Tuition reimbursement can assist in recruiting prospective employees and can also assist in retaining current employees while encouraging them to pursue additional degrees and/or credentials.

For larger organizations, a return on investment can be calculated based on the money spent on tuition reimbursement compared to the costs of training and orienting a new employee. Tuition reimbursement can range from helping an employee attain a degree to paying for a staffer’s continuing education, training or re-certification courses.

For smaller organizations that may not be able to provide tuition reimbursement, employees could still receive paid time off or even a flexible schedule to accommodate classes. Depending on an employee’s area of study, an organization could accommodate the employee to complete practicum hours and/or an internship requirements.

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It is important to review the IRS policies for tuition reimbursement.
Source: Internal Revenue Service
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