As I was researching Eileen Fisher for my post last week, I came across an extremely innovative company policy. The policy is termed the Upromise College Savings Program. This policy demonstrates that the company invests not only in their employees, but their families as well.
College costs are at an all-time high. The average cost of in-state tuition is over $17,000 per year. This figure is an 8.3% increase from 2010. How are families supposed to fund a college education? The company offers a plan for New York state residents (other states’ plans available upon inquiry) a savings and investment plan managed by Upromise. How it works is that a minimum of $15 will be deducted per pay period and invested in the option of the employee’s choosing. The options range from a simple savings account to an “aggressively managed fund.” The program allows your investment to grow tax-free and gives employees peace of mind for their children’s future. The policy is similar to state wide programs however, much more simple in design, consistent to the ideology Eileen Fisher holds for all aspects of her company.
Eileen Fisher goes above and beyond the standard of decent conditions in the work place and strives to ensure employees have peace of mind at home. These policies work to the company’s benefit as well because they support a stable, long-term employee/employer relationship. As a college student, I was personally touched by this policy and felt that all companies should implement one similar to this. Upromise could be the solution to families who have trouble saving, opening doors for children everywhere.