08 Sep Does Your Total Compensation Strategy Include Education?
There are components of total compensation that you know you need to include: salary, medical benefits, PTO, etc. When it comes to other rewards, however, employers must determine whether offering them will deliver enough value to both the organization and its people.
Here, we’ll explore the reasons why including continuing education in your employee benefits statements could prove to be an extremely valuable strategy.
• Total Compensation Can Give You a Competitive Edge
Investing in the development of your people is a great way to continuously improve your company’s best resource and outperform your competitors. In fact, an American Society for Training and Development study shows that companies that invest in company learning yield higher net sales per associate. Another interesting statistic from the study: leading companies train 86% of their people, whereas average organizations train only 74%.
• Total Compensation Attracts Top Talent
For jobseekers, education is a benefit that’s highly sought-after. CBS New York states that offering education opportunities is especially advantageous in attracting innovative thinkers and candidates with high levels of ambition.
• It’s an Incredible Retention Tool
Employers may worry that, in today’s business landscape where job-hopping is the norm, it could be wasteful to invest in education on employees that won’t stay with the company for a long period of time. This reasoning is flawed, however: it turns out that offering education-related benefits actually encourages employees to stay. In a survey conducted by Spherion Atlantic Enterprises LLC, 61% of employees whose companies provided continuing education opportunities said that they planned to stay with their current employer for at least five years.
When creating your total rewards strategy, don’t forget to incorporate continuing education. Doing so could be the greatest tool for driving productivity and retaining top talent that your company can use.
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