As an employer, you understand the importance of having employees who are competent. But to grow your business into an even bigger success, you might want to consider the benefits of formal education for your employees.
You could make it a policy to only hire people with advanced degrees, but what about your current employees who have already given you years of service? It might be worth it to invest in their education.
As with any business financial decision, there are pros and cons to educating your workers. As the following article shows, ask yourself Is it time to go back to school? You be the judge.
You’ll show them how much you value them.
Your employees will appreciate how much value you place on their personal growth when you support their education. When they understand that you value them, your employees are more likely to feel needed, and like they are an important part of your business’s overall success.
You’ll be able to demonstrate your support.
There’s a big difference between “allowing” your employee to go back to school and “supporting” them going back to school. Your support can take many forms, depending on your financial means your personal predilection, but here are some of your options:
- Allow them to take unpaid time off for classes
- Give them paid time off to attend classes
- Supplement their tuition fees
- Pay 100% of their tuition
You’ll instill loyalty.
Employees who have benefited personally from your support for them to go back to school will feel a much stronger sense of loyalty to your business. They’ll be much less likely to leave, and more inclined to use their newfound knowledge to help your business improve.
You’ll be able to offer them advanced positions within your organization.
Your newly educated employee will be a prime candidate for the next managerial or executive position you have open. They will have learned the theories and techniques to be able to lead your business team to success. In this way, you’ll be able to take full advantage of the years of in-house training you’ve already invested in the employee as well as the advanced education they received formally.
Any tuition you pay is tax deductible.
Though it shouldn’t be the primary reason you help pay for tuition costs for your employee, it’s undeniably an attractive perk that tuition is a tax deduction for your business. Just don’t forget to keep those receipts for the accountant and the IRS.
They will inspire others.
When your employee returns with a well-deserved certification or degree, they will serve as an inspiration to your other employees. They’ll be able to teach others what they’ve learned and serve as a role model for how to do well in business.
Studies show that people tend to do better in life the more educated they are. Aside from the personal and business advantages you’ll reap from your employee going back to school, you’ll be doing society a favor in general. Education is something that can never be taken away. Your employee will be able to better provide for him or her for as long as they live. And that’s probably the best reason of all to send your employee back to school.
About the Author: Kate Supino writes about best business practices and financial matters.