One of the more popular incentives companies use to attract and keep workers is tuition assistance.
Free college programs are going to be even more of a benefit for some employers.
The University of Maryland Global Campus is one of the partner schools that Citi is offering degrees from.
The expansion of the education benefits program for front-line consumer banking employees will include free college, according to the company.
The most employable college degrees are being slashed by companies.
"Lowering the economic barrier for our colleagues to secure a formal certification or degree, while strengthening Citi's competitive advantage" is the goal, according to the chief learning officer at Citi.
EdAssist has seen a jump in the number of companies offering no-cost degree programs in the next five years.
The cost of going back to school can be covered by some big names, such as Amazon, Home Depot, Target and Walmart. College degrees and professional certificates for employees will be paid for by Waste Management, as well as benefits for their spouses and children.
According to the Society for Human Resource Management, these types of benefits play a big part in the competition for talent and, as a result, more companies are giving opportunities to develop new skills.
Almost half of employers offer undergrad or graduate tuition assistance as a benefit.
Employers have been paying for their employees to get degrees for a long time. Businesses have paid for graduate studies for white collar workers for decades.
Front-line workers, such as drivers, cashiers and hourly employees, are now receiving this benefit as well as being heavily promoted.
According to a workplace education expert, education-as-a-benefit is a cost effective addition to core offerings.
It is shifting in how they think about attracting talent. She said that it is more cost-effective for employers to upskill their current base rather than trying to find workers.
"For those who take advantage of this no out of pocket education offering, the financial return is compelling, and Citi will benefit greatly from their development of new skills."
Jack Hartung said that employees who take advantage of the company's free degrees are 312 times more likely to stay with the company and 7 times more likely to move up into management.
The benefits of free or discounted higher education include improved recruitment and retention, as well as cutting down on student debt, according to experts.
Despite a strong desire to go back to school, less than half of employees have been able to do so in the last several years due to time commitment and financial obstacles.
The struggle is more difficult for minority groups.
Black employees are more likely to say they are having trouble with their education. Men and women have the same discrepancy. Women are more likely to say they have financial barriers to education.
The constraints that all working adults have are time, the financial commitment and having the confidence to return to the classroom.
The extra boost can be a real game change.
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