Outsourcing Tuition Assistance Administration
Does your company offer Tuition Assistance to employees but still administers the reimbursement program the old-fashion way with a spread sheet? A valued employee has the task of tracking employee classes, dollars spent and follow-up. This in-house tuition administrator spends time tracking down employees to make sure the class was taken and the grade was acceptable to the policy. Employees who did not finish the class have to be hounded to repay the costs and that takes time and energy.
The in-house tuition administrator is usually not an expert on helping employees choose majors and degrees and help them align the degree with career goals. The HR Information Systems may not have the software to provide the reports and tracking of employees.
Outsourcing Tuition Assistance is a way to save valuable time and money. There are several Tuition Assistance Management companies whose core business is helping companies with tuition assistance, from providing expertise in developing tuition assistance policies to software systems and reporting to customer service and academic advising.
Some benefits of outsourcing tuition assistance are:
- HR Administrative Costs and Overhead Reduced. Tuition Assistance Administration saves time and money through a streamlined automated approval process and a support staff trained at handling employee calls.
- Negotiated Discounts from Schools. Tuition Assistance Administrators work with top spend schools for discounts and a portion of these discounts is passed to the company.
- Reporting Gives More Information to Company. The outsourced administration provides reports on expenditures, transactions, amount spent per school, amount spent by department and other reporting functions.
- Academic Advising Can Save Time and Money Off a Degree Plan. Academic Advising can save $2000 or more per employee or more on each degree plan.
Outsourcing Tuition Assistance is an easy way to free up valued employees’ time. The outsourced administrator provides transaction functions, customer service functions and reporting functions. The company can be assured their corporate education programs will provide the education to employees while relieving valued employees of these mundane transaction functions.