With all the discussion about the forgiveness of student loan debt going on right now, it’s no wonder that companies are stepping up to help their employees reduce their financial burden. Not all companies do this, but some organizations use this as a selling point for recruiting. But it doesn’t stop there – companies are also investing in the continuous education of their workforce. Here are a few benefits I have seen:
Student Loan Repayment
I was fortunate enough to pay as I went through college (because I finished my degree in a very non-traditional way). Unfortunately, most students don’t have that luxury or the grit to work while also getting an education. As a result, students take out student loans to fund their schooling. Unfortunately, this leaves graduates in a challenging position.
Your first job right out of college doesn’t usually pay an extremely high wage or salary, so the weight of the fiscal responsibility of student loans is heavy for new graduates. Many organizations recognize that people with significant student loan balances are stressed about paying the loans back after landing their first job. They’re helping reduce that stress by contributing.
The amount a company provides is solely at their discretion, but if you have student loans, this is a huge differentiating factor to consider when evaluating job opportunities. Whether it’s $100 per paycheck or your whole loan balance, any assistance helps.
Certificate Programs at Colleges
Another great option I have seen companies offer is support for earning certificate programs at colleges. These courses are usually a subset of a more extensive degree program. Still, they’re targeted to give the students specific and actionable skills they can apply to their jobs right away.
Certificate program credits are also yours to keep. If an employee decides to pursue additional education or degrees, the courses may count toward the degree requirements or be transferrable to other institutions.
I have seen many college graduates who earned degrees in – how do I put this nicely – not a very employable major. The good news is that employers are desperate for people right now. If you can learn and are willing to get a certificate in a valuable topic, you might still be able to land a job despite not having the skills already.
Access to Learning Libraries
I recently went to a conference, and the keynote speaker said: “don’t go back to school; you can learn everything online.” While this is mainly true, most education or training websites aren’t free – you still need to pay for them.
Organizations that value continuing education and learning are willing to invest in various online platforms that they pay for, with the employee paying nothing. This is a HUGE benefit. At my last company, they had a subscription to Udemy, and it was amazing! My current company has both an internal learning management system for specific topics related to the business, as well as a whole host of courses available through Coursera taught by college professors.
Also, one of my favorite resources is LinkedIn Learning, which I had a subscription to via my college when I was still in school. All these resources offer fantastic content, certificates for completion, and a way to build your skills.
Reimbursement for higher education
If you started college but never finished, and you’re dying to check that off your bucket list, then look out for companies that offer tuition reimbursement. It’s different from paying off existing loans – it’s more like you take a class or two at a time (while still working full-time, of course) at an accredited college or university. Assuming you earn a sufficient grade for your efforts, your company may pay up to a certain amount per year toward your tuition.
I never took advantage of this benefit myself, but when I finally made the decision that I wanted to go back for a master’s degree, my company was acquired, and this benefit was no longer available. Now, I’m at a company that does support me in continuing my education, so once I’m eligible, I’ll be going back to school myself, with a little financial help along the way!
Final Thoughts
These are just a few of the ways I have seen employers step up to help their workforce. Whether it’s slowly paying off your student loans, or helping you continue your growth through other channels, these are benefits you shouldn’t ignore. When you look for a new employer, make sure to consider their total rewards package, and educational assistance of some kind should be among those benefits.
If you missed the previous blogs in this series, check them out:
- Innovative Employee Incentives in the age of COVID
- Incentive #1: Work Environment
- Incentive #2: Workspace & Tools
- Incentive #3: Work Schedule
- Incentive #4: Health & Wellness
- Incentive #5: Professional Development
- Incentive #6: Time Off
- Incentive #7: Insurance
- Incentive #8: Career Growth
- Incentive #9: Financial
- Incentive #10: Culture
- Incentive #11: Recognition and Rewards
How about you? Does your company do any of these things to support you? Have you seen any other unique offers when it comes to education? If so, I would love to hear all about it in the comments below!