Ask 2 questions when designing an education benefits program
If you’re thinking of building or revamping an education benefits program, the first thing to realize is that there’s no out-of-the-box solution.
Some existing technology is simple to implement, but getting the policy and program design right requires considering your business priorities as well. Those priorities could be boosting recruitment efforts, retaining the right talent, upskilling your workforce, or enhancing your employer brand. A custom program enables you to focus on what’s needed for your business, and allows you to select degrees and design policy that drive the outcomes you need.
Beyond that customization, answering a couple important questions will make sure you are set up for success in the long term.
2 questions to ensure long-term program success
There are elements of a program everyone needs: technology; a high-quality, low-cost academic network; and a sound policy. From there, you can align the program to your corporate strategy.
But at a high level, you also need to think about the long term. These two questions will help:
Does the program align with the future of work?
As much as 47% of total US employment is at risk of being entirely automated, primarily amongst low paid workers. You don’t want to train your employees for jobs that will likely be gone in 5-10 years. While you want to focus on immediate business priorities, also consider providing opportunities for skills that will last.
Does the program serve the needs of working adults?
Your program should be built for the frontline population as well as corporate employees. This means you should strive to offer debt-free degrees with direct payment. Your hourly workers often can’t afford to front tuition money and wait for reimbursement; they would have to take out loans and add to the $1.5 trillion in student loan debt currently owed in the U.S.
This focus on the future of work and working adults carries over into considerations for an academic network. When selecting schools and learning providers, outcomes and course structure matter more. Academic options should include online courses and flexible scheduling, as well as additional services and support that can help your employees adapt and excel. They should also offer degrees designed for the future.
Learn more by reading our guide
Our guide, The Structure of a Best-in-Class Education Benefits Program, will tell you how to build an effective program, from policy recommendations to academic network considerations to technology needs and beyond. Download the full guide today.