Navigating the complexities of the global business landscape, it's evident that employee development is becoming more of a priority than ever before. This trend provides an opportune moment for you to consider asking your company to sponsor your online studies. In an era where the competition for unique skills is intensifying and many organisations are using training and development as a lure to secure and retain top talent, the timing couldn’t be better for such an endeavour.
Interesting insights from Deloitte's Human Capital Trends study reveal that 93% of companies are redefining work based on the skills that people need to performance. A degree is one of the most effective ways to build an integrated set of skills that will make you versatile in your job role. On a similar note, a survey from the Chief Learning Officer Business Intelligence Board shows that more than 64% of Chief Learning Officers (CLOs) foresee that upskilling and reskilling is more effective than hiring and that recently recruited employees depart at a rate of up to 29%. The opportunity for business is to find people with shared values and then to work on developing that talent to stay with the business.
The data suggests a potential trend of annual growth for learning and development budgets. This is particularly likely if the HR department is valued as an equal participant in boardroom discussions, contributing strategically towards the company's goals. A notable challenge for companies is to establish clear objectives that exhibit the return on learning (ROL). Measuring ROL can be complex due to the gap that often exists between learning and its impact. As such, setting quarterly ROL metrics, for up to a year, is a useful way to evaluate changes in an individual's productivity and growth.
If you're setting out to persuade your company to fund your studies, you'll need to familiarise yourself with the Return on Learning (ROL) expectations and the Key Performance Indicators (KPIs) you'll need to meet. To get there, however, you first need to coax HR into sponsoring your development. So, how can you make a persuasive case? Here are eleven tips to get you into your degree of choice.
WIIFM (What’s in it for me)
The 'me' here refers to your company. The primary question any HR representative or line manager will likely ask is, "how will this training benefit the company?" It's key to align the outcomes of your chosen course with both your personal KPA (key performance area) objectives and the company’s overarching objectives. Show them how your new skills could bridge existing skills gaps in the business and tackle key challenges. Don't forget to reassure them that your studies will be grounded in the business, providing them with regular feedback after assessments.
Do Your Homework
Before you make your case, prepare a document or spreadsheet comparing your chosen course with others, highlighting the benefits. For instance, if you're considering DaVinci Business School, mention its flexibility with multiple start dates a year, its likely affordability, the convenience of online study, and the absence of travel or office downtime. Moreover, the reputation of the institution and the immediate applicability of the skills learned can make a compelling argument.
Plan Ahead
Let your manager know of any potential conflicts between assignment deadlines and work deadlines. Show them you're thinking ahead by suggesting solutions to handle your workload during these periods. 4. Network Participating in your course will expose you to a virtual classroom of likeminded individuals. This presents a golden opportunity to make business connections, discover new solutions, and collectively source ideas. Make it a point to update your manager about other participants and any potential value they could bring to your company.
Business Project
A sure-fire way to get the company interested is to identify a project that may be interesting for the company. That gives you three things that are vital to study success. The first is executive support for your career ambitions, the second is real learning to make you better at what you are doing and the third is access to data. The company is also more likely to invest in something that has a real return for them. DaVinci Business School specialises in supporting workplace-oriented projects and leveraging the learning from the workplace in the classroom. This creates a real time return for the company and a long-term strategic impact.
Share the Learning
Another way to pitch yourself is to commit to sharing the learning. Companies are constantly looking to create interaction and by committing to providing periodic feedback it also allows you to socialise yourself in the business while the company gains the benefit of bringing in innovation and new thinking. You can even prepare a presentation on what you are planning to learn from your degree and how you plan on sharing that with the company. That shows that you are thinking with the company and having foresight on the benefits that this could bring.
Why degrees?
The company may suggest that you do a short course or an in-house development programme. It is important to highlight that by engaging in a degree it sets a standard of professionalism in the company, attracts better talent over time and enhances the employer brand. It can also be claimed at Category A expenditure on Skills Development. Pursuing higher education acts as a catalyst for enhancing professional capabilities. According to multiple research studies, earning a degree not only equips individuals with specialised knowledge directly applicable to many job roles, but it also improves cognitive abilities like critical thinking and problem-solving, and nurtures essential soft skills like effective communication, teamwork, and time management. It also creates confidence that these skills are on an industry acceptable level. The skills learnt in a degree study are universally applicable and highly sought after in various job markets. However, the impact of a degree on job performance is strongly linked to its relevance to the role, the field of study, and the practical experience gained alongside academic pursuits. Leveraging these insights, it becomes clear that if you work with the company you can optimise the investment in an your higher education and that this can yield substantial dividends in the form of enhanced workplace performance and overall professional growth that extends beyond just the investment that they make in you.
Highlight Retention Benefits
Remember the often quoted saying from Harvard Business Review: "Companies won't train workers because they might leave, and workers leave because they don't get training." By investing in your development, your employer may boost your inclination to stay. In exchange, you'll likely have to agree not to leave the company for a specified period or pay back the cost of the course if you do.
Think Ahead
Most companies go through a budgeting cycle annually. If you can find out when this is and be ready with your study plans for the following year, you'll be ahead of the game. The early bird catches the worm, as they say!
Personal Development Plan
When thinking about the skills you want to develop as your performance review approaches, let your manager and HR department know about your objectives. Often, they'll have budgets set aside for development, and sometimes all it takes is reaching out. If you perform well, let yourself be identified as talent and push for development, you are setting up your career for success.
Explain the Bigger Picture In the dynamic South African business environment, skills development training is vitally important. Legislation like the Skills Development Act requires companies to spend on training. Programmes from institutions like DaVinci Business School can qualify as bursary expenditure, potentially impacting Skills Development, Employment Equity, and BBBEE ratings. Some employers might perceive this legislation as a burden, but in fact, it offers significant untapped potential for business growth. By tapping into these benefits, businesses can cultivate a skilled workforce, boost productivity, encourage continuous learning, and foster inclusivity.
With a pro-active strategy you can create the space where your learning becomes your company’s priority and accelerates your career while benefitting your employer.
DaVinci Business School offers a range of online business and management degrees designed to equip employees with the skills needed to fill critical skill gaps within their companies. Browse our comprehensive range of courses at www.davinci.ac.za
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