Tuition assistance programs have long been offered by employers as part of their benefits as a means to recruit new talent, retain current employees, and keep employees’ skills current. Employers offering tuition assistance should evaluate their program to ensure it is not only valuable to employees, but is something that can be sustained by the company.
While tuition assistance programs provide benefits for both employees and employers, the value of tuition assistance might be rising. Why? The growing millennial workforce not only expects employers to offer professional development opportunities, but also to help foot the bill, particularly when they’re looking to advance via formal education.
In fact, a 2015 EdAssist survey found that in addition to professional growth being very important to Millennials, nearly 60 percent of them would choose an employer with strong potential for professional development over one with regular pay raises.