Technology, data, and intelligent automation are ushering in rapid transformations across all industry sectors and are key drivers of growth and economic success in today's business environment.
This digital transformation is forcing businesses to embrace technology, and as a result, jobs and processes are rapidly getting digitized and specialized. Technology is also constantly emerging to align with newer business requirements.
While this fast-paced digital transformation is inspiring, it is creating skill-gaps and giving rise to a concern that a large part of our workforce will be left behind if they are not upskilled and made "future-ready".
Now before we look into the details of the Employee Tuition Reimbursement, let us first understand the need for upskilling.
Upskilling is the Need of the Hour
Today, technologies like big data, analytics, cloud, digital marketing, and DevOps, provide enormous opportunities for career growth, but businesses are complaining of a growing skill-gap and a shortage of skilled professionals in these fields.
According to a NASSCOM report, up to 40% of the nearly four million-strong workforce in India require re-skilling over the next five years to be in step with automation and the growing needs for new and evolving skillsets across industries.
The difference between the set of skills that an organization requires to stay competitive and those its workforce has at any given moment is fast widening. Businesses recognize that a major, swift action is needed.
Next, before learning about the Employee Tuition Reimbursement, let us learn the value of employee training.
Businesses are Aware of the Value of Employee Training
Businesses are well aware of how trained and skilled employees are assets to the companies and vital to their functioning as successful units. They also know how important it is to keep investing in talent.
According to various studies, companies with dedicated employee training and development programs see not only a sharp increase in profits but also enjoy a low attrition level, which is vital for sustained business growth.
Today, employee training is no longer a privilege of only the C-Suite professionals, but rather, is an important tool to ensure the overall growth and consistent business success.
Companies realize that employee training can prove to be advantageous for them, especially when it comes to adopting new technologies, processes, and models.
Businesses are encouraging upskilling and offering great incentives to employees for learning. They realize that replacing talents is far more expensive than retaining existing ones. According to a study conducted by Gallup, hiring new talent can cost a company nearly 150 percent of an employee's annual salary.
As a part of their efforts to attract and retain the best employees, many tech-giants offer "Employee Tuition Reimbursement Program" to encourage employees to sharpen their skills in the upcoming technologies.
Let us next learn about the Employee Tuition Reimbursement program.
What is the Employee Tuition Reimbursement Program?
Employee Reimbursement Programs are part of a company's benefits package and its employee upskilling policy. Many companies allow employees to take up technical courses, the fee for which the company will reimburse based on certain criteria. Some of these may be as part of the corporate training initiatives, and some might be where the learners have to enroll on their own and when they successfully complete the course, the company will reimburse the cost.
After learning about the Employee Tuition Reimbursement program, let us know how it works.
How Tuition Reimbursement Programs Work
Implementation of this policy varies significantly from company to company. While some companies reimburse for any educational courses in subjects related to your current position or career developments, some require that coursework is done through specific schools or e-Learning platforms, and many others only pay for the tuition costs for approved courses.
Many high-profile IT companies are also using the services of reputed e-Learning platforms like Simplilearn as education partners and other intermediaries to administer tuition-support programs.
Just like the approval and implementation of these programs vary widely, different companies have different eligibility conditions.
- Some companies may require a certain educational degree or performance grade to qualify for reimbursement.
- Many companies want that employees remain with the company for a set period of time following the completion of the course to be eligible for tuition assistance
- Some companies cover the costs associated with classes, such as textbooks or internet connection fees on completion of the course
- Companies may impose a "performance expectation" that determine how much of tuition costs the employer will reimburse
- Other conditions may include the employee's agreement to remain with the company for a specific period, such as one or two years after receiving tuition assistance.
After learning about the Employee Tuition Reimbursement program, let us look into the companies that offer tuition reimbursement as a benefit.
Companies Offering Tuition Reimbursement as a Benefit
Many to top MNC, financial institutions, and tech giants have "learning funds" as part of their benefits package to employees. This fund reimburses fees for short-term learning opportunities and skill development and technical training courses, online learning, and professional memberships.
At AT&T, tuition assistance is offered to employees who meet certain eligibility requirements to get the reimbursement, and the costs must be approved by the company.
Bank of America
Eligible employees get up to $5,250 in job-related courses or degree programs.
Proctor & Gamble
P&G, the global consumer, and household goods giant reimburse up to 80% of tuition and fees for employees. There is a cap of $40,000 of reimbursed expenses, and employees must get programs and fees pre-approved.
Reimburses up to $10,000 a year for tuitions, courses, and certain certifications that meet eligibility criteria.
Amazon offers a Career Choice Program to its employees, under which 95 percent of tuition, textbook, and associated fees, up to $12,000, are covered for four years.
Other top-of-the-line tech companies like Salesforce and Google, Tesla (student loan refinancing offered), etc. also support tuition assistance programs.
Tuition Assistance Program Often Go Underutilized
Evidence shows that though companies are willing to allow employees skill-up through their tuition assistance programs, these programs remain underutilized. It could be that employers are not advertising this benefit as forcefully as is required of them, leaving employees unaware of this helpful assistance.
It is in your best interest to be mindful of such employee benefits that employers offer. Here are some tips that will help you get the most out of these employee benefit programs.
How to Get the Maximum Benefit Out of Employee Tuition Reimbursement Programs
If you want your company to help pay for your education, it would be wise to have a plan and some preparation before you pitch the idea to your boss or the Human Resources manager.
Don't go in a hurry, until you are ready with some specifics like:
- Know fully about the degree or certification you want to earn
- Know how the course will help you to perform better in your current and future roles in the company
- Pick the school and the courses you want to enroll in, making sure that your company approves of these courses or education partners
- Create a list of the ways the company will benefit from your upskilling endeavor
Remember, you will bring valuable additional skills to the company's workforce once you have successfully skilled yourself. You will be able to make a greater contribution to the company's success and help bring in more revenue. This will also help you to share your knowledge with your colleagues and mentor new employees in the next role as a leader.
Importance of Choosing the Right Course
However, to reap maximum benefit from this tuition assistance opportunity, it is important for you to choose the right course.
Online information technology classes that offer blended learning opportunities and current, validated courses and industry-recognized certificates can help you make a breakthrough in the market as a high-paying IT professional or accelerate your career by helping you upskill in the latest advancements in your field.
Remember to choose a course from a reputed online learning platform like Simplilearn that has the following advantages:
- teaches you the relevant skills in the emerging technologies in the latest curriculum designed by experts
- the course is validated by industry experts
- provide globally recognized certifications that last life long and acts as stamps of approval and adds credibility to your portfolio
- offers blended learning opportunity so that you have the flexibility to learn from anywhere at a time convenient to you
Unlock your team's potential with Simplilearn's Comprehensive Upskilling programs. Explore Now!
The Simplilearn Advantage
Once you have confirmed your aim and career goals in this world of emerging technologies, you can choose to take the "Simplilearn Advantage".Of the many online education platforms, Simplilearn stands apart from the rest in providing legitimate certifications and offering hands-on labs, blended learning, industry-quality projects, a complete learning path.
We offer you an array of certified online classes in the world of the latest technologies that will help you meet the challenges of tomorrow. Our certificate courses, along with our postgraduate programs in the various streams of the digital economy, are globally recognized and partnered with by the best tech companies like IBM, Amazon, etc.
Our corporate training programs have the highest completion rates and can be customized to the company's internal training path and team needs.
Once you decide to take advantage of the employee reimbursement program from your employer, enroll in a Simplilearn certification course to reignite your skills and to make yourself market-ready and future-proof against the vagaries of uncertain times.