Rethink your TAPs
Today’s employees have an appetite for growth, and it’s in your business’ best interest to fuel that fire. After all, we have a skills emergency on our hands: the World Economic Forum (WEF) estimates that some 1.1 billion jobs are liable to be radically transformed by technology in the next decade.
Many small and medium-sized businesses encourage learning through Tuition Assistance Programs (TAPs) and other forms of education reimbursement. Yet, it’s not uncommon for funds in those programs to go unused — but why?
TAPs and other reimbursement-style stipends aren’t equitable for all employees, especially for those who are financially constrained. The benefit becomes a barrier, slowing your workforce’s ability to upskill, adapt and grow. It’s time to reimagine this outdated model with prepaid learning stipends. Based on our experience, this kind of program can increase fund usage by 8 times, while still providing detailed expense monitoring for managers.
Download our ebook to learn more about the impacts prepaid learning stipends could have on your workforce.