In this article, Honestynewsgh.com the most trusted educational website will take you through the GES teachers retention premium, how it started and its impact on education so far.
Global Education Services (GES) Teachers Retention Premium
As the education sector faces a growing teacher shortage crisis, more schools are turning to innovative strategies to attract and retain top talent. One such strategy is the use of “retention premiums” – financial incentives that reward teachers for staying with a school or district for multiple years.
One of the most well-known examples of retention premiums is the program offered by the Global Education Services (GES) network. In this article, we will take a closer look at GES’s retention premium program, how it works, and its impact on teacher retention rates.
What is GES’s Retention Premium Program?
GES is a network of K-12 schools operating in both the US and abroad. The organization’s teacher retention premium is a bonus that is paid out to teachers who remain with a GES school for multiple years. The bonus is incremental, meaning that the longer a teacher stays with a GES school, the larger their retention premium will be.
The retention premium program is voluntary – not all GES schools use it, and teachers are not required to participate. However, the program has proven to be successful in promoting teacher retention and has garnered positive feedback from both teachers and administrators.
How Does GES’s Retention Premium Work?
The retention premium program is structured in three tiers.
Tier 1: Teachers who stay with a GES school for two consecutive years are eligible for a retention premium of $2,000.
Tier 2: Teachers who stay with a GES school for four consecutive years are eligible for a retention premium of $4,000.
Tier 3: Teachers who stay with a GES school for six consecutive years are eligible for a retention premium of $6,000.
The retention premium is paid out at the end of each school year. To be eligible, teachers must have worked full-time at a GES school for the entire school year.
Why is GES’s Retention Premium Program Effective?
There are several reasons why GES’s teacher retention premium has been effective in promoting teacher retention.
First, the program provides a financial incentive for teachers to stay with a GES school. As a result, teachers may be less likely to seek employment elsewhere, even if they receive job offers with higher salaries.
Second, the retention premium program is incremental, meaning that teachers receive a larger bonus the longer they remain with a GES school. This structure promotes longer-term retention by rewarding teachers who remain with a school for multiple years.
Finally, the program is voluntary, meaning that teachers can opt-in if they choose. By allowing teachers to decide if they want to participate, the program provides an additional sense of ownership and control to teachers who may value that autonomy.
What is the Impact of GES’s Retention Premium Program?
GES reports that its retention premium program has been effective in promoting teacher retention. According to their data, teachers who are eligible for the retention premium are less likely to leave a GES school:
1.Teachers who are eligible for Tier 1 retention premiums have a 10% lower attrition rate than those who are not eligible.
2. Teachers who are eligible for Tier 2 retention premiums have a 20% lower attrition rate than those who are not eligible.
3. Teachers who are eligible for Tier 3 retention premiums have a 30% lower attrition rate than those who are not eligible.
Additionally, GES reports that the program has received positive feedback from both teachers and administrators. Teachers appreciate the financial incentive to stay with a school, while administrators see the program as a way to retain top talent.
Overall, GES’s retention premium program is an innovative and effective strategy to promote teacher retention in an increasingly competitive education landscape. By providing a financial incentive for teachers to stay with a school, the program promotes longer-term retention and creates a more stable and committed teaching workforce.
