Making the decision to return to school is never easy, especially if you work full-time. That’s because you’ll have to make a lot of sacrifices, such as giving up your free time and modifying your lifestyle. One of the main concerns that many people have is how they will afford the cost of attendance. However, there may be a way to fulfil your dream while also reducing your out-of-pocket costs by requesting that your employer contributes to your education. Continue reading to learn how your company might be able to help you pay for your education and how to make the pitch.
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How to Request Education Funding from Your Employer?
Here are the steps to convince your respective companies to help their employees to get their dream college MBA and how to convince them.
State the Direct Benefits
The first step and the key to getting your MBA funded are to convince your employer to pay for your education to demonstrate the benefits to the company of the new skills and knowledge you will gain. Indeed, there are a number of direct advantages to employer-sponsored education that you can highlight to your boss and your company’s human resources manager. Greater employee commitment, reduced turnover, higher productivity, and an employee group with the skills needed to undertake new tasks and move into leadership roles are all benefits to the company.
The Human Capital Theory by Gary Becker and “Does Education Raise Productivity, or Just Reflect It.” by Dr Arnaud Chevalier are some studies that provide ample evidence that encouraging employees to pursue additional education benefits a company’s bottom line. After all, if a better-educated employee is eligible to take on new projects, the organisation will be in a better position to take on more work and generate more revenue.
How Can The Companies Help?
A tuition assistance programme that assists both employees and their families with higher education costs is an educational benefit. It is typically included as a benefit in an employee benefits package and provides tuition reimbursement at the time of enrollment or after the course has been completed.
Many large corporations have alliances with local colleges and universities. These relationships may include the creation of programmes that benefit both the company and its employees. Employees who wish to return to school may be eligible for reduced tuition or employee-funded education expenses at these institutions. For example, if an employee enrols in undergraduate courses through Arizona State University‘s online programme, Starbucks will reimburse them for any tuition costs that are not covered by scholarships or financial aid.
As an added incentive, these businesses should be eligible for tax credits and deductions for investing in employee education. Tax breaks are generally available if the courses meet Internal Revenue Service (IRS) guidelines and are recognised in the company’s trade or industry.
Mention the Specifics
If you want your firm to help pay for your higher ed, prepare to pitch the idea to your boss or the human resources manager. Don’t go for it until you have some specifics:
- Determine the degree or certification you want to obtain
- Choose the school and courses you want to take
- Make a list of the ways your education will benefit the company
Keep in mind that you will be adding valuable new skills to the company’s workforce. You will be able to contribute more to its success and even generate more revenue. You will be able to share your expertise with your coworkers and mentor new hires.
Anticipate any questions or concerns your HR manager may have and respond in a way that speaks directly to the benefit your education will bring to the company. If your boss is concerned about the cost, keep in mind that it may be less expensive than hiring another employee who already has the degree you seek.
The Education Contract
You may be asked to sign an education contract if your employer agrees to reimburse your tuition. Read this document carefully to ensure that there are no clauses with which you disagree or do not understand. For example, you might be asked to commit to working for the company for a set period of time. The company does this because it does not want to fund your training only for you to leave for a job with a competitor.
You’ll also want to understand how tuition will be refunded. Will the company pay the tuition to the school directly or to you? Will they pay it when they enrol or when they finish? Will you have to keep a certain grade point average? What happens if you don’t keep it up? It’s also critical to understand what happens if you are unable to complete the course or degree due to unforeseen circumstances.
Employer-sponsored education has obvious advantages for you. You get an education without incurring excessive costs. The advantages to your company may need to be explained to your boss. You might even be able to persuade your boss to use your education as a test case for a future company programme.
If you want to study for your MBA abroad, you’ll need a strong economic and educational background. Studying abroad is still a dream for many students. To fulfil that dream and to secure admission to the top universities and courses abroad, contact Leverage Edu.