Education Benefits Could Be Key to Attracting and Retaining Talent

You are not alone if you are feeling the strain of the workforce shortage. In fact, in a recent Deloitte survey of executives in the food industry found that food retailers identified talent availability (44%) as their top workforce challenge, followed by talent retention (40%).

Today’s competitive labor market is especially challenging for the grocery industry, which employs more than 2.8 million people in the United States according to IBIS World. We recently commissioned our own survey of working Americans to better understand what may be driving employees to seek new employment and found that even happy employees are looking for new opportunities. 78% of respondents said that they are happy at their current job, but 46% of those happy workers are still open to new job opportunities and about 2 in 5 are actively looking for a new job.

As you look for new ways to attract and retain talent, education benefits could be a game changer.

In our survey, employees revealed that when employers invest in their education, they feel more valued and are more likely to stay. Over three-fourths (76%) of workers who indicate that their current employer offers its employees education benefits say they feel valued by their current employer. About 3 in 5 workers who say their current employer offers its employees tuition benefits say they would not look for another job because they feel loyal to their current employer.

Education benefits can also attract new talent and differentiate your workplace from your competition. 62% of respondents would be likely to change jobs if recruited by another employer that offers better tuition benefits - even if pay and other benefits were the same.

So, how do you help your employees make the most of their education benefits?

Tuition assistance is becoming a benefit that employees expect, with 83% of respondents saying they believe employers should be investing in employees’ continued education. Of workers who say their job has tuition benefits, 90% say they are satisfied with the benefits offered by their employer.

However, employees need more than just tuition reimbursement. The survey found that of those who indicate their current employer offers its employees tuition benefits, nearly half (49%) report they have not used their employer-sponsored tuition benefits.

If you want more employees to take advantage of these benefits, consider allowing employees the flexibility they need to succeed. 74% of respondents say they would use an employer-sponsored tuition benefits program if they had the flexibility to choose what to study and which school to attend.

For example, The GIANT Company, Giant Food, and Food Lion work with Strategic Education, Inc.’s Workforce Edge platform to provide access to courses at select universities and offer discounts at many other schools, allowing employees to use their tuition benefits at the educational institution of their choosing. Our partnerships with these top grocers provide associates more control over their own learning and development—making it easier and more affordable to go back to school.

Offering this flexibility to pursue continuing education can support you in recruiting efforts, as well. According to our survey, 74% of respondents are somewhat or very likely to make a job change if it meant they would have more flexible time off to re-skill or pursue a new credential (e.g., earn a degree, certification, professional development training, etc.).

Tuition benefits may help improve employee job satisfaction, loyalty, and retention, as well as support recruitment of new talent in a historically competitive labor market. To maximize the positive impact of this benefit for your organization and your employees, tuition benefits must be flexible and accessible.