As you read this piece, there is one or two things that are crossing your mind regarding how on earth would you think of going back to school after all those years. Or maybe you’re wondering about the means you would use to convince your boss to chip in and fund your education. It’s good to up your skills so as to advance your career irrespective of your age. However, asking your boss to finance your education can really be scary. Nonetheless, if you approach him/her in the right way, there is no need to worry. Early research had indicated that by 2018, 63% of jobs would require a college degree – this just shows how much education is valued in the job market.
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The following are tips on how to ask your employer to fund your education:
Carry Out Research
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- It is essential to research whether the company you’re working for requires employees who have the qualification that you desire to achieve. In case higher positions in the company don’t hold the qualification, it is likely that your employer may not fund you.
- Check for funding allowance or training schemes within the company. If they have them, ensure that you go through the requirements, terms, and conditions.
- Deliberate on the course you want to undertake, the institution you will join, as well as the reason for wanting to study. This information will support your request as long as you are 100% sure that you want to undertake the course. It is important to ensure that the course relates to your career and that it’s going to develop and advance your profession so that you can become a more valued employee.
- Be certain to contemplate on the course format. In most of the cases, employers tend to prefer funding a part-time course so that the employee can continue working.
Create a Business Case
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Since the decision to cover the cost of your education will be evaluated as a business proposal or proposition, it’s good to put up a business case that posts the suggestion to your boss in a well-formulated and reasoned way. Alternatively:
- Expound on the ROI (Return On Investment). This will give your company details on what they can anticipate to gain when they invest in you. It would be better if you would assign the monetary value.
- Point out the benefits that the two parties will gain. For instance:
- You will attain a qualification that will improve the prospects of your career.
- Receiving higher education will up your confidence and positive self-image.
- Your boss will get an efficient worker who is more knowledgeable.
- Education funding helps improve the loyalty of the employee and the levels of staff retention. Lori Wade the chief of EduBirdies says this about managerial wisdom: “Train your people well enough that they are able to leave but treat them so good that they wouldn’t want to.”
- In most cases, promoting the existing staff is always cheaper compared to employing new ones.
Set Convincing Expectations
It is imperative to prepare for different eventualities before you table your business case to the key decision-makers so that you can manage your prospects and expectations.
- It is good to admit that the process of acquiring the funds might be long and hard. Especially so if the suggestion is new to the company, it means that proper procedures might not be in place.
- Understand that the process might be long hence taking more time than you expected. In most cases, the decision-maker might not be alone. That means the request will be circulated to all stakeholders and management hence taking more time.
- Get ready for rejection. Since it is a request, there is a possibility that it might be rejected no matter how well-rounded it is. In case this happens, it’s important to appreciate and understand the motives of the refusal so that they can help you gauge whether it’s a case of lousy timing so that you can resubmit in future.
- Get ready to knuckle down. Attaining a qualification is intellectually demanding as well as time-consuming. Therefore, it’s important to ensure that you have the required dedication that will see you pursue the course up to the end.
Converse with the Decision-Maker
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- Schedule an official meeting with the team leader or manager so that they can identify your seriousness in wanting to learn and train new skills. This will give them enough time to contemplate and consider the request appropriately.
- Once you book the meeting, it’s good to rehearse on what you’re going to tell them. Learn all the things that they require to know about the course and be ready with comebacks just in case your boss brings an objection.
- During the meeting, present all your points regarding the proposal in a clear manner. The employer should understand the reasons why it’s viable for the company to invest in your education.
Go Through Your Contract
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In case the company approves the request, you will be required to sign a contract. It’s important to read it carefully and make sure you understand it before signing. If need be, seek external advice. Otherwise, the following points will further help you to understand the contract:
- How will the cost of the course be covered? Will it be full payment or partial payment?
- What is the mode of payment? Will you be required to pay and get compensated later or the employer will pay directly to the educational institution? In case it’s compensation, when will the money hit your account?
- Will the employer cover for resources like books and labs or project work (depending on the course)?
- Will you be required to achieve a certain grade so that you can continue getting support?
- What will happen in case you fail to complete the course due to illness or personal issues?
Conclusion
Obtaining a new certificate, degree or even finishing your studies will always be a great achievement towards the development of your career. Therefore you should not be afraid to ask your employer for the favor. All the best in taking up the initiative, and good luck!!
Can funding the education of an employee help in retaining the qualified staff in the company? What do you think? Share your views with us in the comments.
Author’s Bio: Charles is a career mentor, motivational speaker & human resources consultant with over 10 years of experience in HR sector. Apart from career mentoring, he loves photography and football. Find him on Linkedin, Twitter, Facebook & Google+.
