Enhanced educational reimbursement programs are the latest lure for employers to dangle in front of talented professionals.
According to a recent study conducted by Hewitt Associates, a global management consulting firm, more than one-third of employers are beefing up education assistance programs to help attract and retain talent.
Compared to other tactics used, educational reimbursement benefits both the employee and the employer. The employee gains professional development while the employer may gain an even more skilled professional who may advance in the company.
Employer changes in reimbursement programs include increasing the annual amount allotted. The median reimbursement limit is $3,000, up from $2,000 in 1993. The survey of 460 companies also reveals that 84 percent pay for some type of degree program and 23 percent of the surveyed companies do not place limits on the amount reimbursed.
A complete copy of the report, Design and Administration of Educational Reimbursement Plans, is available from Hewitt's Publication Desk. Call 847.295-5000 or write Hewitt Associates, 100 Half Day Road, Lincolnshire, IL 60069.