Tuition Assistance Programs can be an excellent solution for restaurant owners looking to build a robust and reliable team of college students or graduates. College students and graduates bring energy, enthusiasm, and higher skill levels to your business. Attracting and retaining them, however, requires a thought approach.
From the college student and graduate perspective, student loan debt now exceeds credit card debt in America. The average mortgage debt is over seven times less than student loan debt in the United States. This disparity has created an opportunity for restaurant business owners; job-seekers are now seeking positions to offset their educational expenses.
Setting up a Tuition Assistance Program (TAP) can significantly benefit businesses. When we say “Tuition Assistance Program,” we’re including scholarship, tuition assistance, student loan reimbursement, and university affiliation programs (we’ll get into more detail on each of these below).
Restaurant Tuition Assistance Programs help to attract and retain top talent, improve employee skills, and enhance job satisfaction. This is because TAPs have a multi-faceted impact on professional development and overall well-being. TAPs are an investment in your employees. Talent seeking employment will see that your company makes this investment and recognize it as support for personal and professional growth. This elevates your business model against other businesses. Consider the following:
Tuition Assistance Programs (TAPs) positively impact your restaurant business in several key ways:
There are several other benefits as well, including enhanced innovation and creativity and enhanced internal and external employee value proposition. It’s also worth noting that in some regions, offering educational assistance programs can provide tax benefits and compliance advantages. Companies can leverage these programs to optimize their financial and operational strategies.
Overall, a restaurant tuition assistance program is a strategic investment that can lead to significant returns for your business by enhancing your workforce’s capabilities, loyalty, and overall performance.
If you do decide to set up a restaurant tuition assistance program, you will be in good company. Several restaurant businesses already have TAPs in place. The leaders for restaurant tuition assistance tend to focus on four opportunities for employees:
Generally speaking, each has prerequisites including an employment period and application process. In addition, restaurants offer these options in various combinations or individually. For example, eligible employees at Chick-fil-A can receive a tuition discount up to 30% at over 100 partner colleges. Alternatively, employees can apply for a Leadership Scholarship worth $2500 that is renewable up to four years. Finally, Chick-fil-A offers a one-time $25,000 scholarship to select employees.
Consider these top restaurant businesses. Each offers a different combination of tuition assistance programming:
There are many programs out there, each with its own benefits. Other restaurants with TAPs include: Arby’s, Cheesecake Factory, Chili’s Grill & Bar, Churches, Del Taco, Dunkin’, KFC, Marco’s Pizza, Panda Express, Papa John’s, Pizza Hut, Raising Cane’s, Sheetz, Wendy’s, White Castle
Tuition assistance programs are becoming more popular, with non-restaurant businesses joining the fray. Some are: Amazon, Boeing, T-Mobile, Discover, BP, Costco, Kroger, Wal-Mart and Ralphs. Find a more comprehensive list here.
If you are considering putting a TAP in place in your restaurant business, you’ll want to clearly establish who will benefit, how and any terms for repayment. You will need a point person to handle queries about the TAP, and it may be helpful to develop a FAQ for quick reference. The following questions will help you dial in the finer points of your restaurant tuition assistance program and serve as the base for a FAQ:
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