beyond reimbursement: education assistance as a talent management tool

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Lauren Dixon Associate Editor Chief Learning Officer magazine

Beyond Reimbursement: Educa6on Assistance as a Talent Management Tool

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Mark Ward VP and General Manager EdAssist

Beyond Reimbursement: Educa6on Assistance as a Talent Management Tool

Jessica Kaplan Director of OrganizaAonal Development Bright Horizons

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Presented by: Mark B. Ward General Manager & Vice President EdAssist

Presented by: Jessica Kaplan Director of Organizational Development Bright Horizons

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SPEAKERS

© 2016 BRIGHT HORIZONS FAMILY SOLUTIONS LLC

Mark Ward Vice President and General Manager, EdAssist §  20+ years in education management

Jessica Kaplan Director of Organizational Development, Bright Horizons §  15+ years in professional

development and higher education

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ABOUT EDASSIST


Transforming education assistance programs to maximize talent outcomes

§  Full service outsourcing –  Tuition Reimbursement –  Student Loan Repayment

§  End-to-end program support –  Policy design & implementation –  Automation, reporting & compliance –  Employee advising

§  Trusted by large employers –  Support education paths of 150,000

employees at 150+ organizations

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WHAT WE’RE DISCUSSING


1. Rethink Tuition Assistance

3. Develop and Deploy Talent

2. Attract Talent 4. Increase Engagement & Retention

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POLL QUESTION

How are you involved in your organization's education assistance program?

q  I own and/or administer the program q  I actively influence the program q  I neither own nor influence (at this time) q  We don’t have a education assistance program


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1. TUITION ASSISTANCE: A HIDDEN GEM Rethinking Reimbursement

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A COMMON BUT UNDERUSED INVESTMENT

*Source: SHRM 2015 Employee Benefits Survey


§  $10 billion spent per year §  Offered by 77% of large employers* §  A core benefit for 40 years §  Highly valued by employees

A strategic investment, yet often a static and siloed program

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WHY IT MATTERS


Recruiting

•  Recruiting costs outpace inflation*

• Getting harder to find the right skills & culture fit

Skill Gaps

• New jobs require more specialization

•  Tech advances disrupt current roles

Higher Education

• New learning options increase choice

Tuition Costs

•  Costs skyrocketing, and demand for degrees is on the rise

*Source: Bersin by Deloitte

#BHatWORK #BHatWORK

2. Develop and Deploy Talent

1. Attract Talent 3. Enhance Retention

START WITH GOALS IN MIND

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1. ATTRACT TALENT Meet Workforce Needs

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KEY INVESTMENT


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ESSENTIALS: RECRUITMENT


1.  Increase access 2.  Meet diverse

learning needs

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INCREASE ACCESS

§  Bring education assistance within reach –  Reduce tenure

requirement –  Offer guidance to

new hires –  Minimize out of

pocket expenses –  Negotiate savings


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DIVERSIVY OPTIONS


§  Expand the available learning options – Credit for competency – Shorter courses – For-credit & non-credit

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2. DEVELOP & DEPLOY TALENT Boost Productivity

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ESSENTIALS: DEVELOPMENT


1.  Strategy drives policy 2.  Accelerate opportunities 3.  Integrate learning into

performance and succession

4.  Track and use relevant data

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DEVELOPMENT STRATEGY SHOULD DRIVE POLICY


•  Raise your reimbursement cap for that specific path to incent behavior

You have a shortage of a specific skill/position

•  Provide access to advisors who can recommend lower-cost programs & use of available aid

High cost to acquire new and needed skills

•  Find school(s) that can offer customized programming at reduced costs.

Your business requires a rare or unique skill

Talent Challenge Education Policy Change

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ACCELERATE OPPORTUNITIES

§  Communicate early §  Include in existing on-

ramping programs §  Create pathways for

advancement


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INTEGRATE LEARNING

§  Record education attainment

§  Connect learning to internal mobility

§  Ground external learning in daily work


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TRACK EDUCATION PROGRAM DATA


Answer key questions: §  What programs are working? §  Is the talent pool growing & in

the right way? §  What is the ROI?

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3. ENHANCE RETENTION Education Assistance for Dedicated Teams

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ESSENTIALS: RETENTION


1.  Engagement through learning

2.  Recognize and retain 3.  Offer student loan

support

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ENGAGEMENT THROUGH LEARNING

§  For upskilling: drive participants to specific job-related programs

§  For retaining: allow a wide range of coursework


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RECOGNIZE & RETAIN


§  Publicly celebrate employee achievements §  Promote the value of tuition assistance §  Set up policies that encourage retention

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INCORPORATE STUDENT LOANS


Loan debt is a top concern:

66% of today’s employees under the age of 40 have loan debt.

70% of new college grads average $30k in student debt.

73% have PUT OFF saving for retirement or other investments

50% of Millennials expect their employer to help fund future education

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CONCLUSION

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TAKEAWAYS


§  Take advantage of what you have

§  Integrate your learning programs

§  Align education with your talent goals

#BHatWORK #BHatWORK

What’s more important to your employees – working in their dream job, or for their dream company? Join your HR, benefits, and L&D peers to discuss the shifting talent landscape and how to remain an employer of choice.

BRIGHTHORIZONS.COM/MIAMI2016

APRIL 12-15, 2016 Eden Roc Hotel l Miami, FL


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edassist.com


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beyond reimbursement: education assistance as a talent management tool

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