Individuals studying for an MBA develop the skills needed to lead, manage and motivate, whilst learning about the corporate world and building a network of invaluable contacts.
Completing an MBA is a major accomplishment for any individual. What’s more, there are also a myriad of benefits companies can enjoy by encouraging and supporting employees studying for an MBA qualification.
From retaining the best employees to gaining invaluable business contacts, we’ve considered the best reasons below.
New management skills and techniques
As your employee progresses through their MBA course, they will learn up-to-date management skills from some of the world’s most well-respected business minds. Professionals studying for an MBA will see their career development enhanced, and will learn a holistic approach to business.
These skills include strategic thinking, critical analysis and an ability to think about the “bigger picture”. Through networking, group work and seminars, professionals will also develop the “soft skills” that are essential in a manager.
Direct return on investment
The structure of an MBA allows professionals to study in-depth leadership and management techniques without putting their career on hold. This means that employers can get the best of both worlds; an employee that’s learning knowledge of new management skills, that, as they are still working in your company, they can implement immediately.
The knowledge and skills they learn in the classroom can also be passed on to fellow colleagues. Your investment won’t just be for the professional development of the person/people on the MBA course – a wide network of your employees will benefit too.
Retaining top talent
When an employer recognises that they have an exceptional employee, they should make the effort to keep them happy, challenged and appreciated. Supporting an employee through an MBA is a great way to do this.
Many employers worry that if they support employees as they learn, they won’t see a return in investment, especially if an employee leaves soon after graduation. Supporting an employee through an MBA should be a strategic decision. Some organisations require employees to stay for a set period of time after an MBA is completed, and others guarantee a promotion to the employee if the course is completed to a good standard.
Essential business contacts
One of the biggest draws to studying an MBA is the quality business contacts professionals can make. Fellow students, tutors, lecturers, guest speakers – the potential to meet elite business contacts is incredible.
This is great for the individual, but also for any business. Your employee may encourage several of their talented classmates to apply for jobs within your company, business owners can turn into potential clients, and partnerships can be set up all through the contacts built on an MBA course.
Is it worth it?
After completing an MBA while working their contracted job, professionals can use the skills they have learnt to solve long standing problems in the business, streamline departments, motivate teams to help increase profitability and, they will also appreciate and value the investment the company has made in them.
With a strategic plan in place, supporting your employees through an MBA could be a winning decision for the future of your company.