Employee competency is an important factor that highly determines the efficiency and productivity of the company. With todays dynamic environment, now knowledge and skills are developed rapidly. If a company would adapt to such environment, its workforce must obtain further training for them to be able to acquire the necessary new skills and knowledge. A more competent workforce would create a more competitive organization.
It is proposed that the company implement a tuition refund plan for its employees most especially those who have loyally served the company for several years. It is proposed that such plan be added as one of the employee benefits that the firm offers.
The need for a tuition refund plan is created out of the changing business environment. The dynamic nature of the world means that new knowledge and skills are developed that may be beneficial to the company when acquired by its workforce.
The proposed tuition refund plan can be substituted with other educational programs. These may include a technology-training program. Such array of educational programs will give employees more choices on which to take. It will allow them to choose which program would be more suitable and related to their current job.
Allowing employees to pursue further studies by offering a tuition refund plan has the following advantages:
It is proposed that educational programs be offered as part of the employees benefits. Educational programs may include a tuition refund plan or a technology-training program. These would be beneficial for both the employee and the company. It will create a better relationship between the two parties. Educational programs will increase employee competency and would increase productivity and efficiency in the process.