The workforce of a company is undoubtedly the most important asset that it possesses. It therefore becomes necessary to invest in the workforce wisely. Whether the investments are of time, money, or trust, they pay off in the long run. Able and well talented employees will stick around if you give them ample support and opportunities to grow and better themselves. Growing professionally and intellectually gives an employee the motivation to do his best and perform well in his job. This also lends him the opportunity to apply innovative strategies and take his company to a higher pedestal. So, it is an established fact that supporting employees in their quest to improve their skills is bound to provide rich dividends to their employers.
There is a growing number of professionals who are going in for executive education today, in order to enhance their skills and improve their work ways as well as their associates and links in the their domain of work. 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 generally relate to coming through on the application criteria. For this, the employee seeks the support of his employer.
Most executive programs require that the applicant solicit the approval of his / her employer and obtain an explicit statement of support from their company. This is an important condition levied by various institutes and admission is not approved unless this letter is received by the institute authorities. As simple as it sounds, this letter is more than just a letter recommending the applicant for a particular program. When signing off this letter, an employer is agreeing to release the employee for the given time in order for him to effectively participate in the classroom teaching, projects and other initiatives and travel (if need arises) to the location where the classes are held.
The employer might also be required to commit financial aid and support in the form of covering up the entire 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 financial commitment is a matter that is left to the participant of the course and his / her employer. In some cases, tuition reimbursement is given to the student when he / she rejoin the company after finishing the course; in other cases, employers make special arrangements to cover all the costs as per the compensation package of the employee. In still other cases, the participants of the course assume the responsibility of covering up the education cost on their own.
In most cases, the employee is subject to be bound by a contract, so that after completing the course with set goals, he returns to his job and works for the company at a contract for a pre-decided period of time.