The cost of receiving a college education is escalating and because the out-of-pocket cost burden is too much for most individuals to afford, alternative sources of capital are often sought to fund educational endeavors. For adults in the workforce looking to return to school, some of that financial relief may come from their employer.
In a recent article in HR Vendor News, the newly-released Benefits USA 2011/2012 Survey found the rate at which companies are offering tuition reimbursement to all of their employees is rapidly increasing. In 2009, only 34.9 percent of employers offered tuition reimbursement to all employees. This increased to 45.3 percent in 2010, and again in 2011 to 51.7 percent.
The National Center for Education Statistics has projected that between 2009 and 2020, enrollment of adults between the ages of 25 and 34 in post-secondary degree granting institutions will increase by 21 percent, and enrollment for adults over the age of 35 will increase by 16 percent. So as more working adults look to increase their education to further their careers, they will be looking to their employers to help with financial aid.
Companies looking for ways to support their employees’ efforts to further their education, or that of their spouse or children, can offer a voluntary benefit program that provides access to purchase affordable computers that can be used for educational purposes. And the benefits aren’t just employee-centered. This is a valuable benefit alternative which does not cost an employer or government association anything to offer, yet they will reap the benefits of a better-educated workforce.
Be sure to share this information with your current clients as a way they can support and retain their employees in a cost-effective and meaningful way. Click here to learn more about how Purchasing Power can help employers’ education objectives.