If there was a benefit you could offer your employees leading to decreased talent management costs, increased employee retention, and had a 144% ROI, would your company offer it?
A study conducted by Accenture, a global professional services company, found Discover Financial Services earned $1.44 for every dollar spent on tuition assistance programs for their employees. The cost savings mostly came from avoided talent management and training costs. During the study, Discover saw higher rates of employee retention and promotion as well as lower rates of absenteeism.
The Discover case adds to the growing list of studies confirming that offering employees tuition assistance programs not only helps the company’s bottom line, but also increases employee loyalty and community involvement.
These results substantiate what many companies and college completion advocates suspected all along – investing in employees benefits everyone.
If St. Louis is going to become one of the Top 10 metropolitan areas in the country, we need to address our skills gap. In the 2015 State of St. Louis Workforce report, regional employers cited that the biggest barrier to expanding their workforce was a shortage of workers with knowledge or skills.
Offering employees tuition assistance programs is the perfect way for employers to build an ideal workforce while looking out for their bottom line.
Is your company interested in offering tuition assistance programs? View our Degrees That Work Employer Toolkit to find ways to support working adults.