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It’s a reality many Americans know well: College is expensive. Nearly 43 million Americans currently hold more than $1.75 trillion in student loan debt—with an average balance of more than $40,000, according to the World Economic Forum.
Spectrum—the country’s largest provider of rural internet services, operating under Charter Communications—which employs 95,000, sought to enable employees to access higher education with a tuition benefit program. However, participation was lacking, in part because employees had to pay costs upfront, says Paul Marchand, executive vice president and chief HR officer.
Two years ago, Spectrum partnered with Guild Education to retool its tuition benefit, pivoting to an offering that doesn’t require employees to invest any of their own money. And participation skyrocketed, he says.
“It nearly crashed our website,” Marchand says about the announcement. By transforming the benefit from a tuition reimbursement program to a tuition assistance program, Spectrum has seen more employees take advantage, internal promotions rise and retention jump.
The challenges of traditional tuition benefits
With employees spread across 41 states, Spectrum leadership operates a robust employee listening strategy—including surveys, town halls, field visits, ride-alongs and more. A few years ago, a common refrain arose in those efforts: Employees were craving more
