More Employers are Willing to Pay for Your Education

Don’t go into further debt! Get a job where your employer invests in you.

With average student loan debt hovering around $29,000, it’s nice to see employers are starting to invest money in their workers instead of expecting them to get additional schooling on their own.

In fact, that’s exactly what many companies are doing according to a 2014 report from Bersin by Deloitte, a research and consulting company for HR professionals. It says businesses increased training budgets by 15 percent last year, the highest growth rate in the last seven years.

China Gorman, CEO for Great Place to Work remarked, “At a time when there is discussion of a lack of specified skills in the talent pool, this would appear to be welcome news, particularly because this investment applies not only to short-term training.”

More welcoming news appeared in Fortune 100 Best Companies to Work For. It includes:

  • Companies on the list offered 66.5 hours of annual training for salaried employees
  • Hourly employees received 53 hours of training
  • Close to 70 percent of those training hours were spent on employees’ current roles
  • Nearly 40 percent were dedicated to growth and development

On average in the U.S. businesses spent $1,169 per trainee on Learning and Development. Tech firms tended to spend more – an average of $1,847, with the most money, 35 cents per training dollar, poured into leadership development.

Gary Herman, President of Consolidated Credit, understands the importance of keeping college debt to a minimum…

“Recent college grads have been saddled with immense debt so it’s good to hear that companies are starting to invest more in their workers’ future rather than have them pay for it. Of course graduates lucky enough to find a job with one of these companies still must pay down their debt. And that remains the challenge.”

If you need help paying off your college loans or just want to speak with one of Consolidated Credit’s certified credit counselors about debt management issues don’t hesitate to contact us. Or get started online with a request for a Free Debt Analysis.