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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Why More Business Owners Should Fund a Degree for Employees
For many business owners, driving costs down as often as possible is a top priority. When running a company, spending less often means making more in terms of profit, leading to better business success. However, that being said, investing in your company can also pay off handsomely. This is especially true when it comes to investing in your employees, who are the backbone of your business and can truly make or break your success. Today, employees who are the most satisfied in the workplace are the ones who feel that their employer is as invested in their personal and career development as they are. Here’s why investing in your employees’ education is a great idea.
It’s a Win-Win Situation:
When it comes to investing money in your employees, choosing college tuition really is a win-win situation. While studying for a college degree takes tame and dedication, and your employee will need to be willing to accept your offer and participate in the program, providing employees who have a desire to gain a degree with the opportunity to do so can pay off massively for your company. The degree will not only help your employee progress in their career, but also provide your business with a graduate who possesses knowledge and skills to help with business growth and development.
Reduce Staff Turnover:
Over time, the amount of money that you’ll spend on hiring, firing and replacing employees when people leave your business could easily add up to the same amount that you’d pay for funding degree tuition for a large percentage of your workforce. And, when it comes to spending your money, it’s important to consider your priorities – do you want that money to go on replacing and training staff members, or investing in your existing employees to improve loyalty, reduce turnover, and train them up to eventually take on more senior positions in your company one day? There’s no denying that when employees feel that their employer is willing to help them achieve their career goals, there’s a much larger chance that they will stick around for a long time.
It’s Easier Than Ever:
Last but not least, there’s no time like the present to consider investing in a college degree for an employee, particularly with higher education being more easily accessible than ever before. Today, online study is taking over the education industry, with schools such as Bank Street online offering a wide range of programs to choose from, with something to suit everybody in your business. For employers, the rise of online study brings about even more benefits – employees who are studying towards a degree can have the flexibility to fit it around their full-time job so that neither employer or employee are losing out on hours while they study, and with tuition fees generally lower for online degree programs, you can invest less for the same return.
When it comes to improving employee satisfaction and building the best team for your business, it’s important to make wise investments in your team. Employee training and development is certainly an area where you should dedicate the maximum amount of investment, even if that means funding college tuition.
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