C3.ai CEO Tom Siebel is now offering his employees some of the best education benefits of any company.
The billionaire announced Wednesday that C3.ai will pay for employees to earn an online master’s degree in computer science — along with other perks for those who complete the program, Forbes reported.
“In this new economy where people are talking about digital transformation, for companies to stay at the top of their game they need to have state-of-the-art continuing education programs,” Siebel told the magazine.
Employees of the AI software provider who complete their degrees will also receive a $25,000 cash bonus, a 15 percent raise and a stock grant, according to Forbes. However, he told the outlet that these benefits are “a drop in the bucket when you consider how much we spend on human capital.”
“If someone is increasing their skills, advancing their career, setting themselves up for multiple promotions, providing better service for their customers, in that context the amount we’re spending on this benefit is nothing,” he said.
The master’s degree program, from the University of Illinois at Urbana-Champaign, costs $21,000. Employees will have to apply for the program, which has a 30 percent acceptance rate.
Siebel, 66, earned his own master’s in computer science from the same university. He also pledged $100 million dollars towards the university’s science and engineering programs in 2007. He also donated $25 million in 2016 for a new design center, according to Crain’s Chicago Business at the time.
Siebel told Forbes his company will pay his employees’ tuition upfront and to the university directly, instead of taking federal tax benefits, which would require employees to pay upfront and be reimbursed by the company later.
More than a third of C3.ai’s 330-person workforce have advanced degrees, according to the outlet, and Siebel said his company is expected to expand to 700 employees by 2020.
Though many companies are giving their employees better education benefits, Forbes reported C3.ai’s offerings are better than many other companies, particularly because of the guaranteed raises to those who complete their master’s.
C3.ai isn't the only company investing in employees' education in recent days.
The retail giant said the new benefits are part of its “Live Better U” initiative which launched last year to give employees a chance to earn a degree in business or supply chain management by paying a tuition fee of $1 a day. Walmart will then cover the rest of the cost.
Fox Business’ Katherine Lam contributed to this report.