Should a Company Pay for an Employee's MBA?

"Are you kidding?" you might ask while reading this. "I'm a small business. Big companies can do that kind of thing, but I can't afford to pay for someone's MBA program!" My answer? Sometimes, you can't afford not to. It's definitely a long-term approach. But consider the potential benefits to your business:

• Footing MBA Costs Builds Loyalty. These days, many employers complain that young employees don't have the same loyalty to a company that previous generations did. Well, give them a reason to be loyal! Paying for a workers' MBA program will go a long way towards fostering a sense of gratitude and enthusiasm for the company that made it possible.
• Paying for an Employee's MBA is On Your Terms. Whether you're paying for a full program or a few MBA courses, you're the one who gets to set the terms. You can include a clause that stipulates that anyone who takes advantage of the MBA program funding must remain at the company for a certain number of years after receiving a degree.
  
  Since the employee will be getting their MBA part-time while still working at your company, you get to keep the employee - and subtract the cost you would have otherwise had to spend training their replacement (because the truth is, an employee who wants to attend business school is going to go, either way - if they have to leave their job to do it. So make it easier for them to stay.)
• An MBA Grows a Company's Knowledge Base. An employee with an advanced MBA degree is an asset to your company. They'll learn useful things in the MBA courses that they can turn around and apply to work -- to your benefit.