- Nearly 40% of workers are actively looking for another job, even though 78% are very content with their jobs.
- Tuition benefits could help improve employee loyalty and retention.
- Of the workers who said their current employer offers employee tuition benefits, 86% report their general level of happiness as fairly or very happy in their current job.
If you had the opportunity to expand your skill set, increase your knowledge and get a degree – would you? What if your employer was willing to cover any costs associated with this type of upskilling/education?
While this might spark a resounding “yes,” there are often many barriers that come between us and receiving an education we would like.
In a study conducted by Southern Cross University, it was concluded that barriers like a lack of time outside of work, desire to maintain a work-life balance, and an excessive workload prevent workers from pursuing continued education.
- 1 in 3 of employees said it’s very likely they’ll search for new employment that supports continued education
- Employees whose companies offered designated workday hours for learning and paid online coursework reported the highest levels of satisfaction
- Baby Boomers were the most likely generation to want to work on skills-based certifications, while Gen Z were the most likely to want to work on an advanced degree
Although some have speculated that the Great Resignation is about disgruntled employees trying to find work that makes them happy, a new survey suggests otherwise.
Happy workers do not equal loyal workers.
Nearly 40% of workers are actively looking for another job, even though 78% are very content at their jobs. Tuition benefits could really help improve employee loyalty and retention.
Employees believe employers should invest in their continued education
According to a study from Strategic Education, education benefits could help employees feel more valued and happier in their jobs.
Sixty-two percent of respondents who said they felt incomplete, stagnant, frustrated and/or uninspired at their current job believe they would feel better about their current job if their employer paid for workforce training or continuing education.
Of the workers who said their current employer offers employee tuition benefits, 86% report their general level of happiness as fairly or very happy in their current job.
Seventy-six percent of survey respondents who said their current employer offers its employees tuition benefits reported feeling valued by their current employer.
- 83% of workers believe employers should be investing in employees’ continued education
- 44% say they must continue their education to remain competitive in the modern workforce
- 34% say they must continue their education to earn a promotion
The statistics don’t lie and the message is clear, but the question is: Are employers prioritizing reskilling and upskilling? Could this possibly be the answer for retention?
According to an in-depth survey of more than 1,000 professionals across the U.S. and Australia, half of employers said they would pay the cost of continued education up front, with 35% offering reimbursement.
The survey showed that more than three-quarters of all employee respondents benefited from at least some type of education from their employers.
Typically, this was done through employer-offered training (48%), paying for online coursework (44%), or designated workday hours reserved for learning (40%).
Employees in both Australia and the U.S. expressed definite interest and hopes for continuing education. Whether related to reskilling, upskilling, personal development, or career-related skills, education was highly desired.
Unfortunately, barriers such as a lack of time or too much work often did not allow employees to pursue ongoing education, even if their employers were willing to pay for it.
Some companies assist with employee college tuition
Boeing, the largest aerospace company in the world, has adopted a notion of “responsive benefits,” for its 140,000 domestic employees, allowing it to adapt to rapidly-changing employee needs.
Boeing is investing in employees and their full potential, especially as it relates to professional development and education.
One example of Boeing’s benefits is that it provides employees with up to $25,000 in tuition assistance per year, enabling them to pursue undergraduate degrees or MBAs in whatever field they’re interested in.
To help full-time employees advance their careers, Apple’s Education Reimbursement program offers up to $5,250 per year for education expenses.
Anti-bias enterprise discussion management platform ThoughtExchange offers up to a 1K stipend based on business ROI for continuous education programs.
Amazon’s Career Choice program pays up to 95% of tuition and fees (up to a yearly maximum) for courses that lead to a certificate or diploma in relevant fields of study.
Best Buy reimburses full-time employees up to $3,500 a year for undergraduate tuition expenses and up to $5,250 a year for graduate-level coursework.
Chipotle’s generous tuition reimbursement plan covers 100% of tuition for select degrees, high school diplomas, and college preparation courses.
For the younger generations especially, tuition assistance is hugely valuable (and needed). Student loans/debt are detrimental to the wellness and success of the workforce.
Gen Zers are forced to compromise heavily on their ideal jobs due to their student loans, according to a ThoughtExchange’s recent report.
- 62% of respondents reported already having student loan debt
- Of those 62%, 88% say their student debt status makes them more likely to compromise on benefits when looking for a job
- 72% say their debt status makes them more likely to compromise on mentorship and/or growth opportunities when looking for a job
In order to retain and attract valued talent, organizations may need to consider the education needs of the workforce, including student debt assistance.