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. Many of these associates are people who worked with Sam Walton and experienced the growth of Wal-Mart firsthand and with this growth our company has grown beyond leaps and bounds. Being the largest retailer in the United States and the world and employing the amount of associates that we do produces vast expenses that could be saved. Tuition reimbursement would help our company in securing many individuals from leaving our company and going to other organizations that offer a possibility of a continuing education. The amount of turnover in a Wal-Mart metro supercenter could rise well above a hundred a year. The cost of continuously hiring individuals well exceeds the return we could have if our priority would shift to retain the associates we already have by offering tuition reimbursement as a benefit.
Our company can expect a high return in the performance of its associates when applying a benefit such as tuition...

One way of retaining employees and helping in their growth in their careers is a tuition reimbursement program. National statistics show during the past decade, more companies are offering a tuition reimbursement program. Universities and community colleges offer more flexible classroom hours for students who work and some even offer online degree programs.

In 2003, companies paid an estimated $10 billion in tuition reimbursements, according to a 2004 survey by Workforce Management. “More individuals are taking advantage of this benefit, “ said Debra Johnson, benefits manager of LifeBridge Health, which owns and manages, Sinai Hospital, Northwest Hospital, Levindale Hospital and Jewish Convalescent Home. “It’s a good investment for all of our employees.”

Small businesses also are using tuition benefits as a means of luring good workers from top companies. Covering tuition costs for employees also can save small businesses money in staff turnover by encouraging entry-level workers to train for jobs with greater responsibility.

In today’s world, people of all ages are choosing to further their education by obtaining some sort of degree from a college or university. This has been made easier for most people because now there is an option of taking courses online rather than having to attend classes on campus. It also gives people the opportunity to work full time while furthering their education and using that opportunity to move through the ranks of the company. With the profits that our company has made over the past year, I believe it is in our best interest to use this money to help our fellow employees with tuition reimbursement during their time here. A plan to implement a tuition reimbursement can bring professional opportunities to our company and help drive employees to different career fields that are within our company plus the benefits that can brought with it. A tuition reimbursement plan can help expand the knowledge of the company to our employees who decide to further their education. Taking business based classes can help employees see what opportunities their future can have. A few employees who were just seeking a job might consider going to school and turn the job into a career with the company. Taking classes that are based on business etiquette, management and leadership skills, and how to use communication in a business setting will help employees to be a strong leader. Not only can going to school can help employees become strong managers, there is also a great chance of earning a larger income and being promoted within the company. The employees who choose to use tuition reimbursement and stay with the company after receiving their degree is like the company investing on its own future.

Our company has had a very profitable year and is looking to expand our employee benefits. As an employee in the benefits department, I have prepared this report of providing tuition reimbursement implementation to qualified employees for the bachelor’s degrees in business and communication. This report is going to discuss the effect and benefits adding tuition reimbursement implementation will have on both our company and our employees.

New professional opportunities

Employees need incentives to excel in their positions and continue to learn and achieve great success (amazines.com, 2009). Many of our employees are seeking further education by obtaining some sort of degree from a college or university. A Bachelor’s Degree in Business and Communication can help lay a solid educational foundation for employees who that have an interest in a business career. A bachelor’s degree in business and communication will introduce students to the principles and skills of business management, business communication, business writing, and the core business subjects. The option of taking courses online makes continued education easier for employees to pursue college degrees while working at their full-time jobs. Obtaining bachelor’s degrees will offer employees new professional opportunities such as getting promoted inside the company, improving their productivities, and getting raises. These potential opportunities give incentives for employees to feel secured and motivated to work hard for the company. Moreover, studies have shown a greater overall job satisfaction if a degree is obtained. “While job satisfaction is a matter of opinion, a 2007 University of Chicago study of American workers interviewed between 1972 and 2006 showed that those who were most satisfied with their jobs had more education and made more money, while those doing unskilled labor reported being the least happy (eLearners.com, 2011)

What can a company do in order to boost the employees’ morale, to improve productivities, to enhance efficiencies, and to retain good employees for a long-term? What can a company do to ensure that the business succeed (goals)? Companies cannot operate their businesses without the employees. For this reason, companies need to provide their employees a benefit package that will promote the companies’ concern and consideration for employees’ well being. Many companies offer standard employee benefits package that the employees take it as a typical employment package. Instead of offering common employee benefits package, those that provide tuition reimbursement (employee educational assistance) program experience positive results in organizational development and employee retention. Many successful companies that provide tuition reimbursement program showed that they have low employee turnover rate while enjoying high productivities and enhanced efficiencies from the employees (Babcock, 2009). In this paper, new professional opportunities that the employees with the business and communication bachelor’s degree can pursue are identified. Detailed information of types of careers and the earning potential of people with the degree often have are presented. At the same time, this paper elaborates both tangible and intangible benefits that the company can realize by implementing the tuition reimbursement program.
As soon as employees earn the bachelor’s degree in business and communication, the opportunities for a new profession will become tangible and within reach. The employees with the bachelor’s degrees in business and communication can explore new professional opportunities to work in the areas of advertising, marketing, business management (administration), human resources, and corporate training.