November 24, 2021 | 3-minute read (427 words)
Your employees surely appreciate your business’s health plan and other benefits, but a workplace education program is another perk coveted by staff seeking professional growth. To ensure that employees have the skills and tools they need to grow, some businesses have launched programs such as tuition reimbursement, skills training programs and continuing education credits.
As better-educated people can help your firm achieve its goals more quickly, implementing such a plan can promote employee happiness and strengthen the company's capabilities. We’ve culled the top three advances of staff education programs below.
The most obvious advantage of offering employee education opportunities is a happier staff. By showing your employees you care about their growth, they will be more engaged, which means they will be less inclined to hunt for a new job.
Some companies believe that educating their employees may cause them to seek a better job elsewhere. Still, the fact is that happy employees are less likely to quit and more loyal since you invested in their future. One Accenture study found that for every dollar spent on educational reimbursement, a company receives $1.29 back in decreased employee turnover and hiring expenses.
Who doesn't appreciate a happy workforce? Clients, vendors and co-workers will notice their pleasant attitude and think positively of your business. Further, consider that hiring a new employee is more expensive than keeping an existing one. Finally, keep in mind that an educated employee has the potential to use their unique skills to train others in the business, extending the advantage even further.
If you've ever mulled over how to increase productivity at work, one of the first things that typically comes to mind is improving employees’ skills. After all, someone with a diverse skill set can better manage new challenges, take on more advanced duties and work more effectively. This increases productivity not just for the employee, but for the whole team.
Meanwhile, many studies find that cheerful employees are more productive employees. As previously said, employee-supported training may result in happier employees, which can contribute to increased productivity.
More attractive to potential talent
Because applicants generally base their interest on compensation and perks, offering an employee tuition reimbursement, training or professional development program can help you attract the best people when you're hiring. If a candidate sees that your benefits package is comprehensive and encourages them to further their careers, they are more inclined to apply. In other words, an employee education perk will give you a leg up in attracting new talent and retaining existing employees.