Best Buy is expanding its education benefits to offer no-debt, no-cost pathways to college degrees for all full- and part-time employees in the U.S., according to a Feb. 13 announcement.
The consumer electronics retailer said it will provide immediate access to the program on an employee’s first day of employment. The benefit operates through Strayer University’s Degrees@Work program, which includes coursework for certificates or associate, bachelor’s or master’s degrees.
“At Best Buy, we believe that fostering continuous learning not only enhances personal and professional growth but also contributes to an inclusive and thriving workplace where everyone can succeed,” Charlie Montreuil, SVP of HR rewards at Best Buy, said in a statement.
Best Buy employees will be able to choose programs in areas such as business and information technology, the announcement said. Employees can also access Sophia Learning, a self-paced online learning platform that provides college-level general education courses.
Best Buy has offered tuition discounts and reduced fees for more than a decade, according to the announcement, but the expansion is intended to help more employees access education and develop skills.
Free college tuition or education programs have become increasingly common benefits in the retail space especially. For example, Love’s Travel Stops partnered with Guild’s “Fuel Your Growth” program, offering certifications and degree programs to full-time and part-time employees in the U.S. who are employed for at least 30 days. Love’s employees can also access career services, coaching support and other resources through the platform.
At the same time, some companies are cutting their education funding or pulling back on certain learning and development opportunities. The Walt Disney Co., for instance, placed an annual funding cap on its college tuition benefit that directly reflects the IRS limit on tax-free benefits for educational assistance programs. It also cut its Master’s degree program from its benefit offerings.
