Tuition reimbursement is a perk that some employers offer their employees. It is a great way to incentivize the hiring process and can help both the employee and the company succeed long term. According to Northeastern University, around 83% of employers present the option. We’ve put together everything you need to know about the benefit and why it should be important to you.
What is tuition reimbursement?
A tuition reimbursement program is a benefit provided to employees where the employer pays for a predefined amount of classes that further an employee’s education. It prompts employees to learn new skills (or improve existing ones) that pertain to a particular career path. Typically employers will reimburse $5,000 – $7,000 per employee, per year, in continuing education expenses.
Why do tuition reimbursement programs matter?
Since they reinvest in the workforce, these programs are a well-received way for employers to show appreciation. The benefit reduces turnover and also makes employment opportunities more attractive to prospective staff.
On the employee side, tuition reimbursement offsets the costs of continued education. It streamlines the potential for promotions, which generally results in increased earnings.
Considering higher education
When enrolling in higher education, you should review the details of the tuition reimbursement program established by your employer. Often, the courses approved for reimbursement must relate to your current job. It safeguards your employer from paying for elective classes that will not help your daily work duties. Furthermore, it is common to experience caps on the amount of tuition reimbursed for each year.
Achieva Credit Union is Hiring!
We would also like to mention that Achieva Credit Union is hiring! If you want to be part of a growing team of caring, like-minded individuals, check out our list of open positions to see if there is one that fits you. Working at Achieva has advantages, including an excellent 401(k) plan, plenty of professional development opportunities, and a robust tuition reimbursement program!