Tuition Reimbursement

Tuition Reimbursement Implementation Report Education is one of the keys to success and many people know this. With so many ways to get a college education; such as traditional brick and mortar schools and online education formats, a college education is becoming a reality to many. Competition for such graduates is becoming fierce and many companies will do what it takes to land them. Tuition reimbursement is one of the ways that companies have implemented to entice new and current employees to get a college degree and help their company grow.

A tuition reimbursement program is an essential step that our company should implement so that our current and prospective employees can grow and thus help our company do the same. The competition in today’s market is fierce and competitive and if a company is not moving forward than they are falling behind. It is important for our company to stay ahead of the competition and keep up with technology and trends such as social networking.

Coaxing new and current employees to seek degrees in communication and business disciplines will not only strengthen our company but also insure us of employees that are willing to stay long term and thus make our company stronger. Employees that have degrees know that they are a more valuable asset to a company and the incentives of higher pay and promotions will also lead to retention of high quality, educated employees.

These employees that take the challenge and opportunity to go to college and seek a degree will have the opportunity to choose from many employment opportunities with our company. These opportunities include human resources, middle and upper management, information technology, marketing, sales, customer service, and international relations. Not only are there many career and advancement opportunities for college educated employees, but their education brings to our company new ideas and a fresh perspective that is being taught at colleges and universities in today’s world.

The benefits of enticing our employees and future employees to seek a college education are numerous and both beneficial to us and them. The success of our company and its future in this highly competitive and cutthroat world may very well hinge on such aprogram. We cannot ill afford to pass up on the opportunities and benefits that a tuition reimbursement program would bring to our employees and company. The earning potential of employees and future employees is onsiderably greater than those without a degree and leads to a more productive, loyal, and happy employee that will bring to our company a certain aspect that non-educated employees do not have. The “Bureau of Labor Statistics” (2012) website states that people with a Bachelor’s degree make a median weekly income of $1,066 compared to a person with only a high school degree that makes a weekly median income of $652. Also, the “Bureau of Labor Statistics” (2012) website the unemployment rate of people with a Bachelor’s degree is at 4. % compared to a high school educated worker being at 8. 3%.

Turnover, hiring, and training of employees is a costly endeavor that can bring a company to its knees, but with incentives such as a tuition reimbursement program, this is sure to impact the retention and hiring of good quality employees and lower the costs that are associated with turnover, hiring, and training of employees. Employees that have better financial situations are also more stable in their personal lives which make them more healthy, reliable, happy, and productive at work. The economics literature analyzing health draws heavily on the theoretical work by Grossman (1972). Grossman present a model in which an individual’s health is treated as a choice variable which produces direct utility and increases the person’s productivity. Health is produced by a health production function which has several inputs. A person’s level of schooling is considered an important input. More highly educated persons are assumed to be more efficient producers of health; they have less unhealthy habits and visit their doctor when required.

This relates to the direct effect of schooling on health” University of Amsterdam Department of Economics, 1997, p. 2). Another huge benefit that will more than compensate for the added expense of tuition reimbursement is that a college educated employee will require less training to do the assigned job and thus save money and resources from allocating a person to train. This allows all employees that are college educated to produce results for the company at a quicker pace than a non-college employee.

The potential savings in time and energy and the added production will remain to be seen but could be very substantial and help offset the costs of reimbursement. I know that bring forth such a program as tuition reimbursement will only benefit our company and lead to many successes and the benefits way outweigh the costs. I feel that it would be in our best interests to implement the tuition reimbursement program as soon as possible and start luring highly educated employees to our program so that we can start realizing the benefits of higher education immediately.

It will not take any time at all to see the fruits of our investment and endeavors and I am positive that such a program will benefit our bottom line. References Bureau of Labor Statistics. (2012). Retrieved from http://www. bls. gov/emp/ep_chart_001. htm University of Amsterdam Department of Economics. (1997). HEALTH, WEALTH, AND HAPPINESS: WHY PURSUE A HIGHER EDUCATION? *. Retrieved from University of Amsterdam Department of Economics, website.