In our increasingly complex marketplace, the need to train and educate our employees is greater than ever. Technology is drastically disrupting industries, and companies are eager for their employees to gain competency in emerging fields such as big data, machine learning, and the internet of things.
That’s just one of the reasons why many organizations—especially those enjoying a tax cut this year—are choosing to invest in their employees’ education. For example, aerospace giant Boeing recently announced it will spend $100 million on developing training and education for its workforce, while Disney Corporation has agreed to invest $50 million to cover tuition for its employees. In the past, most company-sponsored education programs focused on requisite courses dealing with anti-discrimination, legal issues, or industry-specific skills, while the more leadership-oriented programs were targeted to rising executives. Today, organizations are increasingly more willing to spread the wealth across the entire hierarchy of their employee population.
Many studies have shown that investment in employee education just makes good business sense; a more satisfied employee is a more productive employee, which is better for the bottom line. A study released in 2016 by the Lumina Foundation that analyzed health insurance provider Cigna Corp.’s Education Reimbursement Program, showed that for every dollar Cigna invested in tuition assistance, it earned an ROI of 129%. Recent research also shows that the growing millennial base is searching for job opportunities that include educational training.
MIT Sloan recognizes the value of continuing education for organizations seeking to advance the skills and business acumen of their workforce. To that end, we offer a mix of executive education programs, including short courses, online programs, custom programs, and executive certificates—serving participants from around the world and in a wide variety of industries. If your company is wondering how best to allocate the windfall from the recent tax act, consider an investment in hard or soft skills training for your employees.