SEPTEMBER 2008: BIZ LIFE, WORKPLACE STRATEGIES
Tuition programs are good investments
In the ups and downs of the economic cycle retaining skilled
workers remains a constant concern for businesses. Departing
employees can take your company knowledge to a competitor
across the street, and hiring and training is costly.
Employee retention starts, naturally, with fair pay and
benefits. But tuition reimbursement programs for employees are
also effective in keeping workers satisfied. These programs
vary among types of businesses, but the core purpose is to help
employees gain new skills and knowledge that benefits them and,
ultimately, the company as a whole.
Even when the flow of business and money slows in a struggling
economy, companies say the extra expense of such programs is
worth it.
“It’s one of our more important programs,”
says Robyn Benedetti, human resources manager at Reitmeier
Mechanical, a contractor of indoor air systems for
companies.
The Portland-based company pays for tuition and books of
employees and apprentices attending the Northwest College of
Construction as long as they keep at least a 3.0 grade point
average. “In this trade you have to continually
learn,” she says.
Jodi Albin, a human resource specialist for Pacific Continental
Bank, credits the tuition reimbursement program for the
company’s low turnover rate. The Eugene-headquartered
bank pays up to $5,250 annually for the tuition of employees
working on a college degree. They also pay for non-degree
courses and seminars, such as business or finance classes.
“We encourage everyone to use [the tuition
program],” Albin says. “We put a lot of stock into
our employees.”
Businesses might fear that it’s money down the drain if
employees take their subsidized knowledge and skills elsewhere.
But that “stock” can translate into long-term
employee loyalty.
Workers who use the programs tend to stay longer with the
company, Albin says.
That bodes well for smaller companies such as Power Equipment
Services in Salem. Paying for employees to take classes
in marketing, math or language classes is minimal compared to
the time and cost of training new employees, says Kelly Yunker,
president of the service division at the technical parts
distributing company.
“It’s definitely a long-term investment,”
Benedetti
says.
JASON SHUFFLER
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