Tuition Reimbursement Implementation Report Our company has had a very profitable year and is looking to expand our employee benefits. As an employee in the benefits department, I have prepared this report of providing tuition reimbursement implementation to qualified employees for the bachelor’s degrees in business and communication. This report is going to discuss the effect and benefits adding tuition reimbursement implementation will have on both our company and our employees. New professional opportunities
Employees need incentives to excel in their positions and continue to learn and achieve great success (amazines. com, 2009). Many of our employees are seeking further education by obtaining some sort of degree from a college or university. A Bachelor’s Degree in Business and Communication can help lay a solid educational foundation for employees who that have an interest in a business career. A bachelor’s degree in business and communication will introduce students to the principles and skills of business management, business communication, business writing, and the core business subjects.
The option of taking courses online makes continued education easier for employees to pursue college degrees while working at their full-time jobs. Obtaining bachelor’s degrees will offer employees new professional opportunities such as getting promoted inside the company, improving their productivities, and getting raises. These potential opportunities give incentives for employees to feel secured and motivated to work hard for the company. Moreover, studies have shown a greater overall job satisfaction if a degree is obtained. While job satisfaction is a matter of opinion, a 2007 University of Chicago study of American workers interviewed between 1972 and 2006 showed that those who were most satisfied with their jobs had more education and made more money, while those doing unskilled labor reported being the least happy (eLearners. com, 2011). ” Research has shown professionals who have bachelor’s degrees will have higher potential income and job security than others with lower education. According to the U. S. Census Bureau, adults 18 and over who had at least a achelor’s degree in 2004 were earning an average of more than $51,000 a year, while adults who had only a high school diploma earned an average of about $28,600 per year (eLearners. com, 2011). A bachelor degree can be a ticket to a lifetime of higher income, better health, and better prospects for a happier life. Types of careers require a bachelor’s degree and their average salaries People who complete a business communication program are qualified for a wide range of careers and work in a multitude of industries.
Data from the Bureau of Labor Statistics shows that median earnings in 2006 for advertising and promotions managers were $73,060, for marketing managers were $98,720, for sales managers were $91,560 and for public relations managers were $82,180 (diplomaguide. com, 2011). Some types of careers require people with a bachelor’s degree in business and communication may include Actuary, Network Systems and Data Communications Analyst, Financial Adviser, Human Resources Manager, Database Administrator, Public Relations Specialists, and Market Research Analyst.
The average annual income for an actuary is about $107,000; $81,000 for a network systems and data communication analyst; $122,000 for a financial advisor; $150,000 for a human resources manager; $54,000 for a database administrator; $65,000 for a public relationship specialist; and $55,000 for a market research analyst (Lane, 2009). Comparing to these average salaries, our company might save more money by offering qualified employees education opportunities, training them and promoting them to do the same jobs than simply hiring qualified candidates.
Benefits to the company Adding tuition reimbursement for the bachelor’s degrees in business and communication will benefit the company in a long run. Tuition reimbursement is one type of human capital investment which will help the business grow and expand. Compensation, including wage compensation and nonwage compensation, has been shown to have sizable effect on workers’ behavior (Manchester, 2010). Recent studies find evidence of negative relationships between tuition reimbursement and employee turnover rates.
By implementing tuition reimbursement to qualified employees, employees’ productivities and efficiency could be enhanced, and employees could be explicitly bound to the company through formal restrictions on service length following reimbursement (Manchester, 2010) Many employers recognize this as a valuable investment that helps them compete in today’s dynamic business environment (Cappelli, 2004). Estimates of the percentage of firms that offer this program are as high as 85 percent (Cappelli, 2004).
Employees who receive the compensation will feel more job-related satisfied and be loyal to the company. It is in our company’s best interest to select people who are well-qualified and will maintain loyalty and longevity with the business, and so increase employees’ intention. Theory at both the micro and macro level predicts that investments in superior human capital generate better firm-level performance (Ketchen Jr. , D. , Crook, R. T. , Todd, S. , Combs, J. G. , & Woehr, D. J. , 2011).
Surveys have been conducted to show workers want to be treated with respect and dignity. They want competitive wages and salary where compensation and promotion are based on performance. They are also willing to improve their skills through education, asking only that employers assist in funding since organizational growth is tied to employee development (Stephen, 2008). They are also asking for equal opportunities to compete. When any extenuating personal circumstances arise, they hope employers will work with them so they can return as productive employees.
Tuition reimbursement is a necessary human capital investment which might lead to sustainable performance advantages for the company. Valuable resources must be in short supply and semi-permanently tied to the company in order to deliver lasting above-average performance. That is the reason I suggested the reimbursement program is aimed toward the degree of business and communication. A tuition reimbursement plan can help expand the knowledge of the company to our employees who decide to further their education.
Taking business based classes can help employees see what opportunities their future can have, also enable these students to apply their newly learned skills at work, by improving their business etiquette, management and leadership skills, and use communication skills and tools effectively in a business setting. This program will help train more future strong leaders for the company with overall lower costs than seeking outside candidates.
These employees who have long term work experiences in the company and solid business knowledge will generate more future revenue for the company. Overall, since the company has already approved a budget for the employee benefit expansion, we should consider adding tuition reimbursement for the bachelor’s degrees for qualified and motivated employees. With the benefits of increasing business development and employee intention, this benefit program will create a win-win situation for our company.