AeA to Help Tech Companies Shape & Measure Value of Tuition Assistance Programs; High-tech Companies Spend $2 Billion a Year on Tuition Assistance.Business Editors/High-Tech Writers WASHINGTON--(BUSINESS WIRE)--July 16, 2003 The high-tech industry spends approximately $2 billion a year on tuition reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. for employees -- more than most other industries -- however most technology companies do not have the information or tools to determine whether their education investments are effective. AeA, the nation's largest high-tech trade association, has teamed up with Cenquest, a Managed Education solution provider, to help tech companies get a better return on education spending. As a result, Cenquest and AeA have developed a custom web-based service, which allows senior management to better understand how tuition assistance programs The Tuition Assistance Program is a financial aid program for students who are New York State residents and are attending a post-secondary institution in New York. benefit the company and employees. This knowledge also allows them to strategically shape their education benefit programs. Over 85 percent of U.S.-based companies offer tuition assistance, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Eduventures Inc., a Boston-based research firm. However almost all such companies confirm that they do not measure effectiveness of the budget. "The potential for taking the money already being spent on tuition assistance and turning it into tangible benefits for high-tech companies is exciting," says Charles H. House, director of societal impact of technology for Intel Corporation (company) Intel Corporation - A US microelectronics manufacturer. They produced the Intel 4004, Intel 8080, Intel 8086, Intel 80186, Intel 80286, Intel 80386, Intel 486 and Pentium microprocessor families as well as many other integrated circuits and personal computer networking . "The key to a better ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). is managing the universities and programs themselves -- and that takes the clout of the whole industry." "The high-tech industry counts on higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. to fuel innovation. We had to find a way to help our members get more value from the dollars they spend on employee development," said Ron Sivertson, AeA's senior vice president for member services. "In most companies, tuition is reimbursed based on ad hoc For this purpose. Meaning "to this" in Latin, it refers to dealing with special situations as they occur rather than functions that are repeated on a regular basis. See ad hoc query and ad hoc mode. enrollment decisions, making it hard for employers to ensure that cost-effective schools are chosen or that skill and succession needs are addressed," said LaVonne Reimer, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cenquest. About AeA Founded in 1943, AeA is the nation's largest high-tech trade association. AeA represents more than 3,000 companies with 1.8 million employees. AeA offers a unique global policy grassroots capability and a wide portfolio of valuable business services and products for the high-tech industry. www.aeanet.org. About Cenquest Cenquest offers a comprehensive Managed Education tools to provide structured and strategic approach to tuition reimbursement based on ideals of excellence in education, alignment with corporate goals, and measuring the return on education spending. www.cenquest.com. |
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