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Tuition Reimbursement Implementation Report

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Tuition Reimbursement Implementation Report

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  • July 7, 2012
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Tuition Reimbursement Implementation Report
Business is all about finding the right balance between performance, integrity and employee retention. “Success in business is seen as making profits and advancing private interest and having an unlimited ambition for money, position and power whereas the moral life by contrast, focuses on duties to others and places others’ interest over self,” said by M.V. Subbiah, Chairperson, National Skill Development Corporation (NSDC). One way of retaining employees and helping in their growth in their careers is a tuition reimbursement program. National statistics show during the past decade, more companies are offering a tuition reimbursement program. Universities and community colleges offer more flexible classroom hours for students who work and some even offer online degree programs. In 2003, companies paid an estimated $10 billion in tuition reimbursements, according to a 2004 survey by Workforce Management. “More individuals are taking advantage of this benefit, “ said Debra Johnson, benefits manager of LifeBridge Health, which owns and manages, Sinai Hospital, Northwest Hospital, Levindale Hospital and Jewish Convalescent Home. “It’s a good investment for all of our employees.” Small businesses also are using tuition benefits as a means of luring good workers from top companies. Covering tuition costs for employees also can save small businesses money in staff turnover by encouraging entry-level workers to train for jobs with greater responsibility. Types of careers people with a degree have are more varied than people realize. Of course it involves the obvious, such as management and marketing, but there’s an increasing need for business majors to apply for their skills in government, international commerce, health care and non-profit organizations. These areas serve as the back bone for economic, political and social systems at all levels. A business degree can be applied to virtually any industry and can...