5 Reasons to Give Your Education Assistance Programs a Tune-Up

education assistance programs

One thing that often surprises people about education assistance programs is how they can be subtly tweaked to make big changes in the workforce. If you need to fill a certain skill, for example, you can have substantial impact by communicating the skill's importance, increasing the reimbursement cap for learning specific to that job, and forging partnerships with schools that have programs for that skill.

That makes education programs especially nimble. And such agility will become increasingly valuable as the talent landscape makes some sharp shifts that require employers to get creative with how they recruit, retain, and engage their people.

Keeping tabs on your program and strategically and regularly fine-tuning it can help you keep up with five big talent challenges ahead:

1. Low Unemployment Rates

Organizations are having a tough time finding qualified candidates who also fit with their unique company culture. Investing in current employees and hiring or promoting from within can be less risky - and easier - than finding external candidates.

2. Jobs Requiring More Specialized Skills

Throughout the next four years, as technology continues to advance, skills gaps are expected to widen. Shortages of qualified people will make it more advantageous to look inward for people to train.

3. Skyrocketing Tuition

The astronomical cost of college is making it impossible for many people to afford higher education, in turn further widening skills gaps.

4. Attracting Millennials

Attracting employees requires specifically appealing to Millennials, who place a premium on career growth. Nearly 60% of Millennials say they'd pick a job with strong professional development potential over one with regular pay raises.

5. Unprecedented Debt

Many employees have collected student debt from their first go-round in higher education and are reluctant to add more. Nearly three quarters (70%) of new graduates are carrying such debt, making it harder for them to pursue the skills their companies are looking for.

Fine Tuning Education Assistance Programs for the Most ROI

With careful planning, education assistance programs can address each of these issues. But you'll need to regularly assess and fine tune to get the most ROI.

Learn how to tackle the tune-up process and set your organization down the right path by downloading our whitepaper, "How to Fine-Tune Your Tuition Assistance Program."

Written by: Bright Horizons Blog Editor

About the Author

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The Bright Horizons Blog Editor frequently posts on the real solutions that meaningfully support employees, advance careers, and drive the world’s leading brands. The Editor curates the latest news, trends, and challenges facing HR pros because your time is scarce. Follow the Bright Horizons Blog to receive this insight in your inbox.