It is reasonable to assume that only a handful of companies offer the ability for their employees to have at least some of their eduction expenses paid for by the company. This sounds like a perk that would be really hard to find and highly valuable at that. While it is a great perk to have, some major companies are now expanding this perk to every employee on their payroll.
Starbucks and Chipotle are both now offering college tuition assistance programs for their employees. This is seen as a move to be done for an important reason. That reason is that by offering this perk, the companies are generally able to have their employees stick around longer than they otherwise would.
CNBC reports that the turnover rate for food service jobs was a whopping seventy-two percent in 2017. Turnover rates at these types of jobs have always been high, but that number is definitely eye-opening. It is something that the operators of these chains have to contend with.
One way to help keep more people around is to offer to help pay for at least some of their education expenses. It does mean that those employees are more likely to leave once they have their degree in hand, but at least the restaurants can get some value out of them while they stick with the company for the years that they are in school.
The low unemployement rate in the country right now makes it very difficult to find replacement workers for jobs in the food service industry. Thus, the restaurants have few choices but to look for alternative means such as paying for employee’s education in order to help keep them around. It is just about the only thing that they can do to make things right.
It is a generous program, but since the restaurants also benefit from it, it is kind of a win-win situation. Other fast food companies are starting to eye how these programs are working and considering if they might be right for them as well. That is why McDonald’s and Taco Bell are also looking into this.
Not that long ago it might have been difficult to imagine fast food companies doing something as generous as this for their employees, but that is how it is going at this point in time. It is something that we can all celebrate as everyone gains in this equation.