College Tuition Reimbursement for Front-line Restaurant Employees
(This came to me anonymously from a small business owner - Steve)
I have front-line employees in a restaurant environment. I’m toying with the idea of revamping our benefits package and looking into adding college reimbursement to our repertoire for our front-line staff as well as management.
I'd like to hear from people who have existing programs to see what works. I’m also trying to calculate what kind of participation rate I could expect to help with budgeting.
Let me know if you can help.
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Hello,
Our company has a unique process that works well. We reimburse employees up to 2k per year at 90,80,70% based on an A,B,C The twist is that we don't reimburse them until 6 months after they have completed the class. I prefer this method as it doesn't require employees to sign a claw back agreement that they will pay us back if they leave but still helps with retention. It would also help you from a budgeting standpoint as you will always have more than 6 months to plan for the reimbursement.
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I was recently on a conference call where student loan repayments were being discussed. This is a bit different from reimbursement. Depending on the specifics, this could be an option. I thought I would pass it along as it may be helpful to someone in the group.
