Walmart (NYSE: WMT), the country's single largest private employer, has announced that it will begin paying 100% of college tuition and books for its associates. The new commitment is being carried out through the company's Live Better U (LBU) education program and will entail a $1 billion investment over the next five years.
"This investment is another way we can support our associates to pursue their passion and purpose while removing the barriers that too often keep adult working learners from obtaining degrees," Lorraine Stomski, senior vice president of learning and leadership at Walmart, said in a press release.
Previously, Walmart charged associates who wished to participate in LBU a $1 per day fee, but the company announced that it will also be doing away with that fee, effective August 16.
"We are creating a path of opportunity for our associates to grow their careers at Walmart, so they can continue to build better lives for themselves and their families," Stomski said.
The LBU program was launched in 2018, and Walmart reports that 52,000 associates have utilized it, with 8,000 of them having already graduated. The program was created to provide support for working learners, prioritizing completion rates.
"Walmart is committed to eliminating the burden of education debt," writes the company. "Cost is a leading barrier for earning a degree"
Along with free tuition, Walmart is adding to its educational program by offering "in-demand" degrees and certificates in "business administration, supply chain and cybersecurity." As Stomski puts it, by supporting the further education of their associates, Walmart hopes to "fill the pipeline of future talent...with our own associates."
Walmart also added to its list of collegiate partners: the University of Arizona, Johnson & Wales University, and the University of Denver and Pathstream will join the existing partners of Wilmington University, Brandman University, Purdue University Global, Southern New Hampshire University, Penn Foster, and Voxy EnGen.