The workforce of a company is undoubtedly the most important asset it possesses. Therefore, it becomes necessary to invest wisely in the workforce. Whether the investments are of time, money, or trust, they pay for themselves over the long term. Capable and talented employees will stick around if you give them ample support and opportunities to grow and improve. Growing professionally and intellectually gives the employee the motivation to give their best and perform well at their job. This also gives you the opportunity to apply innovative strategies and take your company to a higher pedestal. Therefore, it is an established fact that supporting employees in their quest to upskill is sure to pay big dividends to their employers.
There is a growing number of professionals today who are opting for executive education, in order to improve their skills and improve their ways of working, as well as their associates and links in their work domain. This is a good move as it benefits employers in the long run. There are certain formalities that must be fulfilled in order for the employee to apply for the course successfully. These formalities are generally related to meeting the application criteria. To do this, the employee seeks the support of her employer.
Most executive programs require the applicant to seek approval from their employer and obtain an explicit statement of support from their company. This is an important condition imposed by various institutes and admission is not approved unless the institute authorities receive this letter. As simple as it sounds, this letter is more than just a letter recommending the applicant for a particular program. By signing this letter, the employer agrees to release the employee for the time specified so that the employee can effectively participate in classroom teaching, projects, and other initiatives and travel (if the need arises) to the location where classes are held.
The employer may also be required to commit financial aid and support in the form of covering the full cost of the program. This, however, is not a mandatory condition and depends and varies from person to person and also from company to company. The extent of the financial commitment is a matter left to the course participant and their employer. In some cases, tuition reimbursement is given to the student when she joins the company after completing the course; in other cases, employers make special arrangements to cover all costs based on the employee’s compensation package. In other cases, course participants bear the responsibility of covering the cost of education on their own.
In most cases, the employee is bound by a contract, so that after completing the course with the stated objectives, he returns to his job and works for the company on a contract for a predetermined period of time.