We often talk about the value that a job applicant can add to themselves by earning an MBA degree, or that a business can add by hiring an MBA holder. It begs the question: what about employees who are already working and succeeding at your company, but don't have an MBA degree? Many companies – particularly in the finance field – are now helping to pay for, or subsidizing entirely, education costs for their employees who are studying for their MBAs.
Is this expense worth it? It certainly can be. Below, we've listed five reasons that it may be in your best interest to finance your employees on their path toward an MBA. If any of the "perks" listed below represent something your business is in search of, then the answer should be clear: it's not a bad thing to send your employees back to school!
1. It'll help to boost morale, performance and loyalty all at once
When you go out of your way to support your employees in this manner, it'll have them responding in a number of positive ways: they'll be better at their jobs because they've become more educated and they'll be more loyal to your company because you'll have shown you can act in their best interest. As a result of those two factors, they'll be happier than ever about the fact that they work for your particular business – and high morale always translates into improved performance.
2. It can cost less than hiring an MBA grad
This one should go without saying: while financing an employee to earn their MBA part-time can be expensive, you may save money in the long run. That's because individuals with these degrees often demand extremely high salaries from day one, while your current employees will only expect a small raise in addition to you covering the cost of their continued education. So if you need an MBA holder on your staff, don't forget that advancing someone on your staff to that level may cost less, in the long run, than hiring someone who already holds one.
3. It gives employees valuable, worldly experience
One of the most valuable experiences that comes along with earning an MBA is the constant interaction that students have with individuals, business strategies and news from other cultures. You may sometimes feel that your business is insulated from the rest of the world, off on its own – but students studying for their MBA are on the opposite side of the spectrum;.They're constantly learning about new and innovative strategies being used across the world, and they can bring this experience back to your business – improving it in the process.
4. It keeps you ahead of the competition
This one is something that all business owners will understand, regardless of industry. When you run a business, you're constantly trying to keep ahead of your competition. Consistently, one of the best ways to pull ahead of the pack is to have the most talented staff – one that can innovate and find new ways of doing things that will set your business apart. One of the ways to obtain such a skilled staff, of course, is to help them make themselves as educated as possible.
5. You'll be creating future leaders for your company
Finally, when you send your employees off to earn an MBA degree, you're doing more than just giving them tools to succeed on your behalf in the short-term – you're preparing both them and your company for long term success. Think: the next time you have an executive position open, you'll be able to hire from within instead of finding an MBA holder from outside the company. You'll be able to put your loyalty on display, rather than overspend to bring in an unproven talent. For your business, what could be better? That's just one more way that influencing your employees to earn an MBA degree can pay off in a big way for your business.