USAA will expand its education benefits next year for employees and their dependents in an effort to attract and retain talent, the company announced this week.
The expanded benefits include 100% tuition-free options for employees and eligible family members, as well as a new program under which the company will contribute matching funds to 401(k) accounts when employees make student loan payments.
Already more than 7,000 employees participate in USAA’s existing employee education program, the company said in a release. The expanded program will give employees, spouses, domestic partners and adult children ages 18-26 access to a variety of in-person and online courses, along with flexible upskilling options that will include “in-demand skills and essentials required for business success.”
Programs include associate and bachelor’s degrees, high school completion and college prep, English language learning, as well as short form certificate and bootcamp offerings.
“We recognize the impact that the increasing costs of education have had on many employees and their families,” said Tamla Oates-Forney, USAA’s chief human resources officer said in a statement. “Employees can best serve our members when they are at their best, and we hope this program will help them achieve that by enhancing educational and career opportunities for them and their families.”
Also in 2024, the insurance and financial services company, which employs roughly 19,000 locally, said it would be among the first employers to provide a new student loan matching 401(k) contribution program. That means for employees with student loans, USAA will offer eligible employees a company match on their 401(k) plans of up to 8% for student loan payments.
“We understand it can be a struggle for our teammates to save for retirement and pay student loans,” stated Oates-Forney. “This program is just part of our ongoing commitment to supporting their financial wellness.”
The expanded benefits come as Texas and the U.S. remain in a tight labor market. The unemployment rate for the San Antonio-New Braunfels metro area was 3.8% in September, according to the Texas Workforce Commission, lower than the state’s 4.1%, but in line with the national unemployment rate.
In 2021, USAA raised its starting pay from $16 to $21 an hour and expanded its benefits to help stay competitive.
And while the company currently lists 180 job openings on its career page, USAA has been in a period of contraction. It laid off roughly 775 employees this year, on top of at least 220 from its real estate division in 2022, after posting its first loss in 100 years that year. The company also has called employees back to its headquarters, emptying its downtown offices in 2022 and curtailing hybrid and work-from-home arrangements.
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