UpSkill America is an employer-led movement to expand opportunity for America’s workers and allow our economy and communities to thrive. As part of our mission to advance the upskilling movement, we are pleased to share the following news featuring one of our partners.
Discover Financial Services reaps $1.44 in savings for every dollar spent on tuition assistance for employees, according to a study released today. The study, conducted by the global professional services company Accenture with support from Lumina Foundation, adds to growing evidence that tuition assistance programs help build employee skills, improve corporate bottom lines, and increase employees’ involvement in the community. Discover employees who participated in the tuition assistance program received wage increases that, on average, were 40 percent higher than those of non-participating employees. Participating employees also were 21 percent more likely to be promoted. Within Discover, they were more mobile, more likely to show up for work, and more likely to stay with the company.
In response to these positive results, Discover leadership dropped the requirement that participants complete one year of full-time employment prior to entering into the program. Starting in 2017, new employees will be eligible to apply to the program on day-one of their employment with Discover. The company also plans to increase internal communications about TRP so that more employees are aware of the tuition reimbursement program and the opportunities it provides. The Discover study is part of a series of analyses by Accenture that includes exploring the financial effects of tuition assistance programs at Cigna, a global health insurance company, and Advocate Health Care, a regional hospital system. These studies and others are available at www.luminafoundation.org/employer-engagement. Click here to read more.
We are delighted with Discover’s decision and commend them for joining a growing list of companies committed to advancing the upskilling movement.