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Remember when all it took to retain employees was the latest IBM computers and a good pension? We don’t, either. But we do know that employees expect better perks from their employers nowadays.
As the cost of education has increased, tuition reimbursement has become a hot commodity. Consulting firms are no exception, where HR teams are increasingly offering education benefits to compete in the talent war. One even partnered with a university.
What’s new this semester? Andersen, a financial services consulting firm, announced a new education program in conjunction with the University of San Francisco this month. Expanding on its existing relationship—through which Andersen employees can earn a master of laws or a master of legal studies in taxation—the initiative offers eligible employees the opportunity to earn an MBA.
The part-time MBA program, according to a company press release, was designed with Andersen’s business needs in mind. It can be completed in three to five years, and is entirely online. Some 64 students have enrolled so far, and employees are not required to pay back the company if they leave.
Tough competition. Andersen is the latest firm attempting to attract talent with these kinds of perks. Deloitte, for example, offers full tuition reimbursement to its “high-performing analysts,” as long as they’ve worked at the firm for a minimum of two years and continue to for two years after they graduate. PwC also offers education incentives and reimbursements to employees who pursue advanced degrees in their field.
Make life (kind of) easier. While tuition reimbursement programs may sound costly, some research suggests they can help with employee retention. And who wouldn’t want to save their company the $4,700 on average that it costs to hire an employee?
Our only question: Are school lunches included?—KP
Do you work in HR or have information about your HR department we should know? Email [email protected]. For completely confidential conversations, ask Kristen for her number on Signal.