Many employers are hesitant to implement a Tuition Assistance Program (TAP) because of one or more of the following concerns:
- Cost
- Benefit to the company
- Turnover by employees becoming more marketable
- Uncertainty about how to design it
- How to decide who gets to participate
All of these are valid concerns. However, these concerns are not insurmountable and are far outweighed (when properly addressed) the advantages to having a TAP.
SOME ADVANTAGES
Organizations with a TAP:
1. Are more attractive to prospective employees—particularly Millennials who
➡ Are the largest generation in today’s workforce & rapidly growing
➡ Identify the opportunity for continuing education as an important consideration in choosing an employer
2. Receive higher employee satisfaction ratings
3. Have higher retention rates
4. Have higher levels of performance
➡ A study shows that employees who are or have been participants in a TAP are
better able to carry out their current jobs & are more promotable
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EMPLOYER ACTION
- If you do not have a Tuition Assistance Program, re-look at why you don’t.
- If you have one, re-examine its:
- Effectiveness in meeting of its objectives
- Design (who’s eligible, the selection process, amount of assistance, etc.)
HOW TRINITY CAN HELP?
Trinity has the expertise to:
- Evaluate & improve the effectiveness of your existing TAP
- Custom design a TAP for your organization to meet its specific objectives & budget
For more information:
- E mail Trinity at info@TrintyHR.net
- Visit our website at www.TrinityHR.net
- Call us at 856.905.1762
You have questions…Trinity has answers!