Developing your people can be good both for them and for the company. Allowing employees to learn and grow can keep them engaged and reduce the chances that they will want to seek a job elsewhere. One effective way to invest in your people is to help them get an advanced degree or certification.
Going to School Can Be Expensive
It can cost up to $100,000 or more just to get an undergraduate degree. Already saddled with debt, most workers are unlikely to pursue an advanced degree on their own. However, they may be willing to get their master’s degree or take a certification course if they don’t have to worry about how to pay for it. Ultimately, it can be a nice perk that can help to differentiate your company and convince your most talented employees to stay put.
An Educated Workforce Is an Autonomous Workforce
In many cases, workplace injuries occur because an individual didn’t know how to use a piece of equipment properly. In addition to a higher risk of getting hurt, those who aren’t sure how to react in a given situation may not be as productive as they otherwise could be. This is because they will spend time seeking out a supervisor or trying to read an instruction manual instead of making a product or helping a customer. By educating your people, they can get more done each day without taking unnecessary risks.
Show Confidence In Your People
Agreeing to invest tens of thousands of dollars into a person’s future can be a great way to show confidence in their ability to contribute to the company. When a worker feels like he or she has a future with a company, that individual will show greater loyalty to your business. However, if you are going to make such a large investment, be sure that you have some sort of oversight program in place. This can ensure that workers don’t forget about LSAT registration dates or otherwise fail to make the most of their opportunity to improve themselves.
Consider Paying Off a Worker’s Existing Student Loans
In addition to paying for an employee’s future college expenses, it can be worthwhile to consider helping with his or her current student loan debt. If desired, you can tie paying down existing student loan balances with meeting educational or other performance goals at work.
For instance, you could offer to make a worker’s next student loan payment in exchange for agreeing to sign up for the LSAT when LSAT registration dates next become available. By helping to reduce a person’s financial burden today, they may feel less stressed and more focused on doing their jobs. This can result in greater productivity for your business both now and into the future.
Investing in your employees can help them feel better about themselves and how your company views them. By investing in their educational future, you can potentially reduce turnover while ensuring that you get the most from your people both today and into the future.