Looking for ways to promote a “smarter workplace?” Perhaps you have a few employees interested in continuing their education. Whatever the specific case may be, offering employees access to an education incentive program (EIP) is a great way to assist employees in upgrading their work skills and knowledge. It also ensures your workplace stays up to date on the latest technologies and business techniques.
A workplace education incentive program (EIP) is essentially an employer-funded scholarship program that helps workers pay for the training and education they desire or need in order to advance on their career path.
Because this is “your” plan, it can be designed in any way that you choose. It is recommended to meet with your company’s tax professional and/or financial advisor though, because offering such programs could result in tax benefits for your business. You also want to be financially prepared in the event that you have more employee interest than anticipated.
Ideas for EIPs include:
- An allowance of up to $X per year for employees interested in continuing their education
- Incorporating an EIP into an existing employee wellness plan (EWP)
- Incorporating an EIP into a certification or workplace training program
- Covering select classes at a community college for those interested (example: typing classes or computer workshops)
- Providing an EIP for specific employees that qualify (for example, they have accomplished something within the workplace or have worked with the company for 5 or more years)
Education incentive programs can also be utilized as a hiring tool/competitive advantage. Although a great benefit, there are still many companies that do not offer them, and they are a great way to position your organization as a company that gives back, is dedicated to the employee, and offers added workplace value and benefits.
For more information on EIPs or assistance in designing your very own EIP, contact your HR Advisor at HR Shield today: (877) 636-9525.