Tuition Reimbursement Implementation
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 …show more content…
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 …show more content…
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
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 …show more content…
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 …show more content…
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