How to make the most of your learning stipends
If you invest in your people, they will invest in you.
As famous speaker Jim Rohn once said, "When you invest in people and lift them toward their potential, they will love you for it." From career coaching to conferences and books, learning stipends lets managers and employees pick the best path for them to reach their potential.
Below are some ideas as to how your employees and your company can get the most out of your learning stipend:
- Formalize it with process and documentation.
A learning stipend that isn't documented and doesn't have a formal process only leads to confusion.
We've all been at organizations that haven't properly outlined exactly what the benefit is, what's covered, and how to take advantage. This leads to more questions for employees, and more questions for HR to address.
Eliminate questions, confusion, and lop-sided support for only some people by properly documenting how much people have, how it can be used, and how to best redeem this perk. You can document this process on an internal wiki like Atlassian or Tettra, or manage the whole process through a perk software like Compt (hey there!).
- Include it in your job postings.
Let your potential employees know that you're committed to their continued development and you make this possible by giving them a stipend to pick the best methods of learning for them.
- Set a metric for adoption or usage.
Buffer found that about 27% of their team took advantage of their learning stipend, however, at Compt, we find that ~80% of employees take advantage of their company's monthly stipends.
Set a utilization, adoption, or participation metric that you're shooting for, and then create process to support that.
One example of a good process is by developing trainings to help people managers at your company find ways to get their team members to take advantage.
- Where relevant, tie back to a company value. ❤️
Since today's labor market is crowded. With three of the six billion companies in today's US labor market being hyper-competitive, finding and keeping talent isn't easy. By having a clear and powerful mission, vision, and values, you're able to find the people who have similar beliefs which will attract them to your business.
Double-down on your MVV by investing in it. If you have a value of "Always be learning", then having a learning stipend tied to that really helps you walk the walk.