Your Employer May Be Able to Help Fund Your Education
Last Updated October 30, 2019
If you’re looking for a way to cover the cost of education, you might want to speak with your employer.
WorldatWork, an association for benefits providers, reported that 85% of U.S. employers offered tuition assistance in 2017. Employers can take many routes when designing their tuition assistance plans. Some may offer to cover all the costs related to education, while others may pay a portion. Some might pay up-front, and others after each course has been completed.
The requirements, details and eligibility vary by employer, so prospective students should contact their Human Resources or Talent Management department for more information.
Angela Lahr, Associate Vice President of Clinical Operations at Evangelical Community Hospital in Pennsylvania, utilized her employer’s tuition assistance benefits to earn an online Certificate in Lean Six Sigma and a Lean Six Sigma Black Belt certification from Villanova University.
Lahr said her 2019 Lean Six Sigma credentials have already proven to be a valuable investment for her and her organization, adding that she has been able to apply what she learned to improve hospital operations.
“I frequently am asked to look at processes outside my areas and offer advice. From within my areas, I work with the Directors to identify processes that have opportunity for improvement,” she said. “I then guide them along by offering ‘just in time’ education on specific Lean principles. When needed, I apply the Six Sigma principles to the data we collect to analyze their improvement efforts.”
Employee Benefits
There are many reasons why professionals might consider higher education, including:
- Promotion
- Development
- Compensation
- Industry certification or continuing education credits
- Updated skill sets
- Soft skills
- Satisfying professional or personal curiosity
Tuition assistance is important because employees have come to expect their employers to play a role in their professional development.
“It’s expected by today’s talent,” writes Meghan M. Biro, HR Brand Strategist and CEO of TalentCulture, for Forbes. “It signals that the employer values their people and are actively interested in their success — not just on the job, but over the long haul.”
Online Advantages
Even with tuition assistance available, working professionals might be concerned about balancing education with work and life obligations. With immersive classes designed for adult working professionals, Villanova’s online classroom offers opportunities for students to balance their educational, family and career responsibilities in a flexible learning environment. Live, virtual class sessions provide an authentic learning experience to maximize interaction and collaboration with faculty and fellow classmates.
“I have taken online programs from other universities and Villanova’s classes are challenging, but very organized,” Lahr said. “The intensity of the program was very fulfilling. … All the information you need is in the curriculum.”
How Does the Employer Benefit?
While tuition assistance benefits can provide value to employees, they’re also beneficial for organizations. Research has shown that these benefits attract talent, retain workers, address skills gaps and improve productivity. A 2016 Accenture study involving health insurance provider Cigna demonstrated a 129% ROI for every dollar invested in education benefits. In addition, the study explained that employees who used the benefit were less likely to leave the company and more likely to receive promotions.
Additionally, a February 2019 article by the Society for Human Resource Management (SHRM) titled, “Education Benefits Present a Learning Opportunity,” said that companies with tuition assistance report better overall performance, recruitment effectiveness and retention than those that do not. “Those who work and attend school are a self-selecting, motivated group… Online courses provide flexibility for employees who are trying to work full time, take classes and care for families,” the article said.
Lahr further emphasized the importance of continuing education, especially if support is available from an employer.
“Education is a valuable personal asset,” she said. “If you have the opportunity to learn new skills, I would recommend taking advantage of your tuition assistance benefits.”
