Organizations are adjusting their strategies for retaining employees and keeping them motivated to be productive and efficient. Unlike the old approach of rewarding employees with monetary incentives, numerous studies have shown that employees place a higher value on acknowledgment, recognition, and a long-term career path.
Following the epidemic, there has been a significant transformation in education delivery. From the old on-campus model to the new online approach while providing education and degrees to those who want to pursue it.
It is appropriate for the business to redesign their approach to their personnel in the post-pandemic environment when there has been an increase in attrition rate due to stalled growth and a change in the employees’ perspective towards their employment.
Benefits of Sponsored Education
Sponsoring your employees’ education will aid the enterprise in developing the Talent of its staff and will result in a favorable professional relationship between management and their employees, culminating in a long-term commitment.
Aside from the quantifiable benefits, participating in the employee education process will positively impact the employer’s corporate culture. Employers that support education for their employees accomplish the following results:
* Cost-effective – Not all undergraduate students complete their post-graduation degrees due to the high expense of studies and other financial obligations.
Many people begin working early in their careers to save money for their education. Still, most of them find it challenging to get started due to their professional commitments and a lack of time and money.
It’s a win-win situation for all stakeholders if the organization steps forward to provide people the flexibility to learn while paying their tuition fees.
On the one hand, the company saves money by not having to hire outside Talent, while on the other hand, employees don’t have to spend a fortune on education.
* Meeting goals and objectives– Incentive-based educational programs help the firm achieve its goals and objectives while also allowing employees to re-skill according to their vision.
Implementing an effective performance appraisal system for Talent within the organization is one of the most significant steps to provide employers with a vast perspective. This, in turn, will help build an internal system that aids their human resources in developing the required skill set that corresponds with their expectations and, thereby, will have an advantage over those who hire Talent from outside sources.
* Retain talent – One of the most significant issues faced by most companies across the globe is their inability to keep hold and retain talents. One reason behind this is that they fail to recognize the value of such skills, and second, these talents are lured away by competitors offering better pay packages.
It is easy to retain Talent via sponsoring their professional education by making them sign a bond where they are obligated to remain with the organization for a stipulated period to safeguard the interest of both.
