The benefit can help both parties as it saves workers money and keeps jobs for the employer.
INDIANAPOLIS – The companies that take you on want you to stay awhile.
Instead of offering a dollar or two more per hour, they offer bigger benefits to keep you going for years to come.
Kimberly Wireman shares her tuition with her employer, Kroger.
“It almost halves it,” Wireman said.
Wireman goes to online school for a bachelor’s degree in management and a minor in human relations.
“I’m a outgoing person, I love to help. So that’s always something I’ve always been passionate about,” Wireman said.
After six months of work, Kroger will pay workers up to $ 3,500 per year for tuition, or $ 21,000 during employment.
“I find this to be very beneficial for the children and the grandchildren. This money could be used for many other things, for the education of my children,” said Wireman.
And Kroger isn’t the only employer offering tuition assistance.
Shakeera Jenkins works at Chipotle and she goes to college for free.
“It’s really, really good not to have to worry about that, especially because I’m on my own. I have to do it all on my own,” Jenkins said.
Chipotle offers employees 100% of the tuition fee for certain diplomas, high school diplomas and college preparation courses. They also offer up to $ 5,250 per year in covered or reimbursed tuition fees for a wider choice of programs.
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Companies offering tuition assistance
Walmart, Sam’s Club and Target recently announced that they will also offer employees full commute options to school.
Walmart’s and Sam’s Club will pay 100% of tuition and associates books through its Live better (LBU). Some of LBU’s academic partners include Johnson & Wales University, Penn Foster, Purdue Global University, Southern New Hampshire University, University of Arizona, and University of Denver.
A spokesperson for Target said, in part, that the company will offer “over 250 debt-free programs from over 40 schools, colleges and universities that are accessible to all U.S.-based team members on time. full and part time the first day. working at Target. There will be both online and in-person options, so team members have the flexibility to choose programs that fit their schedules and specific needs. Guild network of 40 schools, including master’s degrees, Target will make direct payments annually to their educational institution of up to $ 5,250 for non-master’s degrees and up to $ 10,000 for master’s degrees to earn reduce the burden of upfront and expensive tuition fees. “
These other companies also help with tuition fees:
Why are companies doing this?
Dr Larry Belcher, dean and professor of finance at the School of Business at the University of Indianapolis, said employee retention is important because it is expensive to hire staff.
“You have to think creatively about, ‘How am I going to hire people and keep them? “,” Belcher said.
Belcher said the tuition reimbursement benefits both parties, helping employers retain talent and employees avoid or better manage debt.
“Even if they don’t give you the top dollar, some of these other things can somehow lower your monthly expenses and lower your cost of living,” Belcher said.