Providing Tuition Reimbursement

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Running head: THE VAULE OF PROVIDING TUITION REIMBURSEMENT The Value of Providing Tuition Reimbursement XXXXXXX The Value of Providing Tuition Reimbursement Even though employees might look elsewhere for a better job, educating employees makes them a more valuable and happier employee because with increased skills and knowledge, the employees become promotable and more productive. It helps develop an employee to think better logically and interact with a different group of people. Take on additional assignments, be a better leader, and will improve the company’s professional image when dealing with clients. Many companies now offer tuition reimbursement; the programs vary in some degree. Tuition reimbursement also helps…show more content…
1-4) states that many companies now offer tuition reimbursement, Ken Kingsley, of the Human Resources Department of Quadrant Engineering plastic products in Scranton says they reimburse their employees directly up to $5,250 annually for job-related courses after their course is completed, and for a grade “C” or better must be earned to be eligible for reimbursement. Employees have no restrictions and can choose any school desired. The $ 5,250 is spent the way needed. Cynthia Konrath, Vice President of Human Resources for Weiler Corporation in Monroe County, which manufacturers industrial brushes and abrasives says they offer two reimbursement programs. If the course of study is directly related to the employee’s job, the company will reimburse up to $3,000 per calendar year. If the course of study is related to another job within the corporation, one the employee may hope to obtain, the company reimburses up to $1,500 per year. The programs are offered to employees for at least six months, and employees may attend any credited school and choose traditional or online courses. A performance incentive encourages employees to do their best and get the most from their…show more content…
This will help put both parties at ease. Some of the reasons for the contract are, it will keep the employee from just using the company’s money to pay for their tuition and leave after earning their degree. Some of the questions to be considered are how will the tuition be refunded? Will the tuition be directly paid or will it be deducted from the employees pay. Another one is what academic standard must the employee maintain? What GPA must the employee maintain and what would happen if the standers are not meet? The most important reason for providing tuition reimbursement is in educating your employees making them more valuable, happier and becoming promotable. This leads to a higher employee retention rate. In 1996, Congress passed legislation making a corporate investment of up to $5,250 toward tuition reimbursements for an employee tax free. In conclusion, although employees might look elsewhere for a better job, educating your employees makes them more valuable and happier employees. It affects the company bottom line by directly having a more skilled staff and indirectly by encouraging employee loyalty and respect.
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