Retain, Reskill, Reward: Four Ways Continuing Education Saves Money

Oct 1, 2024 at 5:24 PM

Upskilling for Success: Unlocking the Power of Continuing Education

In today's rapidly evolving business landscape, organizations are facing the challenge of retaining top talent, developing future leaders, and equipping their workforce with the skills to navigate change. However, a powerful solution lies in the realm of continuing education, as organizations like St. Catherine University are demonstrating. By providing employees with access to ongoing learning and development opportunities, employers can not only save money but also cultivate a dynamic, adaptable, and committed workforce.

Empowering Employees, Strengthening Organizations

Retaining Talent Through Continuous Growth

Employee retention is a persistent challenge for organizations of all sizes, but continuing education can be a powerful antidote. By offering employees opportunities to engage in educational and skill development programs, employers can open the door to more on-the-job opportunities, fostering a deeper commitment from their workforce. As Greg Steenson, the associate vice president of the College for Adults and the Graduate College at St. Catherine University, explains, "Adult education can be a really powerful tool to help get a deeper commitment from employees and build long-term stakeholders."

Reskilling and Upskilling for the Future

Hiring new employees can be a costly endeavor, and many employers are finding that investing in their current workforce is a more cost-effective approach. By helping employees reskill or upskill, organizations can develop the workforce they need, both now and in the future. Whether employees are engaging in leadership development programs, healthcare-centric courses, or business-tailored learning, continuing education allows employers to foster a culture of lifelong learners who are eager to apply their newfound knowledge and skills on the job.

Breaking Down Silos, Building Cohesion

Some employers are turning to continuing education as a way to bridge the gaps between departments, fostering a more efficient and cohesive organization. By enrolling employees in leadership development courses as a cohort, organizations can help their teams develop a common knowledge base and stronger interpersonal connections. As Steenson notes, "Employers find that everything runs more smoothly when people break down silos and partner on a common cause."

Maximizing Tax Benefits

Offering tuition reimbursement benefits is not only a powerful recruitment tool, but it also benefits employers' bottom lines. The IRS allows employers to write off up to $5,250 in annual reimbursements for each employee who takes advantage of these programs. This means that by investing in their employees' continuing education, organizations can enjoy both the immediate and long-term returns on their investment.

Embracing the Lifelong Learning Mindset

Whether an individual is just beginning their educational journey or seeking to supplement their existing skills, the impact of continuing education is far-reaching. For both employees and employers, the benefits of embracing a lifelong learning mindset are undeniable. As Steenson emphasizes, "It's never too late, and you can do it." By partnering with institutions like St. Catherine University, organizations can empower their workforce, cultivate future leaders, and position themselves for long-term success in an ever-changing business landscape.