Many companies provide some form of tuition reimbursement. Each of these policies can be unique, with a range of total payout limits and a plethora of exclusions and basic rules. Employees should, in most cases, be well-versed in their company’s policies so they don’t take courses for which the company will not reimburse them.
Many companies have a tuition reimbursement policy that states they will not pay if courses are not passed. Before enrolling in a course, an employee should ensure that he will receive a passing grade. Employers usually pay after the course is completed and the employee can show proof of passing one or more classes with a transcript. This means that the employee will have to pay for the first few classes out of pocket, but later reimbursements may eliminate the need for the employee to pay money up front. However, there may be total limitations on the amount of money that can be reimbursed, and companies usually state this upfront in their tuition reimbursement policy.
A tuition reimbursement policy may also include requirements that the employee have worked for the company for a certain amount of time. This varies company, but many employers require at least a year of experience. The employee may also be required to work full-time, though this varies company. Other businesses may claim that employees are only eligible for reimbursement if they stay with the company for a year after the incident occurred; otherwise, money may have to be repaid to the company or deducted from final paychecks.
Companies frequently stipulate in their tuition reimbursement policies that courses taken must be related to the company’s work. This does not imply that the classes taken must be related to the employee’s current job. A machinist may aspire to work in human resources or management, and these classes may be approved because the company employs specialists in these fields. Coming from a manufacturing or other background, in fact, can make a manager or human resource professional invaluable because they understand how other parts of the company operate. There’s just enough ambiguity here that it’s best to double-check with whoever handles tuition reimbursement to make sure that any classes or degrees pursued meet any defined “related fields” criteria.
Some businesses have formed alliances with local colleges. This could mean that only those who attend a partnership college are eligible for tuition reimbursement. In most cases, finding out if there are any restrictions on tuition reimbursement is as simple as asking human resources.
The best way to figure out exactly what assistance is available is to look over a tuition reimbursement policy carefully and inquire about any details that are unclear. Because there can be a lot of variation, discussing common features may not be very useful unless it is used to compare two companies. If a company does not have such a policy, employees can request one or simply ask for tuition assistance on an individual basis. This working benefit can be argued to be valuable to a company because it fosters company loyalty, results in a better-trained workforce, and allows for internal promotion.