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Walmart revealed on Tuesday, July 27, that it will be paying for its staff’s full college tuition fees, including the books. The company will shoulder the college schooling of its around 1.5 million full and part-time employees.
According to Reuters, the benefit will take effect on Aug. 16, and it will also get rid of the $1 per day fee that is being paid by associates at Walmart and Sam’s Club, one of the company's subsidiaries.
At any rate, the COVID-19 pandemic increased consumer demand in the U.S. as its economy re-opens. However, with the higher demand, companies need to add more employees, but they are finding it difficult to hire people as most prefer to stay at home due to the pandemic.
With the intensifying labor crunch, employers are trying ways to lure people into applying for jobs available in their companies. Walmart is one of the firms that is struggling to hire new workers, and because of this, it previously raised hourly wages.
Now it is offering additional perks and benefits such as free college tuition and books. Almost 28,000 employees are said to be active participants in Walmart's educational programs this year alone. It was mentioned that at least 8,000 have already graduated through the program since it was first launched in 2018.
Staff was offered college degrees, certificate programs, skills training, and others. Walmart will be adding more training and programs in the field of business administration, cybersecurity, and supply chain since its educational offerings are also tied to the company’s growth areas. For this, the retail giant is investing $1 billion over the next five years.
“Now, 1.5 million associates can earn college degrees and learn trade skills without the burden of education debt,” Walmart’s senior vice president of learning and leadership, Lorraine Stomski, said in a press release. “We’re creating a path of opportunity for associates to grow and build better lives at Walmart and this investment is another way we can support our associates to pursue their passion and purpose while removing the barriers that too often keep adult working learners from obtaining degrees.”
