In this edition of the College Experts Talk Podcast, Felicia Gopaul talks with Jim Northam, of College Bound Inc. who shares how adding an educational assistance benefit (a.k.a Section 127 plans) for your employees aids employers in their payroll costs while increasing employee retention for the same dollars spent.
Though College Bound Inc., thousands of student employee participants have been paid over $1,500,000 in qualified plan benefits to date through their employer’s education assistance plans allowing them to pursue their college education goals. Employers who have felt they could not afford to implement an education assistance benefit have found that their average employee stays on the job for 2 -3 times the previous rates once an education assistance plan is established.
Imagine the impact on your profitability if you were able to double your retention rate with your part-time, under 24 years of age employees by adding a Section 127 plan. The College Bound Program is one of the few plans in the country focused on bringing this tax exempt benefit to employers and their employees in the restaurant, hotel, retail, grocery, fast food, health club, day care and long term care industries.
Listen to this edition of the College Expert Talk as Felicia and Jim:
- Describe Section 127 plans and how they are used by businesses big and small
- Explains about how the advertise, interview, hire, orient, uniform, train and turn model negatively impacts employers
- Make the case for why the current hiring model is expensive, inefficient, negative, non productive and is an extremely poor use of capital for employers
- Discover how this revenue neutral benefit increases employee retention and reduces employee turnover
- Learn the types of businesses that could benefit from an education assistance program
- Share how Kroger’s, Wal-Mart and UPS are using educational assistance programs to attract and retain employees
If you are considering adding a education assistance program as a tax exempt benefit in order to attract employees who stay with your company longer than average, you won’t want to miss this edition of the College Experts Talk Podcast.
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