There are various ways to get financial support for your tertiary studies such as applying for a scholarship or even through your employer as part of your professional development.
Each company has a different professional development program – some may be able to fully subsidise the cost of your fees, while some may only subsidise specific units related to your line of work. Regardless, there is no harm in asking your manager if they can fund your studies. With the right approach to raise this with your manager, you’ll be well on your way to unlocking incredible opportunities.
How financial support from your employer can transform your career path
When it comes to furthering your education, discussing financial support with your employer can be a game-changer. Underscore your dedication to personal and professional growth by using these tips for discussing financial support with your employer.
1. Emphasise the mutual benefits
Highlight to your employer how investing in your education benefits both you and the company. For instance, by acquiring advanced skills in data analysis through a relevant course, you can contribute to more informed decision-making, streamline processes, and improve overall efficiency. This directly translates to savings in cost and increased productivity for the company.
2. Align yourself with organisational needs
Showcase how your chosen course aligns with the current and future needs of the organisation. If your company is expanding its digital marketing efforts, pursuing a course in digital marketing will equip you with the skills needed to drive online campaigns, optimise customer engagement and enhance the company’s online presence. Highlighting this alignment assures your employer that their investment is strategic and impactful.
3. Showcase long-term commitment
Sharing your plans to stay with the company for years to come is a true sign of your commitment. For example, you can discuss your career aspirations within the company, demonstrating how the education you seek will contribute to your growth within the organisation. Highlighting your ambition of staying with the company can reassure your employer that investing in your education is investing in their company growth.
4. Outline a plan for managing your workload
Present a well-thought-out plan to your employer demonstrating how you can effectively balance your work responsibilities with educational pursuits. For instance, you can propose a flexible study schedule that aligns with your position’s priorities. Highlight your excellent time management skills and if you can, provide examples of how you successfully managed multiple projects while pursuing professional development in the past.
5. Research funding options
Go the extra mile by researching and presenting various funding options available to your employer. For example, employers may reimburse you on the successful completion of your course or perhaps financially support you for specific units that closely align to your role at the company.
You can share information about government grants, tax incentives, or industry-specific funding programs that can offset the cost. Provide examples of other organisations that have leveraged funding options to support employee education. Show your employer that their investment is not only financially viable but also aligns with industry best practices.
6. Find the best time to ask your manager
Consider the best time to approach this conversation with your manager. In most instances, a great time to bring this up with your manager is when you’re working on your performance review and setting goals. Alternatively, you can raise this in your next 1:1 meeting with your manager to start the conversation.
Prepare to convince and succeed
Armed with these effective strategies, you will be well-prepared to discuss financial support with your employer. By emphasising the mutual benefits, aligning education with organisational needs, highlighting long-term commitment, outlining a workload management plan, and researching funding options, you’re positioning yourself for success.
Here’s a quick summary of the actions you can take:
- Emphasise the mutual benefits of investing in your education.
- Align your chosen course with the current and future needs of the organisation.
- Showcase your long-term commitment to the company’s success.
- Outline a well-structured plan for managing your workload.
- Research and present various funding options available to your employer.
- Consider when’s the best time to ask your manager.
Ready to bring these strategies to life and secure your educational future?
Explore our online courses to discover how to start your journey with us. Seize the opportunity to invest in your education and unlock a world of possibilities and career growth.
Learn more about studying online at Monash by calling a course consultant today on 1300 272 509 or arrange an online booking.