How Can You Get Your Boss to Pay for Your Master’s?
Why a Master's Degree?
These days, a master’s degree has benefits for everyone, including the potential of doubling your salary and opening new doors in your career. Even if you missed out on gaining a master’s right after school, there’s always time to go back. Although you may be enrolling at a later age, you get the benefit of a potential full-ride, paid by your employer. Due to the higher diploma level, and the higher degree ranking, many employers like the idea of their employees gaining more education while continuing to work at their company.
It may take some convincing, but we’re here to give you a couple of tips and tricks to help with the process!
Convincing your Employer
First of all, remind your manager or employer of the positive relationship between skill development and employee satisfaction. Having the chance for some professional development through your place of work can be the first step. By sending employees to enhance their education, employers can count on the fact that they will come back smarter, more hard-working, and definitely more satisfied with their position. With that in mind, you can bring up the fact that your development will also benefit your boss. Having more skilled, educated, and satisfied employees can only boost company morale and culture, as well as the output and drive from employees.
Do Your Research
Next up, make sure you’ve researched whether or not your company has a policy regarding funding further study - either wholly or partially. If it does, this gets you started on hopeful footing. If you run into the problem of your company not having that sort of program, expand your research and create an argument or ideas as to why your company should set one up. Look at competing and neighbouring companies, and use them as inspiration.
Throughout this step of the process, you may be wondering, how can I research the benefits of a higher degree in a particular industry, or in general?
Let’s start by stating the obvious fact that obtaining a higher degree greatly increases your access to job opportunities. In the past several years, it is estimated that around 40% of employers have raised their hiring standards and want their employees to have a master’s degree. Graduate school can enhance your knowledge in specialised areas, allowing for career advancement. Furthermore, a higher degree can increase your earning potential by 20% on average, adding a significant boost to your paycheck.
Beyond the solid advantageous statistics of a higher degree, you will instantly connect yourself to an exponentially larger networking community. Professionally and socially, you’ll create a wider base for your future career and life opportunities. Plus, by pursuing more education, you are supporting a lifelong learning lifestyle, constantly bettering your knowledge and skills.
Pitch Your Idea
Once you’ve completed all the steps, found your facts, and done your research, you can get started on your pitch. Find the perfect tone of voice, not too pushy, but also not a pushover. You can start with a simple email or request a meeting just make sure to emphasize the points above.
Expect to be asked many questions, and possibly to receive a bit of resistance. Have all the answers mapped out so you’re ready for any questions thrown your way.
Make sure you’ve done your own research! Finding reports and statistics that explicitly show the value and satisfaction of company-paid training and education will boost your argument.
Once you’ve pitched the idea, sit back, relax, and give your manager a bit of time and room to make the decision. Be open to the idea of compromising and going back and forth with your boss. Be flexible; a little help is better than nothing!
Best of luck!