Smart Benefits: As the Future of Work Changes, Education Benefits Are Key

Monday, November 11, 2019

Rob Calise, GoLocalWorcester Business/Health Expert

Rob Calise

Despite low unemployment, workers understand that change is coming: nearly 90% believe automation will impact their industry and transform jobs according to the Worker Life Index. To keep pace, education benefits are becoming even more important. Without them, many employees would be unable to pursue training and development opportunities that can prepare them for what lies ahead.

To stay agile, employees are increasingly looking to their employers to help. And by offering these types of benefits, you’ll likely be rewarded as well with increased productivity, satisfaction, and loyalty. With the role and value of education in the workplace taking on greater importance, here are three benefits to consider:

Tuition Reimbursement: With tuition reimbursement, employers reimburse some or all of the tuition expenses for courses in a related area of study, typically up to a cap. And this benefit is key for many, with an overwhelming majority (84 percent) of all Working Learner Index respondents confirming that the skills or degree earned through their employer’s tuition reimbursement program helped prepare them for the future of work and 49 percent saying they would not have pursued education if their employers had not offered the program.
Up-Skilling: With advances in the workplace, there are likely to be gaps in employee capabilities. That’s where up-skilling comes in, which allows workers the opportunity to take part in training -- in the classroom or online -- to build on their existing skill set. Not only does up-skilling engage employees, it can also give you better odds of promoting from within instead of looking for a new hire.
Student Loan Repayment: With Americans collectively owing nearly $1.5 trillion in student loans, student loan repayment can help by providing assistance either in the form of a flat amount or matching contribution based on the employee’s monthly payment to pay down debt faster. With this offering, employees have another way to afford to get a college education, finish a degree, or take select courses that can ready them for changes in their roles and responsibilities.

Rob Calise is the Managing Director, Employee Benefits of The Hilb Group of New England, where he helps clients control the costs of employee benefits by focusing on consumer-driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance