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Investing in Education is Smart Retention Strategy

Investing in Education is Smart Retention Strategy

Nov. 24, 2023
Survey shows employees more likely to stay if company provides education investment.

If I had a dollar, well maybe $5 with inflation, for everytime sometime told me that retention is a real pain point in their company, I'd be rich.

While the ultimate solution is  having an engaged workforce, whose needs are being met, it's finding out what those needs are that is challenging. 

A recent survey of over 20,000 employees conducted by Strategic Education, found that 87% of workers feel that employers should be investing in contuning education for employees.  This number was a 4%  increase over last year's survey. 

Some survey highlights include:

  • 90% of workers believe that workplace learning is important with 85% saying it's very important. 
  • 90% of employees claim their employer's encouragement to continue their education as a means of advancing within their organization makes them more likely to stay with their current employer.
  • Workers who companies offer tuition benefits feel more valued by their company. 

Companies are listening. Walmart, McDonalds, Amazon, Home Depot, Traget, T-Mobile, UPS, Starbucks, FedEx and Chipolte, are some of the companies, named in an article on CNBC, who have programs that help cover the cost of going back to school 

The article points out that Waste Management covers the cost of college degrees and professional certificaties for employees, their spouces and children.  

They are many examples out there of companies offering this benefit -- a list of 50 companies is explained in this article.  

This benefit, which isn't new, seems to making a resurgence and it's certianly one that has a positive effect on both the individual employee, whose talents are sharpened, and on the company who can use that talent to be more competitive. 

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