Over the last 18 months, several companies have rolled out programs to offer free, or nearly free college education for their employees and even contractors. Disney, McDonald’s, Walmart and Uber are some of the most recent companies to offer college education for their employees. This trend is expected to continue as more companies realize the value they obtain by providing this service.
Studies done by Starbucks, Cigna and Discover showed that employers get a significant return on each dollar invested in the education of their employees. That is in addition to the increased engagement, retention and upward mobility that employers are seeing from their employees as a result of these education programs. Tuition Assistance programs are actually nothing new. Nearly 70% of all major companies offer some form of tuition assistance, with the average amount of assistance provided hovering around $3500 per year. Currently the average employee tuition assistance participation rate is approximately 4% , but by making the increased investment into their employees, and covering up to 100% of the tuition costs, companies are seeing participation rates as high as 12%.
Fluid Education works closely with Fortune 1000 leaders to educate them on the benefits of expanding their tuition assistance programs and committing to the professional development of their employees. It is our mission to help more companies roll out these types of programs in the near future.