Go Back to School on Your Company’s Tab

As summer draws to a close, Labor Day offers us one last opportunity to enjoy our freedom, the surf, and the sand before school starts up again. Despite the recession, we’ve actually come a long way since Labor Day was created in the 1880s. The first Monday of September, we take time to celebrate the contributions that American workers have made to the strength and prosperity of our country.

Labor unions hosted the first Labor Day celebration in 1882. By 1950, about 35 percent of the workforce was enrolled in labor unions, which were relied upon to look out for the interests of American workers. But who is looking out for them now?

Sure, the workers of America are honored with a day off from work, parades, and picnics, but all of this celebratory activity won’t do much to ease the pain of a slighted labor force. The most obvious problem is that many employers have scaled back on new hires. Even those who are lucky enough to still be bringing home a paycheck are at risk. Ok, we get it, enough with the bad news. But what’s the solution?

As a pre-emptive tactic against unemployment, many workers are returning to school. The statistics show that the more education you have, the less likely you are to be laid off. In theory, getting your college degree is a great idea until you take a peek at the tuition bill. A bachelor’s degree can cost thousands of dollars—even a certification course for vocational training can often cost a pretty penny.

However, there is a way to cut down the increasing cost of tuition! Let’s invoke the purpose of Labor Day past: to honor the workers who keep our country up and running. Believe it or not, many individual companies are doing their part to help their workers succeed—they just have to know what kind of help is out there! Several government agencies, non-profits, and other businesses cover some or all of the costs of higher degrees through tuition assistance programs.

In fact, according to the U.S. Bureau of Labor Statistics, 56 percent of full-time employees work for companies where 100 or more workers can take advantage of subsidized education. This is a win-win situation for both the employee and the company. After all, finding a replacement can be a costly and time-consuming affair. The cost of training a newcomer is pricey, not to mention the fact that productivity decreases during the interim period. So, it’s only reasonable that companies want to keep their employees happy and their skills up-to-date by helping them receive their degree or certificate.

The benefits for each employee vary by company, but tuition assistance programs typically come in two forms: a reimbursement grade-time program and a voucher. If you enroll in a grade-time program, you pay for your own classes until you receive your grades. You get reimbursed after you hand your report card in to your boss. Companies that use a voucher model give its workers a fixed amount of money that they can spend towards footing their tuition bill. To take advantage of these programs, contact your human resources department to see what type of education assistance is available.

Give a little Labor Day present to yourself by going back to school! Not only will you be protecting your job with a little education padding, but you will also be a much more marketable employee by gaining some practical skills in the process. Who says education can’t come cheap?

Filed in: Financial Aid.

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