Fidelity to pay 100% of tuition and books for junior employees
No diploma? No need, if you want to start your career at Fidelity.
The company said Tuesday it would pay for an undergraduate degree for its entry-level customer service phone representatives concentrated in its regional centers to attract talent in an increasingly competitive job market.
The benefit will apply to many workers at its Westlake campus, its largest office in the United States with more than 7,300 employees. The company plans to hire an additional 1,500 customer-facing positions for the campus by the end of this year.
Fidelity, which employs more than 60,000 people, hopes the benefit will create a talent pool, attracting employees who might not have considered a career in financial services.
“This new benefit will create growth opportunities for our associates and increase accessibility to higher education, something we have been focusing on for years through our student debt relief allocation,” said Megan Bourque. , head of benefits for Fidelity, in a statement.
The Boston-based financial services company said it will pay tuition, books, fees and taxes for the four- and two-year programs that “align with Fidelity’s business and the service industry financial”. Accepted applicants will receive free coaching to help them choose a school and degree.
Fidelity, which has $10.3 trillion in assets under administration, has seen a hiring spree due to growing demand for customer service workers. It onboarded over 16,000 new employees in 2021 and is on track to surpass that figure this year.
The company said it would also continue its debt repayment benefit, which has been in place since 2016 and eliminated $67 million in principal and $31 million in interest payments for its employees.
Fidelity isn’t the only company adding education benefits to attract workers who don’t want to go into debt but want a good career. Companies like Starbucks, Chipotle and Amazon have all announced similar programs to help young workers.
Last year, walmart said it will offer tuition and free books to its 1.5 million part-time and full-time employees, saying it will invest $1 billion over the next five years in training and career development .
In September, Amazon announced that it would pay tuition for one of its more than 750,000 hourly employees in the United States