Benefits That Really Work
In today’s business climate, there’s no greater reward than securing your workforce’s future through meaningful, relevant education opportunities. By offering employees a means to get the development they need to support the career they desire, the potential benefits are many and measurable.
Employees aren’t leaving because of office pinball machines or free lunches. They’re leaving because they want more out of their workplace. Education assistance programs can generate as much as $2.29 for every dollar spent on education, according to the Lumina Foundation. That’s because education benefits are a proven to deliver a positive return in employee performance by creating new development and growth opportunities. Let us show you how.
Improve Recruitment and Retention
Many organizations categorize frontline employees as high-turnover candidates they shouldn’t invest in. Providing the right educational attainment opportunities may be the best way to recruit and retain frontline employees.
According to a Gallup poll, workers are "most likely to change jobs for benefits and perks closely related to their quality of life [and] ... are interested in jobs that offer them a way to balance work and home better, gain a deeper sense of autonomy and secure their financial future."
In many industries, replacing a robust frontline workforce is an enormous expense due to high levels of turnover, some averaging over 100% annually. “Among positions earning $30,000 a year or less, which includes more than half of all U.S. workers, the cost of replacing an employee is almost equal to those positions earning less than $75,000 annually.” Investing in the right education programs can increase retention, saving an organization on the cost of turnover.
*Source: Heather Boushey and Sarah Jane Glynn, “There Are Significant Business Costs to Replacing Employees,” Center for American Progress.
Forward-thinking organizations deploy strategies to develop their employees by training them not only for their current roles, but also for the jobs and careers they want in the future. By connecting employees with relevant educational opportunities, employers are building clear competitive advantages in employee engagement and loyalty.
Companies that have analyzed the return on investment for education programs have seen significant returns, including experiencing workers who stay twice as long with the employer as a result of their education benefits.
Without clear purpose and opportunity, some of your best employees can disengage. "Actively disengaged employees cost the U.S. $483 billion to $605 billion each in lost productivity. These workers are more likely to steal from their company, negatively influence their colleagues, skip work, and drive customers away," according to Gallup.
*Source: Susan Sorenson and Keri Garman, “How to Tackle U.S. Employees’ Stagnating Engagement,” Gallup. http://www.gallup.com/businessjournal/162953/tackle-employees-stagnating-engagement.aspx
Providing educational attainment opportunities addresses current skills gaps while improving talent management pipelines and processes from attraction to advancement. It helps deepen development discussions between employees and managers and sets the stage for lifelong learning opportunities within an organization.