Personal Development Fund Policy

Professional Development 

Company Policy

1. OBJECTIVE

2. ELIGIBILITY FOR THE PROFESSIONAL DEVELOPMENT REIMBURSEMENT

3. ELIGIBLE EXPENSES

4. PROCEDURE

5. REIMBURSEMENT

6.  

7. PROFESSIONAL DEVELOPMENT ALLOWANCE

8. TRACKING YOUR ALLOWANCE

Objective

The purpose of this policy is to provide employees with Professional Development opportunities that increase their skills and enhance their contributions to the organization. An employee’s work performance is vital to the success of our organization. Providing professional development to our employees is an investment in their careers and the organization’s future. some other text example typing in real-time

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Eligibility for the Professional Development Reimbursement

Full-time regular employees are eligible for reimbursement for education costs that are approved by the organization. Employees in their notice period are no longer entitled to receive the reimbursement.

Eligible Expenses

It is the employee’s responsibility to seek out the courses and other training mediums that will enhance his or her career development and are in line with the organization’s mission. Professional development can be obtained through attendance at:

• educational courses (both taught and self-study courses)

• seminars and webinars

• workshops

• conferences

• degree programs¹ 

that will assist the employee in performing his or her essential job functions and increase the employee’s contribution to the organization.

Membership fees to professional organizations, subscriptions for scholarly journals, books, and computer-based resources are also included.[VB1]  

¹ Reimbursement for a degree program is only applicable to employees who have been with the company for more than one calendar year. Employees are entitled to use this option only once during their employment. Upon their enrolment in the degree program, employees will be required to sign a written agreement to remain with the organization for one year from the date of the educational reimbursement. If the employee terminates within that year, he or she will be required to pay a monthly prorated amount to the organization.

Procedure

Employees must request permission from their immediate supervisor for review and approval to attend the desired training and to receive reimbursement. The request must include the applicable course of study, purpose, job relevance, cost, dates, times of coursework, and the name of the institution or source of training.

Upon satisfactory completion of the training and/or coursework, the employee must provide documentation to support completion and payment to receive reimbursement. 

Click on the image to access a recommended website with online business courses.

Reimbursement

The exact amount of reimbursement depends on the length of employment (calculated from the first day of the employment contract). The unused amount does not roll into the next calendar year; it is forfeited if not used.

For degree programs, the following criteria apply:

Grade A = 100% reimbursement

Grade B = 75% reimbursement

Grade C = 50% reimbursement

Any grade less than a “C” is not eligible for reimbursement.

A pass/fail course is 100% reimbursable if passed successfully. 

Professional Development Leave

Additionally, employees are entitled to up to 5 working days of professional development leave per year, to be approved at the discretion of management and the business needs. The exact number of days depends on the length of employment (calculated from the first day of the employment contract). The unused Professional Development days do not roll into the next calendar year; they are forfeited if not used. Employees in their notice period are no longer entitled to use the additional days off.

Professional Development Allowance 

Tracking Your Allowance

The number of days used and the amount of reimbursement received will be recorded on the company’s HR platform. All employees will be able to access their personal accounts in order to track their allowance there.

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(CEO’s signature)