Self-financing can be a huge problem if your learning courses run in lakhs. It is even more difficult if your salary is your means of survival. Instead of dashing all hopes to upskill and get the promotion you desperately want for a boost in salary, find ways to finance the course. This blog will reveal the perfect way to pay off your upskilling loan and jumpstart your career in quick steps.
Learn about your company’s learning and development (L&D) policy
Many companies have policies to offer loans to their employees. Check with your employer or organization and ask for such benefits. Their L&D budget may include an upskilling loan, and they may aid with the application. If not, ask your HR department if there is special financing available.
Know your team’s and company’s learning needs
Convincing your employer to pay for your loan will require you to understand your team’s and the organization’s learning needs. Be ready to answer:
- How will this course help your team?
- How will this course help you perform your job better?
- Can you apply your learning in your work?
Preparing yourself with these will not only help you answer your employer’s question but also offer you clarity on why this course is crucial for you. It would help if you were prepared to explain:
How this training meets your employer’s business goals
How does it align with the objectives of your employer’s business
You must find out if the company has any financial health insurance if you default on the debt due to poor health. (If there is no such policy and it defaults, unpaid interest will be added to your outstanding balance).
Apply for upskilling classes through HR
Once your company is on board, apply for the upskilling course of your choice. Then, contact HR to get started. They may explain their learning and development policies (L&D).
Do keep a tab on how employees are encouraged at your company about L&D chances; claim there is no written policy but relatively informal rules based on years of experience by managers who want their team members trained as soon as possible. Ask what training or development opportunities are available through internal programmes or external sources near where you live or work (e.g., an online course on managing people).
In case you hit a roadblock at your organization for a loan, do not be disheartened. Find out upskilling loan alternatives like banks and non-financial bank companies. If you’re looking for a loan for education or upskilling courses, click here. Be honest about your needs, goals, and timeline to convince your employer.