Professional Development
Developing Today’s Talent for Future Work Needs
The world of work is constantly changing, and with those changes comes the requirement for new skills. As an example, workplaces are currently in the midst of a digital revolution on a scale not seen since the dot-com boom of the 1990s. With artificial intelligence (AI) and machine learning entering the mainstream, organizations must recognize the necessity to prepare their workforces to work alongside these powerful new technologies. By providing professional development opportunities to their employees, organizations can help to future-proof their workforces while staying ahead of current trends.
Continue below to explore development and education benefits and what organizations like yours are offering in 2024.
How Do Your Benefits Stack Up?
Use the tool below to explore benefit categories by industry, organization size or location
Significantly Down
Down
No Change
Up
Significantly Up
Training & Development Opportunities
Although the data suggests that the prevalence of professional development benefits did not experience any major shifts between 2023 and 2024, some interesting trends are taking shape. Employer-funded upskilling and employer-funded certifications have both reached their highest percentages in at least five years. This may suggest that each year more and more employers are paying attention to the knowledge and skills that may be required in a changing market, and they are ensuring their employees are given the opportunities to learn them.
Formal Training
to Keep Skills Current
Formal Training
to Develop New Skills
Certification/Recertification Fees
Professional Memberships
Executive
or Leadership Coaching
Formal Mentoring
Education Assistance
46%
Undergrad or Graduate Tuition Assistance
9%
Student Loan Repayment Assistance
$5,322
Average Maximum Education Assistance
Almost half of organizations (46%) offer undergraduate or graduate tuition assistance, a slight decrease compared with last year. However, student loan repayment assistance increased slightly to 9%, up 1 percentage point from last year. Interestingly, the average maximum education assistance amount that organizations offer to employees (inclusive of both tuition assistance and student loan repayments) rose considerably to $5,322, up $558 since 2023. This is now above the $5,250 tax-free limit, albeit only slightly. With the continued increases in higher education costs, it’s possible organizations are making an effort to raise their aid packages in an attempt to address the needs of their employees, even if it means their employees will have to count some of that assistance as taxable income.