For Solid Digital, providing an education benefit as part of their employee benefit plan was a no brainer. An education benefit can help employees attain new skills that can help improve job performance, promote retention (as the company fosters an environment of professional improvement), reduce expenses caused by employee turnover, and more. The education benefits provided can vary based on the size and budget available for these types of benefits.
At Solid Digital we are thrilled to be able to provide our team with an annual education budget.
Investing in our Values
It is important that the message we are sending when providing activities and benefits to our team are aligned with our overall strategy and core values.
For this reason, an education budget proved to be the perfect benefit to support one of our values, Creative Craftsmanship. Our team is passionate about the work that we do and consistently strives provide the best solutions for our clients.
We know that people are eager to learn new things and that sometimes all that prevents them from doing so is having the time or the budget to do so. An education budget ensures that our team has an annual guaranteed allowance to use to expand their knowledge and attain new skills that can help them grow professionally.
Companies may fear that by providing an education benefit, employees will take their new skills elsewhere.
Although, a valid and natural concern, data shows the effect to be the opposite. Providing an education benefit shows employees that your company sees employees’ value by investing in them. This, in turn, helps improve employee retention, which helps reduce expenses caused by employee turnover.
An analysis of health insurer Cigna’s Education Reimbursement Program (ERP) conducted by the Lumina Foundation shows that the program increased career opportunities and employee retention, which drove financial benefits. The program participants were 10% more likely to be promoted, 7.5% more likely to be transferred within Cigna, and 8% more likely to stay at the company.
In our industry, the introduction of new technologies happens daily, giving current employees the ability to learn the ropes and close the gap on skills they may need to continue developing. Competent employees who are on top of changing industry standards can help your company hold a stronger position as an industry leader and be a fiercer competitor within your industry.
“Although education doesn’t necessarily give the employee the hyper-tailored skills that training delivers, it does improve overall competence and soft skills like communication, collaboration, and time management. These directly impact the productivity of both the employee and everyone he or she works with on a daily basis.”
Environment of Improvement
With sites like Glassdoor and LinkedIn, companies’ internal cultures and reputations are put under a microscope. Thoughts from employees past and present will be taken into consideration by new applicants. Many times making an investment in employees’ education pays off in the form of how they describe their experience at a company.
Eduction also creates an attractive benefit for those on the hunt for a job and boosts the company’s reputation as an employer who cares. Our overall goal is to cultivate an environment of continual improvement.
As an employee and HR professional, I see the value that our company is providing to both new and seasoned employees. It allows someone starting their career to have a continuous pathway to growth, but it also encourages our current team to continue developing their skills. Learning is a valuable gift that many people would certainly like to have the opportunity to dedicate more time to, and a benefit we’ve found incredibly rewarding here at Solid Digital.