5 Keys to Strategic Tuition Assistance
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Transcript of 5 Keys to Strategic Tuition Assistance
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Frequently Asked Ques6ons
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Speakers
Mark Ward VP & General Manager
© 2016 Bright Horizons Family Solutions, LLC
Tracy Beard Head of Tuition Administration
Moderated by: Jonathan Corke
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November 30, 2016
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We are experts in designing, managing, and measuring education assistance programs, including:
About EdAssist
© 2016 Bright Horizons Family Solutions LLC 8
§ Tuition reimbursement § Certificates and non-degrees
§ Student loan repayment § Dependent scholarships
Help 150k working adults Gain new skills through education
Each year, we:
Administer $500m In education payments Manage 200+
School partnerships and discounts
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§ Recruiting costs are climbing... 1 § 66% of employers are increasing new hire salaries § Signing bonuses are at an all time high (76%)
§ Yet, it’s still hard to find a match:2 § Average time to fill has risen to 52 days § A lack of qualified candidates is the top obstacle § 90% of recruiters say candidates drive the market
Why There’s Renewed Interest in Tuition Assistance
1. “Bonus Programs and Practices.” WorldatWork, July 2016. 2. “Top HR Statistics.” Glassdoor.com, accessed Sept 9, 2016
© 2016 Bright Horizons Family Solutions LLC 9
Employers Need to ‘Grow Their Own’ Talent
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In a survey of 1,409 CEOs:1
§ 75% say that a skilled, educated, and adaptable workforce should be a priority for business
§ 72% are concerned about the availability of key skills § Nearly half are making changes to how they develop
their leadership pipeline
Why There’s Renewed Interest in Tuition Assistance
© 2016 Bright Horizons Family Solutions LLC 10
1. Source: “Redefining business success in a changing world: CEO Survey,” PWC, 2016
Skill Gaps Persist
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Today’s Agenda
© 2016 Bright Horizons Family Solutions, LLC 11
POLICY DESIGN
PROGRAM MANAGEMENT
PROGRAM MEASUREMENT
EMPLOYEE GUIDANCE
ADAPTABILITY
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Audience Poll
© 2016 Bright Horizons Family Solutions, LLC 12
What would you like to improve about your tuition assistance program? (select all that apply)
a) Reporting b) Benchmarking c) Efficiency / cost d) Alignment with business goals
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POLICY DESIGN
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Policy Design
© 2016 Bright Horizons Family Solutions LLC 14
Alignment — Do the details of our policy advance our talent goals?
Efficiency — Is the policy clear and easy to administer?
Appeal — Is the policy competitive in our industry and talent market?
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PROGRAM MANAGEMENT
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Program Management
Compliance — How are applications verified? What about documents?
Payments — Are they timely? Convenient? Secure?
Employee support — Where can employees go to ask questions?
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PROGRAM MEASUREMENT
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Program Measurement
© 2016 Bright Horizons Family Solutions, LLC 18
Regular goal discussions — A consistent focus on what you are trying to achieve
Program metrics — Detailed reporting on program participation
External insights — Access to industry research and competitor trends
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EMPLOYEE GUIDANCE
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Academic Guidance
School and program selection — Which educational programs best fit my goals?
Time savings — Can I waive courses or transfer previous credits?
Financing — What discounts and grants may be available to me?
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ADAPTABILITY
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Adaptability
Change drivers: • Mergers and
acquisitions • Difficulties sourcing
specific talent • New employee
challenges/desires
Change outcomes: • Consolidating
disparate programs • Differentiating
reimbursement caps • Adding student loan
repayment
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WRAP-UP
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Takeaways
© 2016 Bright Horizons Family Solutions, LLC 24
§ Your policy needs to reflect your strategy
§ Think beyond reimbursement
§ Expect your tuition program to evolve
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THANK YOU.
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