Walmart hopes that helping send its workers back to college will keep them with the company.
The nation's biggest private employer announced Wednesday morning, at the start of its annual shareholders meeting in Bentonville, Arkansas, that it will begin subsidizing the cost of higher education for its employees who've yet to earn a college degree. Starting Wednesday, they will be able to enroll and study at either the University of Florida, Brandman University or Bellevue University.
To make this possible, Walmart is partnering with Guild Education, a tuition reimbursement and education platform that helps large employers extend education benefits, including tuition reimbursement, to workers.
The news of this program comes as many businesses in the U.S. today face a tighter labor market, and competition for the best talent is intensifying. Chains like Starbucks and Chipotle have started offering similar education perks to get workers to stick around.