Tuition Assistance Management
Tuition assistance management is one of many benefits that employees can get from their employers. With a proper tuition assistance management system, the employer gets to pay some parts of their employee's education fees, provide scholarships or offer grants to the employee, their children or their spouse. The system also covers employee loan reimbursement benefits like the student loan benefit program and many more.
After meeting certain conditions, the amount agreed in the Tuition Assistance Management program would be paid or reimbursed depending on the program type. The money from the system is usually removed before tax is calculated for the employer and non-taxable for the employee. As a result, both employer and employee benefit from the special employee education assistance program.
Creating a working Tuition Assistance Management system that companies can sustain usually requires serious and sustained effort. As an employer, you need to seek expert guidance from the best consultants in the field like Bright Horizons to help you create a working system.
Importance of Tuition Assistant Management
According to recent data from student Hero, more than 54% of young employees prefer to receive some form of employee education assistance program instead of a 401(K) plan. Interestingly, even 45% of the older generation feels the same way. This shows that companies that offer employee education assistance program are the big shots for clients.
However, this employee education assistance program can come in different forms. In most cases, companies are not confined to just offering one of these services to their employees. In reality, to get an effective system, companies need to combine several services in their employee education assistance program like:
- Employee tuition reimbursement programs
- Student loan benefit programs and many more.
To effectively manage all these programs, there is a need for companies to have a management system in place. That is a special team that will handle all forms of employee education assistance program run by the company.
Companies that have this in place are usually better than their competitors because they have what it takes to attract better employees. Also, existing employees can trust them and stay loyal because they know the company cares about them and their future.
Tuition Assistance Management from Bright Horizons
Considering the huge benefits attached, over one thousand companies have chosen Bright Horizons to handle their Tuition Assistance Management. This is because of the extensive years of experience that the company has over the years.
For more than 30 years, Bright Horizons have sustained a wonderful track record amongst its peers for unrivalled commitment to excellence and customer satisfaction.
Our tuition assistance management solutions offer support to both staff and employers of organizations worldwide. While the companies rely on us for quality the development and management of quality systems, their staff members rely on us to create a human-centric employer tuition assistance program.
Our services are robust!
At Bright Horizons, we offer you comprehensive and in-depth coverage of your tuition assistance management at the most competitive price. The following services are what we do for employers:
- Development of tuition assistance management solutions in companies where there were no such things before. We develop comprehensive development plans for employee tuition reimbursement programs for companies that have nothing in existence.
- Management of tuition assistance management: this is for those who have systems on the ground but for some reasons they do not work. We have worked with several firms that had no idea how tuition reimbursement programs for employees work. We will provide the needed guidance to get things working again.
How the lack of tuition assistance management solutions affects firms
Employee tuition reimbursement programs can be helpful to members of staff as it helps them pay off heavy student loans. With the right system in place, workers can grab as many degrees as they want without getting stressed with financial burdens.
However, such programs can only be available when tuition assistance management is working well. According to experts, without the right tuition assistance management system in play, staff members would be stressed, distracted and unfocused at work.
More so, having a working tuition assistance management tells employees that their company cares about them. Therefore, companies that have tuition assistance management systems running usually have more chance of getting better workers than those who do not.