I read an article a while back about Peet’s Coffee offering tuition reimbursement for its employees. Starbucks has been doing the same thing for a few years. In fact, a lot of fast food chains are starting to offer some form of tuition reimbursement plan for their employees. You may notice that coffeehouse employees are usually college students. It makes sense. These hourly wage jobs are good for someone that needs to make some money while attending school. However, tuition is grossly expensive! It’s nice to see that coffee companies are investing more in their employees.
Many of us, including me, have student loan debt. The student loans that we pulled out were for our educational costs (i.e. tuition, books, fees, etc.). The paychecks we got from our hourly wage jobs were for ramen and coffee. In my case, lots of coffee! Finally, when it was time to go out into the workforce, we were slammed with the ugly realization that we were under paid and grossly in debt.
It would have been nice to get some tuition reimbursement while attending school. It certainly would have made post academia life easier. But now coffee companies seem to realize the student loan debt problem in our country and want to do something about it.
The article I read in the Daily Coffee News called, “Peet’s Partners with Oregon State University for Tuition Reimbursement Plan,” said that Peet’s Coffee had partnered with Oregon State University for a tuition reimbursement program. Eligible employees are able to take online undergraduate classes. The article also gives a cost/benefit analysis of this business practice. It states that companies engaging in tuition reimbursement programs usually see a return on investment. This is largely in part to a reduction in employee turnover rates.
This is understandable. When you invest in your employees, they are more likely to stay with you. Better yet, they are more likely to utilize their new skills in your company. This can improve your business. You can read the full article here if interested.
Another article of interest was from US News called, “4 Fast Food Jobs That Pay for College.” It explains what Starbucks and other related businesses are doing to help their employees through college. It also gives a break down on the their programs, such as what the program covers and eligibility.
I strongly believe that it is important to invest in your employees. I think there is a good return on investment. Like I said, employees can use what they have learned to help your business grow. Additionally, it’s nice to see coffee companies helping their employees pay for college.
Higher education is very expensive. The amount of debt it creates is a drag on our workforce and society. Whether or not an employee wants to continue working in the coffee world, it is still beneficial for our entire society when they start off with less debt. The way I see it, helping reduce student loan debt is just another way that the coffee world has contributed to better our society.