Will require an employee to remain on the job

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Reference no: EM132881563

The importance of tuition reimbursement as an employee benefit can't be ignored. In a recent State of the American Workplace survey report, Gallup found that 45% of Millennials say they would change their jobs for tuition reimbursement benefits, and 65% of HR decision-makers say that failing to attract and/or retain Millennial or Gen Z employees could have a negative impact on the business.

You are the HR manager for a medium-sized company that wants to implement such a program, and the CEO wants you to make recommendations for this plan. He has asked you to determine what the "ideal" tuition reimbursement program should look like-in other words, what are the key features and stipulations?

Your initial posting should address the following questions:

Question 1: What employees will be eligible under this plan? Will part-time employees be eligible? If so, how many hours per week must they work in order to maintain eligibility?

Question 2: How long must the employee be employed by the company in order to be eligible for this program?

Question 3: What programs of study will be eligible under the plan? For example, should an employee be allowed to seek a degree in any discipline or must it be job-related? How will you determine eligibility of a broad-based program of study like business administration?

Question 4: What is the level of cost that the company will take on? Is there an annual cap on the benefit? (Keep in mind that the IRS allows only $5,250 per year to be written off by an employer for an employee's education costs, so anything above that amount will result in additional tax expenses for the employer.)

Question 5: Will the amount of tuition reimbursement be scaled according to grade requirements? For example, in some companies, a grade of "A" receives full reimbursement, a grade of "B" is reimbursed at 75%, a grade of "C" is reimbursed at 50%, and lower grades are not reimbursed at all. What will your plan specify?

Question 6: Will you require an employee to remain on the job for a specific period of time after attaining his or her degree (sometimes known as "golden handcuffs)? If the employee leaves before the specified period of time, will s/he be responsible for paying back some portion of the tuition? If so, how much?

Reference no: EM132881563

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