From profit sharing and gym memberships to free food and onsite childcare, offering employee perks like these can be an effective way to attract the best talent for construction careers. But, it’s important to remember that some employees place more value on certain benefits than others. As construction recruiters, we’re seeing a movement toward offering personalized, flexible benefits that span multiple generations in the workforce. We’ve also discovered that tuition assistance is a growing trend that companies are using to land and retain skilled candidates. Here are some more reasons why it’s a top perk around this industry and others.
Although the costs associated with tuition assistance programs can be significant, don’t forget that investing in employee education expenses is tax-deductible in many circumstances. In fact, you can deduct up to $5,250 per year for each employee that qualifies and participates in your education assistance plan. Companies can either choose to cover the full cost, or just a portion of tuition, fees and books making it a win for both parties.
Companies that invest in the development and success of their workforces retain them better than those that don’t. If you cover an employee’s tuition, then they feel obligated to stay longer and help you grow. I would also like to point out that it also helps to improve employee loyalty in organizations. We encourage companies to adopt prudent tuition assistance policies to protect themselves from employees only seeking to take advantage of these programs. For example, stipulate that employees have to stay with them for so many years to qualify.
Attracting High Quality Talent
A growing number of companies are leveraging tuition reimbursement to attract top performing candidates. Tuition reimbursement ranks high as a top benefit candidates are looking for in a company. When your company culture emphasizes employee education and career advancement it will attract the attention of great talent. Once you make this benefit part of your brand, your firm will attract better and better construction professionals.
A final consideration is that millennials make up the largest portion of the American workforce. Recruiting from this pool is essential to the success of any business, but you have to know what they value the most to attract them. Recent surveys indicate that tuition reimbursement is a big motivating factor for millennials when it comes to leaving their current employers in favor of new opportunities.
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