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 assistance 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.
Education assistance programs can therefore help employers create a more capable, loyal workforce as well as remain competitive in terms of employee recruitment and retention.