Tuition Reimbursement = Employee Retention

Tuition Reimbursement = Employee Retention

If you are devising ways to keep your best salespeople on staff, your company should consider the development of a tuition reimbursement program. This enticing program will interest both your current employees and desirable passive candidates. Most importantly, it will foster employee loyalty while developing your salespeople's skills.

Tuition reimbursement programs are adopted by many leading companies and can be a valuable recruiting tool. By covering costs for qualifying college courses, employers will encourage their workers to continually improve their technical skills and knowledge. Salespeople, in particular, can hone their craft through communications courses and professional seminars

A study by Spherion indicates that less than half of all workers are satisfied with their jobs. The average employee will remain with a company for two to three years. However, employees that receive tuition reimbursement stay with that company for five or more years. If it is within your company's budget to initiate such an employee benefit, a tuition reimbursement program is surprisingly easy to set up.

When developing a budget for the program, you should determine approximately how much individual courses and course materials would cost. Also, you should decide what sort of courses and/or seminars you would cover. After all, you certainly don't need to be paying your top salesperson to attend nursing school.

Once you have decided who will be eligible for this program and what sort of coursework is permitted for reimbursement, you will draft applications for your employees. Before the beginning of each course / professional seminar, you will need to receive an application for approval. Institute a reasonable deadline so that the company can verify the cost and eligibility.

Tuition reimbursement programs are considered to be one of the most desirable company benefits. Your salespeople will be more inclined to stay with a company that is offering such generosity. Also, extending tuition reimbursement shows that the company believes in an employee and his or her ability to achieve great things. This newfound confidence and developing knowledge will do wonders for both office morale and employee retention.

©2008 This article is contributed by Heather Johnson, who regularly writes on the topic of career exploration. She invites your questions and writing job opportunities at her personal email address: heatherjohnson2323 @gmail.com.

Reprinted with permission