Are you aware individuals in search of jobs are likely to consider receiving either an hourly wage or an annual salary? Some companies are offering their workers or employees huge benefits such as health insurance, tuition reimbursement, and many others. These things play a vital role in the monthly bill of any employed person.
An ideal way of making payment for a tuition fee is through tuition reimbursement. Every year the tuition fee for acquiring a college degree is increasing. Presently, the average undergraduate tuition fee is $24,900 at a public institution and $51,900 for nonprofit colleges. Fortunately, there are a few companies ready to provide tuition reimbursement as their benefits to their employees.
Many employers use this tuition reimbursement to lure their employees to spend more time working in their company. For instance, an employer can offer his/her employee the sum of $12,000 as a tuition fee for college, there is a tendency for the employee to stay longer in the company, and contribute more skills to see the company grow.
What is Tuition Reimbursement?
It is a benefit given to employees like healthcare, insurance, to make them commit their time. The company pays the employee a certain amount based on their tuition fee. It is not compulsory for the amount to cover the entire high education cost, because it serves as a means to provide additional support to the employee regarding their college tuition.
The truth is there is no stipulated amount to any educational benefit. On the other hand, the employee still has to pay tax if the amount is more than $5,250. The employer will list the benefit as part of the employee’s income except the amount is not more than $5,250.
How Does Tuition Reimbursement Program Operate?
Every company has its methods of implementing tuition reimbursement programs. In some companies, the tuition reimbursement is for educational classes, while for some companies the coursework is via a specific school to increase the eligibility for reimbursement. Some big firms might help to cover different costs such as internet connection fees or textbooks.
Various factors affect the tuition reimbursement of a company and they are industry, human resource policies, human resource policies, and many others. Employers pay their employees upfront to attend college classes. On the other hand, the employer might reimburse a full or partial amount to the employee after he or she is done with the class.
Furthermore, smaller companies might want to provide payment for a college degree relating to the employee’s current job. For instance, if the employee wants to obtain a CFA certification, the company has to pay for the college credit to enable him or her graduate. Larger companies can be financially stable to pay the full tuition fee of the college you will attend.
The tuition reimbursement program covers the four-year tuition fee for any employee undergoing an undergraduate degree or postgraduate degree. Also, many students are doing part-time jobs to get extra income to fund their needs.
Reason Companies Pay Employee’s Tuition Fee
Every employer has a strategy they use to keep their skilled workers in their firms, and also motivate them using different benefits. Also, turnover can lure a company to recruit and train more hands to increase productivity.
For instance, a TAP program might entice an employee to stay longer in a company that pays college tuition fees for their workers. For companies to grow geometrically they need people with current skills to meet the demands of the company and helps to reduce the cost the company might spend to employ new workers.
Ways Employees Should Ask Employers for College Tuition
For an employee working in a big company that won’t pay for any college tuition, it is best for the employee to discuss the benefits with his or her employer. These are the different ways to ask employers for college tuition:
1. Be Reliable:
No employer will like to pay the college tuition for any employee without any track record. One of the best ways for any employee is building trust, incredibility, communication, etc among other workers in the company. It is through this the employer might see the need to retain the employee for a longer period.
2. Check for Online Option:
It is another factor employees might want to put into consideration to avoid anything that will affect their business. If the college might affect the employee’s work performance in the company you are working for, then you might consider the online option.
3. Research First:
It is crucial to select the course or skill on time to get your employer to pay the college tuition, but you must find a way in finding an approach to convince them. Therefore, you need to be prepared for any question they will ask you during the interview for college tuition.
4. Estimate the Total Return on Education:
It will be more sensible if your company can see the total amount of money they will benefit from investing in you. A simpler way to do this is by showing the usefulness of the course on how it will lead to maximum output in the company.
5. Pledge Loyalty:
Any company investing in their employee want to be certain they will stay after earning a new degree. Employees should try their best to understand the structure of the company to inform their employer of the job in the company they want to pursue.
Companies with Amazing Tuition Fee Reimbursement Program
There are companies in different sectors such as banks, telecommunication, technology that offers tuition reimbursement program to their employees, and they are:
1. Publix:
The company reimburses the tuition cost of technical training, college classes, and other online programs. If the employee is interested in obtaining an undergraduate or postgraduate degree, the employer funds the tuition fee. Any employee who has worked for a minimum of six months continuously with an average of 10 hours every week is eligible for it. The employee gets to enroll in a college and may obtain $3,200 every year.
2. AT&T:
It is one of the big firms in the globe, and as a result of offering benefits, they offer tuition assistance. The company makes it available for approved education costs, but the company doesn’t share details regarding the amount of assistance available on the program.
3. Anthem Inc:
Employees inside the company stand the chance of earning $5,000 every year as reimbursement for various things such as tuition fees, textbooks, and things related to education.
4. BP:
It is one of the oil giants in the world, and they have requirements before anyone can be eligible for it. Their tuition reimbursement covers 90% of different costs such as tuition fees, books, and many others. On the other hand, employees must obtain approval to take in the registration process.
5. Chipotle:
It is another company with amazing tuition reimbursement programs and employees working hourly or as salary employees are eligible to receive $5,250 as tuition reimbursement. Also, the company forms a collaboration with Guild Education to provide online programs and classes for employees in various universities.
6. Home Depot:
The tuition reimbursement for the company differs based on the role of the employee. For instance, salaried employees could earn up to $5,000 every year, while those working full-time are reimbursed with the sum of $3009, and employees working part-time hourly get close to $1,500 back.
7. JetBlue:
It is an airline firm with a program called JetBlue Scholars. The program is free for employees to enroll, and if they are accepted, they can start an online course that has been approved. The major criteria are for the employee to have worked for more than two years to show credibility with the company.
8. Proctor & Gamble:
The company is into the production of various household and consumer goods. Proctor & Gamble also give tuition reimbursement program to their employees.
9. Smucker’s:
Apart from the production of Jam, they work with other big organizations such as Meow Mix, Folgers, and Pillsbury. The company provides tuition reimbursement to cover their employees’ fees.
10. Starbucks:
The United States employees can benefit from the tuition reimbursement program of the company, and students can get their full-time university degree covered like a bachelor’s degree. An employee can also enroll in an online program at Arizona University.
11. UPS:
A part-time employee for the company in charge of package handling can take part in the company earn and learn program. The program covers up to $25,000 of the college expenses, and every year the program reimburses a total amount of $5,250 for each employee.
12. Verizon:
The tuition reimbursement program for the company is for everyone to work either full-time or part-time as long they are working 17 hours per week. The employee must be on an active payroll and should be available throughout the program.
13. Deloitte:
Deloitte provides tuition reimbursement assistant for their employees having an interest in undergoing a postgraduate course to upgrade their education. Those for this program, get full tuition reimbursement after spending two years at Deloitte following their post-graduate program.
14. Lowe’s:
Regular employees can benefit from the tuition reimbursement program of the company after one year of working with them. The core courses are counted as being eligible including electives to receive a postgraduate degree. The degree can either be a bachelor’s, master’s, associate’s, or doctorate.
15. Chevron:
Employees are eligible to get a “severance pay benefit” might also enroll in the SESP Educational Assistance Program. As a result of this, they can get 75% of their tuition fee. Also, it covers things like textbooks, fees, platform subscriptions, courses, and further training to assist employees to get better job opportunities
16. Qualcomm:
Most employees want to work with Qualcomm company because they offer a tuition reimbursement program. Every year the company provides $5,250 for books, parking, and tuition. It covers bachelor’s, associate’s, and certification programs. In some cases, the company covers $10,125 for a postgraduate degree. Employees must work for a minimum of 40hours a week to be eligible for it.
17. Baxter:
Baxter invests in the growth of their employees by reimburses up to $5,250 every year especially c for any undergraduate courses at accredited colleges. There is a separate TAP that demands approval from the management to offer funds for postgraduate courses. Also, the company runs scholarship programs for children in post-high school.
18. Chick-fil-a:
Every year, the company gives two different scholarships to qualifying team members – true inspiration scholarships worth and Leadership Scholarships worth over $25009 and $2,500 respectively. In 2029, a total number of 6,700 team members of the company in over 47 states obtain scholarships. Lucky candidates can use the funds anytime they feel like using them in different institutions owned by the company.
19. Walmart:
They form a collaboration with Guild Education to provide flexible and online courses to employees. Eligible employees can obtain a college degree or high school diploma. On the other hand, some can study to get ready for SAT and ACT classes.
20. Target:
It is one of the largest companies with an amazing tuition reimbursement program. The company helps employees to study in either university or technical schools.