Businesses are only as strong as the sums of their parts. While weak links in the chain will not doom the company to failure, a series of weak components can cause companies to falter, and then ultimately fail. Strong long, lasting companies should have a skilled management team, knowledgeable and properly trained employees, money savvy marketing person or team, and the capability of attracting and maintaining clients or customers.
There’s no one magic formula to establish a kick ass work force. One system that many companies have implemented is to help employees seek and pay for higher education. Many employers:
- Pay for undergrad or masters education that has already taken place.
- Pay for undergrad or masters education of current employees.
- Offer scholarships to children of employees.
- Reimburse a certain amount of money seasoned employees spent on educational costs for the year.
Here are a few reasons many companies take on part of the financial burden for their employees. You may not believe it, but the initial cost to the company is eventually returned.
Many employees have the intelligence and the drive to contribute to the company, but they lack the funds to receive the proper training and knowledge to lead their company to the next level of production and success.
- Undergraduate business, marketing, and communications degrees give employees the skills to complete their jobs and the capability of spreading the knowledge and skills they’ve obtained to the company as a whole.
- On campus or online mba programs allow company managers to participate in leadership development and acquire the organization and management skills needed to lead their company without causing any embarrassing or costly legal mistakes.
We’ve heard it over and over again. And we’ve seen it. Many businesses lose employees due to the inability or unwillingness to provide enough benefits to satisfy them. Educational incentives many companies have discovered are a solid way to keep employees in the door for a few more years. The Charlotte Observer reported on Starbucks entrance onto the college benefits scene. The employee claimed when asked by the local reporter, “I’m here for the benefits.”
Smaller, Skilled Teams
Skilled, dedicated and contented employees can lead to long term financial savings. Skilled sales people can wrangle in more clients, skilled marketers can find ways to do more with less money, and skilled management teams have the capability of leading his team towards long term success. A highly skilled team means that employers will need to hire a few less people to do the same job.
Lower Number of New Hires
Anything that increases employee retention and prevents companies from having to hire new employees will help the company. On average hiring a new minimum wage employee could cost companies around $3,500. Why is the number so high? Employers need to pay:
- To advertise the job
- Management to review applications.
- Management teams to conduct interviews on a large pool of potential employees.
- To run potential background checks and drug tests.
- To train the new employee.
Many jobs, especially minimum wage jobs tend to have large turnover rates. By offering small educational incentives, employers may prevent their company from having to hire a string of costly, fair weather employees. An educated work force that may decide to join management, well that’s just another perk.
About the Author
Samantha Stauf had her first entrepreneur experience selling giant pixie sticks during local soccer games. Today she uses her writing skills to help other entrepreneurs achieve their dreams.