Educational Assistance Programs
Our company is considering adding an educational assistance program. What do these programs typically include and how many employers provide this benefit? – Director of Operations, Technology Services Firm
Educational Assistance plans typically offer the student reimbursement for the expenses associated with each class they take, provided certain criteria is met. This criteria includes receiving pre-approval for the taking of classes relevant to a desired career track by both employer and employee within the company, attaining a certain grade level, and even maintaining good standing within the organization. Further, many employers keep the employee on the hook for any expenses reimbursed for a period of 1 year or more after completion of the class so as to protect from someone using your money to get more educated and then taking that knowledge down the road to benefit a competitor. The larger the firm (e.g. 100 + employees), the more common these plans seem to be.