Coursera Inc.
05/02/2024 | Press release | Distributed by Public on 05/03/2024 10:40
How to Ask Your Employer to Pay for Your Degree
Although tuition reimbursement is growing in popularity among employers, not every company offers that perk. However, you may still be able to approach your employer and see if they're open to paying for a portion of your degree as part of your professional development.
Investing in employee education can have a positive impact on the company's bottom line. Education can be a way for a company to address critical skills shortages and reduce high turnover costs, which can be as much as twice an employee's salary.
Start by approaching your manager to ask whether the company might consider paying for covering some of the costs associated with your degree, like tuition. During that conversation, you'll want to build a case about how furthering your education will benefit the company and what it will cost.
Below, you'll find tips about how to approach your manager, any materials you may need to present, and what you should demonstrate.
- Pick a relevant program and prepare a cost breakdown.
Choosing an accredited program in an area relevant to your work or the company's larger goals can be helpful. For example, if you are a software developer working in the financial technology sector, your employer may not be open to funding an art history degree. They may, however, consider reimbursing you for master's programs in cybersecurity, computer science, or related areas.
You'll want to share exactly what the program will cost, breaking down expenses like tuition, fees, and books and materials, so your employer can understand the full financial picture and how they could help.
- Show how your degree benefits the company.
In addition to disclosing the cost of your degree, it's important to also discuss your potential program's curriculum, highlighting any tangible benefits you'll gain from that additional knowledge and skills development.
For example, you may want to explain how your enhanced skills will allow you to take on new projects or how certain courses may strengthen your ability to bring fresh insights to improve revenue or savings goals.
- Sell yourself.
Give details about your accomplishments and contributions to the company. If possible, use specific examples and hard data to quantify your impact. Emphasize that by investing in your professional growth, the company will cultivate an even more loyal and engaged employee. You will, in turn, invest back in the company.
- Address productivity concerns and offer to provide updates.
Your manager may have concerns about how you'll balance your workload while earning your degree. For starters, make sure to pick a program that will work well with your work schedule, such as an online degree, which tends to offer a more flexible schedule so you can learn at your own pace and time.
It can also help to provide specific details about how you plan to manage your workload. For example, you may work an occasional Saturday or commit to working late some evenings. And offer to provide monthly updates of your learning and progress to show your employer that their investment is being taken seriously.
- Demonstrate your loyalty.
Many companies require you to sign a contract that you will not leave immediately after completing the degree. They may ask that you stay an additional year or two, at least. Before signing a contract, make sure you feel good about the terms and conditions. Keep your end of the bargain and the result will be a win-win situation for you and the company.
Explore more resources for financing your degree like scholarships and grants, financial aid, and more.