Investing in Employee Education Results in Cost Savings for Major Healthcare System
Advocate Health Care Realizes Healthy Returns for Investments in Education Assistance
From 2011 to 2015, Education Assistance Program (EAP), produced an overall 4.3% ROI ($1.3M in net savings), as a result of avoided costs. It was also correlated with higher levels of employee engagement.
For example, for the business/administrative population, the ROI of EAP was positive and substantial: EAP produced an ROI of 58.2%, due to participants being retained, promoted, and transferred more than non-participant peers, helping Advocate avoid $7.4M in talent management costs. Qualitative interviews indicate that the ROI may be higher when including productivity gains.
Shifting tuition assistance benefits to being part of an effective talent development strategy will help organizations build and maintain highly effective and skilled workforces, resulting in strengthened U.S. corporations, communities, and citizens.