Walmart to pay cost of workers’ college degrees

Walmart, the country’s largest private employer, announced Wednesday that it will pay for its workers to go back to school — as long as they get degrees in business or supply-chain management.

The retailer is partnering with three universities to offer associate’s and bachelor’s degrees to 1.4 million part-time, full-time and salaried Walmart and Sam’s Club employees - a pitch to improve employee retention rates and engagement at work, while also drawing new workers. Walmart will cover the costs of tuition, books and fees, while employees will be required to pay $1 a day for the duration of their studies.

“We know there [are] a lot of benefits from a business perspective,” Drew Holler, vice president of people innovation for Walmart U.S., said on a call with reporters. “We know we’re going to see an influx of applications.”

Degrees will be offered by the University of Florida in Gainesville, Brandman University in Irvine, California, and Bellevue University in Bellevue, Nebraska, all nonprofit institutions with online programs for working adults. Rachel Carlson, chief executive of Guild Education, a Denver-based company that will oversee the program, pointed out that the program allows employees to earn a degree without amassing college debt.

Walmart’s announcement comes as retailers struggle to attract and retain workers in an increasingly competitive labor market. The unemployment rate is at a 17-year low, and the number of open jobs in retail - 723,000 as of March has continued to grow, according to government data.