All the education benefits terms and concepts you need to know
The world of education is complex, and the industry jargon is no less complicated. Companies looking to provide educational opportunities for their employees will find themselves wading through a variety of terms and concepts that describe the educational journey.
One thing is nonnegotiable: To prepare for the future of work, avoid crippling student debt, and find a competitive employer, employees want educational opportunities. Half of millennials expect their employers to contribute towards further education. Even workers over the age of 50 value tuition reimbursement and training opportunities. And, 60% of the workforce prefers a job with professional development opportunities to jobs with regular pay raises.
This guide will lay out terms and concepts that are critical to understanding the world of education — for both employers and employees. Each concept is digestible and actionable, and they work together to form the educational system and education benefit programs that influence millions of careers every day.
Our guide to the nomenclature of education expands far beyond basics; we’ll cover:
- Types of employer-based payments, like tuition reimbursement
- The difference between for-profit and nonprofit schools
- How credit for training reduces the cost and time to graduate
- Why carefully constructing program eligibility is important
- Student financing, like FAFSA, loans, and scholarships
In response to technological innovations and market incentives, organizations of all sizes are re-examining education benefits. Guild partners with leading companies, like Walmart and Disney, to unlock opportunity for America’s workforce through education benefits — and drive talent acquisition in the process.
When designed strategically, education benefits positively impact recruitment, retention, and upskilling, and our guide will dive into that too.