According to Benjamin Franklin, "The investment in knowledge pays the best interest." And as more employers are learning, helping their workforce attain new knowledge is perhaps an even better investment. Tuition-assistance benefits are trending across industries, but at financial services firm Andersen, they're taking it one step further: A fully-funded MBA.
According to education.org, the current average debt of a Master's degree holder is $80,494, over $60,000 of which is from school alone. Coupled with the financial uncertainty of
"We have a long-standing history with USF through our CEO, and that relationship has provided a unique opportunity to collaborate on these program offerings that are hugely relevant to our business," says Nancy Power, head of HR at Andersen. "This is really an option for individuals who are pursuing advanced degrees in general business administration and want to re-skill in those areas as well."
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Andersen's MBA program, which launched in November, has key features that make it especially appealing to its diverse employee base. The customized courses, which are offered virtually, are designed to provide professional development specific to Andersen employees' needs, setting them up to be the best at what they do regardless of where they are. Company involvement is evident at all levels, as Andersen CEO Mark Vorsatz helped design the curriculum and senior staff serve as adjunct professors in the program. The cost of the program is completely covered by the company, and all qualified employees, regardless of tenure, are eligible.
"Unlike traditional MBA programs, the students are all Andersen employees," Power says. "Whether they sit here in the U.S. or abroad in other parts of the world, they are positioned in this shared common experience across our firm. This further reinforces our
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Another aspect of the MBA program — the most significant from a financial perspective — is that there are no strings attached. The lack of a clawback clause, in addition to a focus on specialized development, is another example of how an organization can show good will and promote stewardship within its workplace.
"It's true to our culture," says Power. "To us, a clawback is not a guarantee of retention. Our philosophy is always that if our employees feel that we care about their personal success and development, they will stay. The idea of investing in employee education is something that's always been a part of our firm's culture and has allowed us to find ways to attract broader talent pools because we offer specialized curriculum."
Whether employees participate in educational courses for professional growth, to learn new skills, or to meet compliance, the effect on their overall productivity is undeniable. Though something like an MBA program may not fit the particular needs of a business, taking an active role to encourage ongoing education is beneficial for both employees and their organizations.
According to 2022 research from Bright Horizons, 82% of employees surveyed said the skills or degree earned through their employer's tuition reimbursement program helped them be a more effective employee, and 84% feel it helped them prepare for the future of work. One key to a high success rate with education benefits, notes Power, is advocating for a balance between the courses, work, and personal life, and technology plays a big role in this.
"We have a completely virtual MBA program designed around busy seasons," she says. "So in slower cycles where people can actually devote time and not be stressed out by trying to juggle all the personal and work demands, they have opportunities to do the coursework during work hours."
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From a business perspective, offering a program like this means attracting top talent and emphasizing what is important within its culture.
"Technology has come a long way," says Power. "So the delivery has gotten easier and better, our reach has gotten broader, and as a result we're able to tap into diverse candidate pools, whether that's geographically or people with different academic backgrounds."
The MBA program's inaugural class of 50 U.S.-based employees has already generated valuable feedback for Andersen, which the company will take into consideration as they prepare to expand the program worldwide this year.
"The feedback from direct participants has been nothing but positive," Power says. "Even individuals who aren't direct participants are excited about the offering, whether it's because it's an option for them in the future or they appreciate that the firm is making this type of an
