more educated employees. We are also creating a more loyal employee. They are less likely to leave the company when they are in a tuition reimbursement program and are more loyal to the company afterwards. We also could attract the best available prospective employees with such a benefit. There is a lot of competition out there vying for the best young employees and we certainly would like to remain competitive in our recruitment efforts. Some examples of companies that offer tuition reimbursement are as follows: J.M. Smucker...
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...Options 5 Tuition Reimbursement 6 Merit Plans 7 Conclusion 8 References 10 Executive Summary In a business the main focus is become as successful as possible. In order to gain success and maintain the success a business must have a reliable and dependable staff. With this being said it is important to compensate employees to maintain and develop the best work performance possible. The success of the business is depended on the employees. Research has been done on three compensation strategies that benefit the employees and company, those three compensation strategies are implementing stock options, tuition reimbursement, and merit plans. Stock options benefits have been known as an attractive way to reward employee performance. It is important for the organization to claim the stock options to be capitalized on the balance sheet so shareholders can track EPS, which in return is beneficial to the organization as well. This compensation benefit has been around for decades and continued to grow until the increase in accounting rules in 2001. With more rules implemented it allows for the companies to maintain a fairness in the workplace. This option should be offered to all employees but is not require for the employee to exercise. The beginning step to be made for the organizations is to determine at what price the employee may purchase stock options at and for what timeframe. Tuition reimbursement has been shown to benefit employees’ knowledge...
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...Benefits of Tuition Reimbursement Program March 5, 2011 Why make out employees take out expensive student loans when we could give them the benefit of having a tuition reimbursement program that could be both beneficial to them as well as for the company. Paying for tuition may seem expensive for the company, but it could actually save us money in the long run. Our company could offer the tuition reimbursement program for employees that are interested in taking courses that are related to work. We could have certain policies and guidelines to ensure that upon completing their degree they will not leave the company. I believe this is a good idea even if we don’t pay for the entire degree we could at least pay for classes that are related to the job. Adding the tuition reimbursement program to our company we are giving our employees the opportunity to develop new skills that will make them more productive at work. Our employees will be able to take on additional assignments and have the chance to become leaders in the workplace. In my opinion, the more employees that we have to earn a degree will improve the company’s professional image. The skills as well as the knowledge that our employees will gain from their education can transform into higher productivity and possibly more revenue and profits for the company. It is very hard to find good employees, but I feel that by offering the tuition reimbursement program will help our company retain good employees....
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...Tuition Reimbursement Implementation Report Business is all about finding the right balance between performance, integrity and employee retention. “Success in business is seen as making profits and advancing private interest and having an unlimited ambition for money, position and power whereas the moral life by contrast, focuses on duties to others and places others’ interest over self,” said by M.V. Subbiah, Chairperson, National Skill Development Corporation (NSDC). The value of providing tuition reimbursement from a company such as ours is priceless to its employees and its shareholders. It may seem impartial advice, because I am one of those who would benefit from tuition reimbursement. As an active shareholder in my company and a working member of management I see the need for this benefit to be offered. By having benefits such as this one I believe that our company shall see a large return for its investment in education. Consider the following when addressing the question of tuition reimbursement: The retention of people and the decrease in turnover; improved performance within our organization; motivation for our associates to succeed; stronger promotions within our company. As a four year associate of our company I have found working at Wal-Mart to be one of the best choices of my life. I have come to work with long term associates who have dedicated so many years to a belief that we provide our customers the lowest prices and best customer service in retail....
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...Written Assignment: Tuition Reimbursement Implementation Report XCOM/285 Essentials of Managerial Communication May 22, 2011 Robin Minard The following report was drafted to further explore expanding employee benefits within in the organization. We had a very profitable year and adding tuition reimbursement as an employee benefit for the employees working on their bachelor’s degree in business or communication can be a positive in more than one way. The organization is in the perfect position to proceed with the education reimbursement employee benefit due to the fact that the company has already approved a budget inclusive of this additional employee benefit costs. Expanding the employee benefits to include tuition reimbursement will increase the level professional opportunities ( improvement in self esteem), increase the career options, and improve earning potential, increase employee retention, all having a positive benefit on the organization. National statistics show during the last decade, more companies are offering a tuition reimbursement benefit and are spending more money helping employees get degrees. Universities and community colleges also have started offering more flexible classroom hours for working students and even offer some degrees through online courses ( Schultz, 2007). An opportunity to obtain a degree will improve the quality of life for our employees. This investment in them will allow them to be the best employees for our organization...
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...Tuition Reimbursement Implementation Report Without employees, a business cannot function. When a company needs to recruit new employees they need to be able to offer the employee a benefits package order to show the new employee the company has concern and consideration for the employee. One benefit that most successful companies offer is tuition reimbursement. They offer this benefit to employees who wish to further their education. Tuition reimbursement programs have benefited companies by having a low turnover rate and high productivities with enhanced efficiencies from the employees. After reviewing statistics about tuition reimbursement, we are happy to inform you our company will be offering tuition reimbursement to employees who wish to further there education in Business and Communications. I plan to discuss professional opportunities degrees in Business and Communication can offer. Also, with this type of degree, what career opportunities and earning potential an employee has, and how the company can benefit from individuals with a degree in business and communication. First, we need to start by discussing what a business degree has to offer, and what the degree is. “A degree program in Business Communications typically leads to an associates or bachelor’s degree and teaches students such skills as public speaking, written communications, communication software use media interactions and interviewing” (Career Information for a Degree in Business Communications...
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...Tuition Reimbursement Implementation XCOM 285 Essentials of Managerial Communication Tuition Reimbursement Implementation The popularity of tuition reimbursement programs is growing across America’s businesses. Some believe that tuition reimbursement for employees is only encouraging them to seek jobs elsewhere after the employee receives his or her degree. However, studies outlined by Pattie, M., Benson, G., & Baruch, Y., in Tuition Reimbursement, Perceived Organizational Support (2006) disclose that employers who take an active role in the education process with the employee are more likely to have higher ratios of employee retention after graduation. New Opportunities for Employees Career growth and advancement are two elements employees value about their jobs. It is essential for an employee to feel a sense of accomplishment when allowed to apply the skills gained through education to the employees current job rather than feeling as though they need to change jobs to apply his or her degree. Tuition reimbursement programs when coupled with career growth and advancement for employees can be extremely effective and lucrative for companies. For example, implement an incentive program for a raise or a promotion for employees close to graduation acknowledging their latest accomplishment. This type of tactical move by an employer encourages employee retention, making him or her feel valuable and important in their job. Employees feel valued when an employer...
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...TUITION REIMBURSEMENT IMPLEMENTATION SHON SMITH XCOM/285 OCTOBER 27, 2012 ROBIN MINARD Tuition Reimbursement Implementation The success of a company depends on the success of their employees. Opportunity and security is what employees seek when looking for employment. Many companies today offer a variety of benefits to employees i.e. health insurance, paid vacation and holidays, retirement, and various assistance programs. One program that I feel will be beneficial to our company and our employee’s is a tuition reimbursement program for employee’s who obtain their bachelor’s degree. As you all know the company has already approved a budget for the program so the cost of the program is not an issue. The addition of the program will benefit our company and our employee’s. The benefits and opportunities that the tuition reimbursement program gives our employee’s are endless. Tuition reimbursement will improve our employees overall skill level, education, job performance, and prepare them for promotional opportunities within the company. Employee’s that are well educated and have higher skill levels will add to the success of the company. I believe that adding the tuition reimbursement program will entice employees to stay with the company, which cuts down on the turnover rate. The turnover rate in the United States in 2011 was 38% according to the department of labor (myopenworkplace.com/2011/03/employee-turnover-rates). We have to invest in our employees if we want them...
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...Value of Tuition Reimbursement Theresa McKinley University of Phoenix The Value of Tuition Reimbursement Tuition reimbursement is a program that every company should consider. By having benefits such as tuition reimbursement, I believe that OptumHealth New Mexico will see a large return for its investment. Educational assistance for employees will support the company’s commitment to cutting-edge innovation. The importance of degrees and credentials is important in our company’s marketing of its employees to its consumers. OptumHealth New Mexico can benefit from investing in employees’ education for many reasons. Educated employees produce improved skills and knowledge to the job, adding to better productivity and performance; employees with advanced education can be promoted to positions of greater responsibility; the company would retain valuable employees; turnover would decrease, and there is an atmosphere of motivation and morale that create an encouraging and supportive environment. Employers who offer tuition reimbursement are normally at an advantage over companies that do not offer it. The organizations that do not offer this benefit may lose potentially valuable new talent to the companies that already offer this incentive. According to the Society for Human Resources (SHRM), education assistance is important to 20% of potential recruits under the age of 35, but only 4% of those over 55. (Browning, 2005). Companies that have employees with a minimum...
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...……………….7 References………………………………………………………………………………………………………………………………………………8 Executive Summary Within this report I have completed research on three additional compensation strategies that have a focus on retaining and recruiting highly qualified employees in the manufacturing field. The additional compensation packages could be implemented into the benefit package already in place for both our exempt and non exempt employees, as well as future employees. The key factor in this report is to battle our problem of employee turnover. While we offer a very competitive wage for a manufacturing company we also need to show that we value dedication and above all pride in a job well done. We need to make sure that we are encouraging the quality of the work performed meet existing standards, and also provides the extrinsic motivation needed to instill a sense of loyalty. By offering additional compensation we are telling our employees that we value the need to advance and learn new concepts to keep our company fresh and moving in a forward direction into the future. Offering Tuition Assistance Programs shows that the company encourages career development. This package also has the added benefit of exposing employees and future...
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...to reinvest into our employees. Until now our employee benefits have consisted of medical, dental and life insurance. We would like to add tuition reimbursement to make a more rounded benefits package. An excellent benefit is to add tuition reimbursement for the bachelor’s degrees in business and communication. The benefits of adding tuition reimbursement are endless within our company. This tuition reimbursement program is beneficial to both RJ Welch and its employees. This would offer new opportunities to our employees such as better careers, a higher earning potential and higher company moral. The company would benefit from this addition by being a more attractive company to work for and will increase employee retention. Tuition reimbursement would better employee careers by offering an education that they otherwise may not be able to obtain financially on their own without school loans. The cost of a degree at the end of 2011 will cost approximately $13,000 to $62,000 per student based on research done at (http://www.geteducated.com/online-college-ratings-and-rankings/best-buy-lists/best-buy-online-bachelor-business-managementand). With the cost of this schooling I don’t believe loans of this size are not profitable for enough for employee’s to obtain on their own. With this type of tuition assistance our employees will have enough reason to achieve this type of education. This added benefit will also offer higher earning potential to our employees. People that have a bachelor’s...
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...Tuition Reimbursement Implementation Report Ronald Ahrens XCOM/285 Essentials of Managerial Communication University of Phoenix The following report was helping us explore why we should expanding employee benefits with in this he company. We had a good year but without a good year it would benefit the company so adding tuition reimbursement as an employee benefit would be great. It would help the employees working on their degree in business or communication as they are working for us so this can be a positive in more than one way showing we care about their interest expand their career by going back to school. The company is in the perfect position to proceed with the education reimbursement employee benefit due to the fact that the company has already approved a budget inclusive of this additional employee benefit costs by paying 100 percent for a A 70 percent for a B and a 50 percent for a C. Expanding the benefits to include tuition reimbursement will increase the way we retain people because they will stay with a company that helps with their school I did when I went to college because the company paid for it so it help make the choice. Study show during the last decade, more companies are offering a tuition reimbursement benefit and are spending more money helping employees get degrees the last two company I have been at have done it. Universities and community colleges have started offering more flexible way to go to college for working students and even offer...
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...Tuition Reimbursement Implementation Report James Biggs XCOM 285 November 17, 2011 Lisa Reitz Tuition Reimbursement Implementation Report Every company has employees that would like to further their education. For the employees of our company, there is no better time than now. Recent approval by our company to budget for tuition reimbursement for employees seeking opportunities to enhance their skills in their field of work, we will see high interest in ambitious and talented employees. In this paper we are going to discuss professional opportunities business and communications degrees offer, different career opportunities available for individuals with these degrees, the earning potential of individuals with the degree, and how this company will benefit from assisting individuals with a degree in business and communications. Students who pursue a business communication degree are trained in a variety of principles and business practices to work in the fields of marketing, public relations, networking, and advertising. Business management is another opportunity for graduates who have completed business communication training, and many choose to open their own businesses as a consultant. Speech communication is an important part of business communication training, as well as developing technical skills, strong language skills, and the ability to work with a diverse range of people (ULinks.com). Any individual who works in corporate America will find that an employee...
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...Tuition Reimbursement Implementation Report XCOM/285 Tuition Reimbursement Implementation Report This year our company has had a very profitable year and is willing to expand our employee benefits. As an employee in the benefits department I feel that the company should add tuition reimbursement for bachelor degrees in business and communication. I’m happy to hear that the company has already approved a budget for this expansion, but I would like to give more incentives to show how these updates will enhance the business as a whole. The benefits to tuition reimbursement programs for a corporation are, motivation of it’s employees to increase their education, which will give the employee the understanding of the world and other cultures than they had prior to attending college. When they have received the knowledge on a variety of subjects this will increase how they are able to maneuver in a corporate setting. This makes the employee more marketable for advancement with in our company. Seeing employees sacrifice more time out of their day to day lives to pursue higher education that is beneficial to their success and the success of the company. Our employees will realize we care more about their well-being, and are willing to invest in them, so that they can succeed. We are also showing that the company is just as invested in them as they are with us, and willing to promote those with in the company, to those positions we are seeking fulfillment. Employment advancement...
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...on hiring employees who are educated and those who have graduated from college. Our company has been placed into a financial position that allows us to help educate our employees by adding a tuition reimbursement program to their current benefits. By offering this to our employees we will be able to benefit as a company with the employees attending school who will bring in new ideas and it will also create loyalty and reduce the cost of training new employees. This program will provide us the opportunity to continue to train our employees and offer more aggressive salaries along with promotional opportunities, creating and education benefit is a win-win for both the employee and our company. By adding this program for the employees it will help their overall knowledge in the field of business and will help the company in the ways of new ideas heading into the future, Business today is very complicated and knowing our trends has made us very successful, but think how much better our company could perform with our employees continuing to be educated through our tuition reimbursement program. “Many organizations continue to offer tuition reimbursement because it provides significant value to employees as well as the company.”(Szakaly, 2012). Many companies are starting to require all their employees have some type of secondary education. There are many people who have college degrees who are unemployed and looking for jobs. Not only can we offer our employees an opportunity...
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