5 Keys to Strategic Tuition Assistance

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Frequently Asked Ques6ons

Speakers

Mark Ward VP & General Manager

© 2016 Bright Horizons Family Solutions, LLC

Tracy Beard Head of Tuition Administration

Moderated by: Jonathan Corke

November 30, 2016

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

§  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


Employers Need to ‘Grow Their Own’ Talent

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


1. Source: “Redefining business success in a changing world: CEO Survey,” PWC, 2016

Skill Gaps Persist

Today’s Agenda

© 2016 Bright Horizons Family Solutions, LLC 11

POLICY DESIGN

PROGRAM MANAGEMENT

PROGRAM MEASUREMENT

EMPLOYEE GUIDANCE

ADAPTABILITY

Audience Poll


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

POLICY DESIGN

Policy Design


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?

PROGRAM MANAGEMENT

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?

PROGRAM MEASUREMENT

Program Measurement


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

EMPLOYEE GUIDANCE

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?

ADAPTABILITY

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

WRAP-UP

Takeaways


§  Your policy needs to reflect your strategy

§  Think beyond reimbursement

§  Expect your tuition program to evolve

THANK YOU.

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5 Keys to Strategic Tuition Assistance

Recruiting & HR

Transcript of 5 Keys to Strategic Tuition Assistance