The fast-paced digital transformations are forcing companies to become more resilient against disruption due to outdated technology or a lack of skills. In order to do this, organisations are increasingly investing in training their employees so that they are up to date with the latest technologies and so that they can attain the required skill sets.
According to the 2019 Education Benefits Survey, 92% of U.S. companies offer some kind of tuition assistance. Similarly, this can also be seen in a lot of companies in other top countries such as India as well. Coding bootcamps are great for acquiring new skills or getting better at what you currently do, thus, making way for a job upgrade.
A new and better career in IT is highly desirable for every working professional out there with comparatively less experience. Yet, a lot of professionals are deterred from joining their favourite bootcamp due to the expense it will incur. Coding bootcamps require specialised learning environments and are quite extensive in nature, thus most of these bootcamps are a bit more expensive than a traditional course.
However, the cost of enrolling should not stop deserving candidates from upgrading their skills and improving their careers with more important job roles.
Why Employer-sponsored Coding Bootcamps?
Cost is one of the biggest obstacles that slow down skilled human assets from making progress in their lives, thus, it is best to find a solution that takes care of the coding bootcamp fees while not touching your hard-earned money. Sometimes companies partially or fully sponsor their most talented employees in order to better utilise their skills for operational or technical job roles.
However, it is best to try getting your employer to cover the full fees for you, as that is the best possible outcome. It is also important to understand which bootcamp is right for your job role and which will help the company determine they are getting a good return on their investment. Before asking for a sponsorship, you must first analyse how invested you need to be for the bootcamp and what are the repercussions if you do not complete it.
That is the only thing you must keep in mind when choosing the right bootcamp for you, aside from the fact that it must be something that will benefit your employer. You must also remember that the constant urge to upgrade yourself and your openness to come to talk to your employers about it also promotes a healthy working environment and leaves a positive impression regarding your character.
You are perceived to be more interested in personal and organisational development, thus, making you seem like a more promising employee. There are 3 types of sponsoring that employers across the globe offer. They are:
- Employer-sponsored scholarship: This is the best possible option where employers take care of everything for you and you are not required to do anything. The cost and every application formality are handled by your company and thus, you can freely attend the bootcamp in peace.
- Tuition Assistance: This is another way that employers can fund the coding bootcamp by paying you upfront. This is generally to help employees overcome the economic hurdles of paying the upfront tuition fees.
- Tuition Reimbursement: In the case of this method, companies pay the total cost of tuition after the bootcamp is finished or after you complete the program. The majority of the companies like this approach as it ensures that employees finish the programs or bootcamps, thus not wasting any financial assistance.
How to Get Your Company to Sponsor a Coding Bootcamp?
Most top companies and even smaller organisations have a budget for professional development and personnel training. Plus, employers save up a lot on tax by providing education or personal development assistance. But, the main thing here is to convince your potential benefactors that the investment is worth it.
Here is how working professionals can get their employers to fund coding bootcamps for them:
- First, the most important thing one must do before approaching their employer or company is deciding the right bootcamp for them. Companies support programs that help professionals gather skills that are manifestly valuable. The investment should be worth it for the company as well as relevant. For instance, the technology stack must be similar or associated with the ones that the company is currently using. Also, it should be worthwhile for the company to upskill you. The skills upgrade should directly help the company in terms of performance or operational capabilities. Mostly, it is wise to choose a bootcamp that revolves around skills that your organisation currently requires or technology that they have recently adopted.
- Big companies generally already have schemes for tuition sponsorships and assistance, thus you can simply go ahead and apply. In this case, it would be quite easy for you and the only thing you would require to do is make them understand how the bootcamp will allow you to help the company even better and do more for the organisation. If there aren’t any priorly available policies for being granted sponsorships, you can always go ahead and talk to the HR team or your current boss.
- Research company requirements in other departments and understand what programs are being taken up by other employees within your organisation. Try finding out what skills they are trying to acquire and what qualifications do other managerial and senior-level staff possess. Understand if the skills are transferable between industries, departments or jobs. Use this information to determine the perfect program for you.
- Companies like to retain their employees, thus you can use this in your pitch. You must politely get it across that if they invest in your training and education, you are more likely to stay in the organisation for a longer time. If the program is really worth it and you love the company you are working for, you can offer to sign a contract that will ensure that you do not leave the organisation for a said amount of time.
Frequently Asked Questions
You can pay by financing it yourself or making your employer fund the coding bootcamp. You can also choose to take a loan. There are many scholarships that are also available that can help you join your favourite bootcamps.
Yes, you can. You can finance it by taking up a loan or setting up an EMI-payment plan. You can also get it financed by third-party financers.
Yes, some coding bootcamps do accept Federal Student Aid or FAFSA. However, these coding bootcamps are mostly U.S. based.
You can get a coding bootcamp scholarship by sitting for a scholarship test. You must score well enough on the scholarship test in order to gain scholarships of more value. Some scholarships partially sponsor your program based on your results as well while some fully fund your coding bootcamp.
There are scholarships available for the programs offered by Coding Ninjas, however, the bootcamp itself does not have any associated scholarships. However, there is a ‘pay after placement’ payment plan that only requires you to pay once you get placed in a company.
Companies provide full sponsorships, tuition assistance and tuition reimbursements. Employers also provide full sponsorships or partial sponsorships.
You can get a sponsorship by choosing a bootcamp that is worth investing in for the company.
Yes, absolutely. Bootcamps lead to the skill development of employees and can train personnel for the companies, thus, companies are highly likely to fund coding bootcamps that will help their cause.
Many companies sponsor their skilled associates and it is definitely worth it to the company once you finish the program and put your skills to good use. So, it is highly recommended that you try contacting the relevant people in your company to enquire about how they can financially help you with the coding bootcamp of your choice.
You must also take care to show that you are serious about the program by working hard and picking things up rapidly in order to give your employers the assurance that the cost incurred by them was worth it. Many employees leave smaller companies after they upskill themselves, it is highly advised that you give your employers the assurance they need to carry the risk of paying for your training, especially if it is a smaller company.