- Do the classes have to be job related?
- How many classes are eligible for reimbursement each semester?
- Does the employee need to receive a specific grade to qualify?
- Will reimbursement be at 100 percent?
- Will paid time off to attend classes be offered?
- Is there a cap on how many semesters an employee may participate?
- Will the benefit be offered to employees earning higher than a bachelors degree?
Tuition assistance is a powerful benefit. And sometimes the benefit is completely at the discretion of the manager; so even if you don't have a hard policy in place, listen to your employees. Even companies that don't offer college tuition assistance may permit other kinds of learning. Other companies have strict policies that outline how much they'll pay and how they'll pay it (e.g., 75 percent for degree and certificate programs, up to $3,000 per associate per calendar year, or 50 percent for personal growth and development coursework, up to $1,000 per associate per calendar year), using the institution's tuition deferral policy as the preferred method. It really is up to you as a business owner.
Regardless of how you plan to make continued education a part of your business growth, you need to do it. Investing in your employees is one of the best ways to show you care about them personally. As Ben Franklin once said, "an investment in education always pays the highest returns."
Dig Deeper: Tuition Assistance Programs
