More and more companies are offering tuition reimbursement to their employees, encouraging them to further develop their knowledge and education.
According to the Society for Human Resource Management, 48% of employers offered tuition assistance for graduate and undergraduate programs in 2022. While this is not a new concept, as some businesses in previous years have paid for salaried workers’ graduate degrees and programs, this incentive is now being offered more to hourly employees and those that were on the front lines during the pandemic, including cashiers and drivers.
For employers and employees, the situation is a win-win. Tuition incentives can help companies attract and retain employees who recognize the value of education, while employees get a chance to have a fulfilling educational experience while saving on the cost of tuition.
Hire and Retain Better Employees
By offering these tuition programs, companies are able to hire and hold onto employees who are more productive, driven, and loyal, therefore bettering the company as well as the individuals. Furthermore, paying for an employee’s tuition makes them more likely to stay with the company and produce high-quality work. Chipotle’s CFO has stated that “85% of the employees who take advantage of the company’s free degrees are the folks who work in the restaurants. Further, they are 3.5 times more likely to stay with the company and 7 times more likely to move up into management.”
The American Council of Education calculated that around 20 percent of graduate students and around six percent of undergraduates receive a form of school-based financial help.
Since taking on a job while being in college can be a lot to handle, it may be beneficial for applicants to start looking towards companies that offer tuition reimbursements by being their employees.
Tuition Reimbursement as a Benefit
Tuition reimbursement can be seen as another benefit that comes along with working at an established company, such as healthcare or a 401K – something separate from one’s normal salary or wage. An employee may have to make initial tuition payments themselves, then get reimbursed when the class or semester is finished.
Each company’s tuition program for a company is different, with some offering complete coverage and some offering portions and partial amounts. Even different degrees can receive different reimbursements. If interested in tuition assistance, it is recommended to check a company’s website to get specific details.
Amazon Career Choice Partnership
SDSU Global Campus was chosen to partner with Amazon Career Choice so that eligible Amazon employees can take advantage of the program to learn new skills for career success at Amazon or elsewhere.
At SDSU Global Campus, Amazon employees can earn the bachelor’s degrees they need to move their careers forward.
In addition to Amazon, other companies are joining the ranks of those who pay some or all of their employees’ college expenses every day, including:
- Walmart
- Target
- Starbucks
- BestBuy
- UPS
- Qualcomm
- Chick-Fil-A
- Home Depot
- Chipotle
Some smaller companies may offer college tuition reimbursement only for degrees and programs related to their mission or an individual’s specific position. For example, if someone works at a Finance firm, their company may offer to reimburse them for taking courses related to the CFA.
If you are interested in a tuition reimbursement program at your employer, contact your employer’s human resources department and ask if they have a program and if so, which institutions you can attend.