Why You Should Offer Education Assistance Benefits
According to a Lumina Foundation survey, only 11% of employers think graduating students have the skills that their businesses need. Companies need to find a way of close talent gaps.
The same study found that Cigna was able to save $1.29 in talent management costs for each $1 the company put into its education reimbursement program. Program participants were also found to be more likely to stay at the company and to be promoted.
Additionally, the Society for Human Resource Management’s (SHRM’s) 2017 Employee Benefits survey report, found 53% of organizations now offer undergraduate education assistance and 50% offer post-graduate education assistance.
Educational assistance programs can therefore help employers create a more capable, loyal workforce as well as remain competitive in terms of employee recruitment and retention.
Convenience Employees Love
Online participant portal and mobile app
Rapid reimbursements via direct deposit
Easy documentation submission
24/7/365 U.S.-based customer service
How CYC Tax-Free Education Reimbursement Works
Employees pay for qualified education-related expenses with personal funds.
They submit claims and upload necessary documentation through the participant portal, mobile app, mail, or fax.
Participants receive payments quickly with expedited claim approval and reimbursement.
That’s it! If they ever have a question or need help, we’re just a phone call away, any time, every day – even on holidays.
Employees achieve their educational goals while employers reap the benefits of having a talented, satisfied workforce.