Implementing a Tuition Reimbursement Program

Tuition reimbursement programs are benefits that an employer provides his or her employees. Using this model, when an employee pursues continued education through specific institutions or organizations, a percentage of their educational costs are refunded by the employer. Although some businesses provide full tuition reimbursement, many offer between 50% and 75% of the costs of education. Following are tips on how you can implement a tuition reimbursement program for your employees.

Implementing a Tuition Reimbursement Program: Allocate Funds

Tuition reimbursement programs are not cheap, especially if the majority of your employees take advantage of the program. Before advertising that you are offering such benefits, you must make sure you have allocated the proper monetary resources to fund your endeavor. If you attempt to offer tuition reimbursement and then find that you don't have enough money to keep it going, you'll lose the faith of your employees and could be liable for legal damages.

Implementing a Tuition Reimbursement Program: Decide What Costs You'll Reimburse

One of the first things you must decide is what costs you will agree to reimburse. For example, are books and supplies covered in your program? What about vocational school? Technical school? This will depend largely on your type of business. For example, if your business is mainly technical, you might decide to only reimburse classes that are taken at a technical trade school. Other businesses might decide to promote only classes taken at an academic college or university.

Implementing a Tuition Reimbursement Program: Decide on a Schedule for Reimbursement