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I'm in a fortunate situation where my company is willing to sponsor me through my masters in business management. As you could imagine they want me to sign a contract that ties me into a minimum period post qualification and if I leave they want me to return a proportion of the costs.
I think this is reasonable, but I want an idea of what sort of depreciation of costs other companies place on the value of the course.
Essentially for 5years after qualification they want me to pay 100% of costs if I decide to leave and then it begins to reduce until year 8 after qualification. I think this seems a bit steep, but don't know anyone who has been in a similar situation to compare against so I'm asking any of you from STW who have had sponsored courses and how your costs were managed
Cheers
Ours is pretty generous but there's no payback. Research shows that while some people do indeed leave after they complete, most stick with the company to our long term benefit. It also helps retain staff while they do the course.
Do you also have to pay it back if they sack (or make you redundant) you?
As this would be a way out if they don't 😉
I think mine was something like 75%/50%/25% after each year subsequent to graduation. In the end I actually quit 18 months after I graduated from my masters but got them to write off the "debt" as part of my leaving negotiations.
5yrs is too long. They should consider that their policy should be for you to want to work there for all the reasons, not because you are "forced to" work there by some onerous financial handcuff. Even so, if their policy were to be in place and, for e.g., you were headhunted, you would arrange for the financial costs to be born by any new employer.
It does seem a bit steep, ours I think is pay back in full first year if you leave, then reduces year on year for between three and five years depending on cost of course and time off taken to complete.
5 years and you walk away free from debt at my current employer. There are some restictions though. They can't keep you trapped at a below market rate salary just because they have invested in you. You also can't try to get the sack.
Masters in business can be very expensive (40,000 + plus trips, travel and accomodation) so they will want something back from you in the end.
Essentially the only way for me to leave cost-free is to either be made redundant or retire or work for 8 years post qualification.
I have no qualms with having the contract, but I think that 5 years is more appropriate and I would think in that time the course should've "added value" as an investment to the company and paid for itself.