Starbucks recently announced an expansion of its highly publicized tuition aid program that will now cover a full bachelor’s degree for its employees; previously the tuition aid only covered the junior and senior years of the online bachelor program through a partnership with Arizona State University Online.
Starbucks CEO Howard Schultz said the company plans to spend $250 million over the next 10 years covering tuition for at least 25,000 employees. To become eligible employees must work at least 20 hours a week. In a departure from normal corporate tuition assistance programs, employees need not stay with the company after earning their diploma.
When initially announced, the ASU/Starbucks partnership created a lot of press, and rightfully so. The company was doubling down on its employees at a time when most employers were jettison employee benefit programs. As the economy improves and jobs become more plentiful, employees are going to gravitate to jobs that provide more than just a salary. A properly planned and executed tuition reimbursement plan can help businesses attract – and keep – the best workers.
Our customizable college directory is one simple way your business can start to augment or start an employee education benefit program. Contact us today to learn more about this service.