(CNN Business) — Walmart will pay full college tuition and book costs at some schools for your US workers; It is the latest effort by the largest private employer in the country to make their benefits more attractive, in their attempt to attract and retain talent in a working market hard.
The program includes 10 academic partners ranging from the University of Arizona to the University of Southern New Hampshire. Participants must remain full or part-time employees at Walmart in order to participate.
The company said Tuesday that it will eliminate the $ 1-a-day fee previously paid by Walmart and Sam’s Club workers who wanted to obtain a degree and that it will also begin to cover the expenses of its books. About 28,000 workers participate in the program, which Walmart started in 2018. Walmart has about 1.5 million workers.
“We believe that eliminating the $ 1-a-day investment removes financial barriers to enrollment, and will increase access,” Lorraine Stomski, Walmart’s senior vice president of learning and leadership, said in a call with reporters Tuesday.
Walmart also said it would add four new academic partners, bringing the total to 10, and offering more degree and certificate options in areas such as business administration, supply chain and cybersecurity.
Walmart has incentives to expand the program. Employees who have participated in the program are twice as likely to be promoted and remain with the company at a “significantly higher percentage” than other workers, Stomski said.
The move comes at a time when retailers across the country are struggling to hire employees to staff stores and warehouses.
In May, there were 974,000 unfilled jobs in the retail sector, according to latest data from the Bureau of Labor Statistics.
Earlier this year, Walmart raised wages 425,000 American workers at a minimum of $ 13 an hour. Walmart’s minimum wage is $ 11 an hour, below what competitors like Amazon and Target offer, with a starting wage of $ 15.
Here is a list of participating Walmart partners:
- Johnson & Wales University
- University of Arizona
- University of Denver
- Brandman University
- Penn Foster
- Purdue Global University
- Southern New Hampshire University
- Wilmington University
- Voxy EnGen
George is Digismak’s reported cum editor with 13 years of experience in Journalism