Category: Your Workplace (Page 12 of 24)

Employer Tuition Assistance Programs

August 24, 2011 / Michelle Burton

Did you know that many employers offer Employee Educational Assistance Packages to employees interested in pursuing an associate or undergraduate degree, graduate degree or certificate? Currently, around 33 percent of employees that attend college through Employee Educational Assistance Packages (EAPs) earn an associate degree, 23 percent earn a bachelor’s degree, 22 percent pursue master’s degrees, and 15 percent pursue professional certificates. EAPs offer tuition reimbursement and reimbursement for books and program associated fees.

Employee Education Assistance Packages are common at large firms, although some smaller firms may be receptive to the idea. More on this later. Larger companies in the insurance industry, public utilities, financial, hospital care and education will almost always offer EAPs to employees. And contrary to popular belief, many plants and retailers do offer tuition packages to employees under certain circumstances. A good example is Ford Motor Company. Back in 2004, when Ford’s Edison, New Jersey and Avon Lake, Ohio plants closed leaving 1,500 workers without jobs, workers became eligible to receive up to $15,000 a year toward tuition as long as they were enrolled as full-time students.

There are two types of EAPs: job related EAPs and self-improvement EAPs. Job-related EAPs offer the most benefits for employers. They are tax deductible for employers and the training the employee receives will increase the employee’s worth (i.e. performance and productivity). Job related EAPs are also tax-free for employees. Self-improvement EAPs may or may not be tax deductible, so it’s best to consult the most current tax regulations before applying for EAP funds.

To apply for EAP funds, employees must complete the application through the Human Resources (HR) department. Depending on the company, the HR department may evaluate the application based on the institution, the program, the employees work history, salary and whether or not the course of study fits within the objectives of the company. Again, this depends on the company. Some companies may offer assistance for just about any program as long as the employee maintains a B average or better.

Approximately half of all companies that offer EAPs pay 100 percent of tuition costs. Twenty percent pay between 50 and 90 percent of tuition costs and 30 percent pay below the 50 percent mark. While most employers offer tuition reimbursement through EAPs, other plans may pay for tuition up front, but with one caveat. If the employee drops out or does not pass with a B average or better, the employee will have to reimburse the employer in full. If the employee quits his job before paying the employer back, the employer has the right to collect through the appropriate legal channels. Remember, all employees that receive money from EAPs will have to sign an agreement stating that they agree to pay the employer back if the employee fails, drops out or quits his job.

Not every employer has a formal employee education assistance program in place, but they might be open to the idea on a case-by-case basis or as a group. If the employee or group can prove that higher education will result in returns for the company, the employer may be willing to make an offer. It’s best to schedule a meeting with the boss to present your case.

Overall, EAPs are well worth the effort. They offer an excellent way for employees to finance their education. Remember, billions of dollars are readily available through employers to cover the costs of tuition. No other financial aid avenue offers a salary plus free money for higher education.

The list below represents only a fraction of the companies that currently offer Employee Educational Assistance Packages.

-American Fidelity Insurance
-AT&T
-Chicago Mercantile Exchange
-Cigna
-Ernst & Young
-Farmer’s Insurance
-General Mills
-Google
-Hilton Hotels
-Johnson & Johnson
-Kaiser Permanente
-Lockheed Martin
-Microsoft
-Nike
-Philip Morris
-Starbucks
-U.S. Bank
-Wal-Mart
-Wells Fargo
-Xerox

*Google image provided by Shutterstock.com.

Your Business, Your Career, Your Compensation, Your Education, Your Workplace

Top Reasons Workers Want Out, Even in a Bad Economy

August 16, 2011 / Michelle Burton

During a time when people are fighting hard to keep their jobs, you’d have to be crazy to actually quit yours, right? Wrong! There are still some people out there that would rather dip into their life savings, or worse—move back home, than continue working at a job that makes them miserable. Why? Because the way they see it, the long-term consequences of staying will probably be worse than spending the next 6-12 months searching for a better position.

So, what are the top reasons work has become so unbearable for some? According to a recent Forbes.com article, the most common reasons people are miserable at work are balance, money, skills, respect, meaning, and struggle.

Balance: It’s impossible to balance work and outside/family life
Money: The money isn’t enough to sustain them or their families
Skills: The skills and talents required for their work aren’t are a good fit
Respect: They feel chronically undervalued or mistreated
Meaning: They experience little positive meaning or purpose in their work
Struggle: It’s simply too hard to keep going with it

Before setting out to make a change, the article suggest that you do three things:

Dedicate yourself to what you want— A fulfilling, satisfying life is not going to just fall in your lap. You have to claim it, and commit to getting it with concentrated, continual effort. You have to work it.
Refine your focus— Do you know exactly which talents and skills are easy and natural for you to use, that give your work a sense of purpose? Do you know what type of work would represent an ideal fit? Are you in touch with your core values, standards of integrity and life goals?
Find the courage to make change—if you don’t take concrete action that is different in content and process from what you’ve done before, your life and career will not change.

For more information about jobs and career visit Forbes Careers at http://www.forbes.com/careers/.

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Is the Economy Making Workers Healthier?

August 11, 2011 / Michelle Burton

Could the economy really be making workers healthier? According to a CareerBuilder survey, you bet it is! The survey says:

47 percent of workers report they have been packing a lunch more often to eat healthier or help save money. When it comes to smoking habits, 44 percent of workers who smoke said they are more likely to quit smoking given today’s economic conditions. In addition, one-in-five said that they have decreased the number of times they smoke during the workday (21 percent) or actually quit altogether (20 percent).

Rosemary Haefner, vice president of human resources for CareerBuilder, states that “Economic stress over the last year has caused some workers to reflect on their habits, and many of them have turned to healthier routines. In addition to helping cut personal costs, employees who limit their smoking and lunching out habits are taking better care of their overall health. This type of ‘better-for-you’ behavior can be encouraged by companies who implement wellness programs, healthy living challenges or smoking cessation support.”

The survey was conducted online within the U.S. by Harris Interactive© on behalf of CareerBuilder.com among 4,498 U.S. workers, age 18 and over, employed full-time—not self-employed, and non-government.

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Companies Choose Hoarding Cash Over Hiring

August 8, 2011 / Michelle Burton

There are many reasons companies aren’t hiring. They don’t have to because they can hire one person to do the work of several employees, the have more than enough employees—overseas, and some companies are just plain scared. This is the case with many companies that enjoy a substantial increase in profits from year to year, but instead of hiring, they choose to hold onto the profits. Some profitable companies have even gone a step further by laying off workers, even though they have the means to pay them.

According to a recent MSNBC.com report:

Business owners are a gun-shy bunch these days. When asked why they aren’t hiring, you’ll often hear the word “uncertainties.” Those range from not knowing whether taxes might increase at some point to worries about how health care reform could add to employee costs in the future.
Running a business is always going to be fraught with uncertainties, but these days business owners are feeling especially on edge about taking any sort of risk with hiring.

So what will it take for these companies to start hiring again? Michael Alter, President and CEO of SurePayroll, and Roosevelt University Professor Samuel Rosenberg spoke with Tribune reporter Kristin Samuelson about what needs to happen in order to coax profitable companies into loosening the belt. Alter says that to increase hiring, companies have to increase growth and slow their productivity gains, while Rosenberg feels that the market would have to grow to such an extent that the companies can’t meet the demand for their products.

Both agree that the road to recovery will be long and difficult. Alter mentions that because consumer spending drives growth, and you can’t spend if you’re not employed, it’s going to be very hard for the U.S. to come back. Rosenberg mentions that it will take a very, very long time for unemployment levels to drop to a more reasonable level, and this is impossible to predict.

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Too Much Experience, Now What?

August 6, 2011 / Michelle Burton

Every fresh college graduate has experienced rejection based on lack of experience, but eventually most graduates obtain enough experience to move past an entry level position and into a position with more responsibility and higher pay. Having experience is usually a good thing, but lately having too much experience has become an obstacle that thousands of seasoned job seekers face every day. The reasons for this vary. For starters, according to a recent Tribune Media Services report, the talent pool is overflowing, thanks to mass lay-offs of people with 15 to 20 years of experience. This means older professionals with lots of experience, which brings a higher price tag, are now competing with younger professionals with some or enough experience, which means a lower price tag.

The potential price tag of someone with too much experience isn’t the only reason employers might take a pass. Many employers also believe that someone with so much experience might move on as soon as a better opportunity presents itself or they might get bored. Fortunately, there are ways to position your qualifications, says Maribeth Kuzmeski, author of “And the Clients Went Wild: How Savvy Business Professionals in Win All the Business They Want,” and it doesn’t involve downplaying them.

Job applicants should never downplay accomplishments. It’s better to position your qualifications as assets—which they are—rather than drawbacks. Job applicants should tailor their resumes to reflect skills and achievements, not a laundry list of former employers and job titles.

Steve Langerud, director of professional opportunities at DePauw University in Greencastle, Ind. adds that “presenting job titles and years of experience provides just enough information for an employer’s imagination to run wild, and not in the favor of the job seeker.”

Kuzmeski points out that job seekers should spell out other important benefits of their experience, such as the life experience that makes them more capable of handling difficult client situations or coworker conflicts. They should also be the first to bring up the topic of being overqualified. This is especially the case if an interviewer seems hesitant or keeps bringing up past experience, Kuzmeski says.

If this is the case, just ask what the concerns might be. By asking, you’re again showing that you are proud of your achievements and you care and want to hear what the employer thinks. It’s actually a great way to build on the relationship.

Your Career, Your Education, Your Workplace

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