Outsourcing Tuition Assistance Administration
Larger corporations provide Tuition Assistance Programs to their employees and many mid-sized and smaller companies have also added this benefit. The range of assistance runs from a few hundred dollars a year to several thousand. A few companies reimburse employees for an entire degree (with books and expenses) and do not have a maximum cap on the cost. These forward-thinking companies view their Tuition Assistance Program, not as just a benefit, but as a strategic investment.
Your Tuition Assistance Program (TAP) may have been created with several purposes in mind:
- Corporate Benefit. Corporate Benefit is the Number One reason for companies to offer reimbursement for college classes and degrees. Companies recognize the need to add skills, knowledge and education to grow employees.
- Recruitment and Retention Tool. Companies may offer reimbursement as a way to recruit new employees and retain the ones they have.
- Career Development. TAP may be part of the career development plans for employees and may include training, classes or college degrees.
- Outplacement. A few companies will use their TAP program to help employees move to new careers outside the company.
A way to enhance the TAP is to form partnerships with your local colleges and universities. The colleges may be community colleges or state schools or private universities and the partnership may be with a specific department such as Computer Science, Business, Engineering or Health Care. Or, the partnership may be between the Continuing Education Division or the school and the company.
How will your TAP benefit from university partnerships?
- Schools may discount 5 – 10% or more off the tuition cost if the company allows the school to advertise the partnership.
- Universities offer internships at the company and are a good way to recruit employees with specialized skills and education.
- Universities allow corporations to recruit on campus.
- Universities offer Executive Education and Professional Development certificates and classes to help with career development and retention.
- Universities set up customized degree plans or certificate programs for departmental needs. These programs may be on-site at the company for convenience.
- Universities provide outplacement programs or develop certificate programs for those leaving the company.
Companies use TAP for many reasons—benefit, recruit and retain employees, career development, outplacement or a combination. No matter why your TAP exists, partnerships with universities can benefit your employees seeking education.