EMPLOYEE DRIVEN IMPROVEMENT & INNOVATION: CREATING OPPORTUNITIES FOR REFLECTION AND IMPROVEMENT
Promoting your employees’ skills improvement through masters/business schools
Estimated budget: 3.000€ - 6.000€
Many companies want to help their employees develop or improve skills and knowledge (commonly on topics related with the company’s profile). A way to achieve this is by giving them the opportunity to complete a master course on a topic related either to their job or on a general topic.
Having staff with all the necessary skills and knowledge will enhance the company’s success.
How to promote your employees’ skills improvement through masters?
There are two ways a company can contribute to their employees’ education. Either to sponsor part of their master studies or to undertake the whole amount of the tuition fee. Companies can develop some agreements with universities in their area or offer the opportunity to their employees to study online in any university of their choice within the country or abroad. Possible courses and tuition fees can be seen in the table.
Of course, every employer has to select the employees that will benefit from the master very carefully. This can be achieved by establishing an evaluation system in the company. An employer can evaluate the company’s staff by setting specific tasks and goals for a specific frame of time and see if these tasks and goals are accomplished and by whom. Also, asking the employees specific questions like, “How do you think the company will look like within a year from now?”; “What would you like to improve in the company?”; “What are your goals for the year to come?”; etc., could help the employer to understand the views of his/her employees on the company and how much are willing to achieve the company’s goals.
What are the terms and conditions an employer should impose to the employee?
Undertaking the cost of an employee’s master course is something that will cost to the company. This means that the employer has to impose certain terms and conditions to the beneficiary-employee.
First, the employer has to make sure, that the employee will continue working for the company after he/she graduates from the master program. This can be achieved by signing an agreement between the employer and the employee, stating that the employee will continue working for the company for a specific frame of time after graduating (i.e. for a year after graduating).
Second, an employer has to consider that the employee who follows the master course, will need some more days off in order to attend classes. In that case, the employer can come to an agreement with the employee about the working hours and the possibility the employee to use days from his/her annual leave, in order to attend the classes.
Last, but not least, an agreement must be signed between both parties about the type and the amount of the sponsorship. Will the company undertake the whole tuition fee or just a part of it? What is the amount that the company has to pay? What are the obligations of the employee during studying?
Courses last from 3 to 5 semesters – depending on the department and the bachelor of the employee. The tuition fee for the whole studying period, ranges between an average of 3000€ to 6000€.
https://www.topmba.com/programs/full-time-mba/doing-mba-top-10-incentives-your-employer https://www.gograd.org/financial-aid/companies-paying-for-grad-school/ https://www.prospects.ac.uk/postgraduate-study/funding-postgraduate-study/employer-sponsorship https://www.findamasters.com/funding/guides/postgraduate-employer-sponsorship.aspx