The Strategic Benefits of Tuition Reimbursement Programs
Education benefits provide promising employees with a clear path to career development while helping to develop the skills your company needs.
A tuition reimbursement program is one of the most effective benefits for driving recruitment and retention. It can also be the cornerstone of a talent management strategy, ensuring a dependable talent pipeline within your company that helps you more effectively compete for top talent.
FAQs about Tuition Management Programs
What is a tuition reimbursement program?
What is the difference between tuition assistance and tuition reimbursement?
Tuition reimbursement requires the employee to pay tuition up front. On successful completion of the selected course, the employee is reimbursed for some or all of the tuition costs. With employer tuition assistance programs, the organization fronts the tuition costs, saving the employee from any out-of-pocket expenses
What are the business benefits of offering tuition reimbursement to employees?
How does tuition reimbursement benefit workers?
Why employee education matters
In today’s rapidly changing talent market, knowledge work is exploding and skills are rapidly becoming outdated. Employers in every industry are desperate to fill critical roles, but degreed candidates are disappearing from the job market, leaving positions vacant for months. Boomers are retiring and taking their skills and experience with them, while millennials are often too burdened by student debt to advance their education and acquire the higher-level skills employers need.
As hiring talent becomes more challenging, many companies are increasing their focus on education. By creating education programs that align the goals of employees with the skill and talent needs of the organization, strategic education investments can help to close your company’s skills gaps. A tuition reimbursement program attracts top hires and helps existing employees attain new degrees and certification, paving the way for long-term career development. The result for businesses is more loyal and engaged employees with the expertise to drive their company’s success.
Tuition reimbursement programs from Bright Horizons
Bright Horizons is a leading provider of employee benefit programs, helping companies to create and implement benefits like student loan repayment and employer-sponsored child care. Part of our suite of EdAssist Solutions, our high-impact tuition reimbursement programs remove financial barriers to higher education and accelerate the learning process to build a skilled workforce more quickly and cost-effectively. With strategic investments in affordable education opportunities, you can develop the critical skills you need, help employees meet their career goals, and attract, engage, and retain the talent that is vital to business performance.
Highlights of our tuition reimbursement programs
- A network of more than 220 high-quality educational institutions with exclusive discounts on tuition and other costs.
- Online and in-person learning options to accommodate different learning styles and schedules.
- On-staff educational coaches to guide employees toward the programs aligned with their goals and the needs of your organization.
- Multiple tuition payment options, including upfront tuition payments to schools on your employees’ behalf to limit their out-of-pocket expenses.
- Crediting opportunities for prior learning and work experience to shorten the time to a degree.
- Industry-specific programs like nursing tuition reimbursement programs.
- Customized eligibility rules and multiple levels of manager approval.
- Detailed reporting on participation and retention outcomes.
- A convenient administrative platform with a mobile app option.
Benefits of a tuition reimbursement program
Employees in every industry want to continue their learning, but the high cost of higher education often stands in the way. Bright Horizons’ tuition reimbursement programs allow motivated employees to overcome financial barriers and advance their skills, resulting in a more engaged workforce that will stay with the company long-term.
A recent study suggests that tuition reimbursement programs factor highly for workers on and off the job market, providing clear benefits for employers
Improved recruitment - in workplace cultures where learning is supported attract the top talent:
- 79% of respondents indicate that tuition assistance was an important or very important factor in joining their company
- 65% rate tuition assistance as one of the best benefits offered
- 60% would pick a job with strong development potential over one with regular pay raises
Increased retention - Investing in employee education boosts job satisfaction and loyalty by enabling workers to envision long-term careers with their employers.
- 81% of respondents say that their employer’s tuition assistance program makes them more likely to stay with the organization
- 77% say the program improved their opinion of their employer
- 90% would consider using the program again
Additional EdAssist solutions
Bright Horizons EdAssist Solutions can help you bring education benefits that support business strategy for your organization. Our Workforce Education program ties employees' professional development goals to the the talent retention and skills gaps challenges many companies face. Our Student Loan Support programs meet a top employee need by helping to reduce interest payments or eliminate education debt. These programs can be implemented company-wide or targeted to a specific employee population, based on your company's needs.