Training is an investment, not an expense. That’s the concept behind the emergence of lifelong learning accounts.
The accounts are taking hold around the country as organizations acknowledge the need to develop individuals beyond simple mastery of job related tasks.
IBM made a splash last year when it announced plans for lifelong learning accounts for employees with at least five years tenure. Employees can deposit a maximum of $1,000 annually while the company provides a 50 percent match. BJC HealthCare, one of Missouri’s largest employers, also provides employees a learning account.
State legislators and Congress are beginning to get in the act as well by creating tax incentives for employees who set aside funds in their learning accounts. Accounts can be set up in a number of ways. Some programs are geared toward low and middle income individuals, entry level workers or minorities. Such populations are traditionally not the first recipients of training dollars.
The state of Maine initiated learning accounts in partnership with several employers. Participants contribute $25 monthly which is matched by the employer. Additional annual grants of $200 are possible. Elsewhere, pilot programs are underway at CVS in Boston and Jewish Vocational Services in San Francisco, among other locations.
About the only caveat with many accounts is that travel costs are excluded.
Several agencies, including the U.S. Office of Personnel and the Council for Adult and Experiential Learning created online resource tools outlining how the accounts can be established.
At first glance it might appear to be a job training fund, but it is much more than that. It might best be described as a lifelong development fund. Employees at any time in their career, now or with a future employer, can tap into the account to develop a particular skill. It's the kind of commitment that trainers have been advocating for some time.
The accounts are taking hold around the country as organizations acknowledge the need to develop individuals beyond simple mastery of job related tasks.
IBM made a splash last year when it announced plans for lifelong learning accounts for employees with at least five years tenure. Employees can deposit a maximum of $1,000 annually while the company provides a 50 percent match. BJC HealthCare, one of Missouri’s largest employers, also provides employees a learning account.
State legislators and Congress are beginning to get in the act as well by creating tax incentives for employees who set aside funds in their learning accounts. Accounts can be set up in a number of ways. Some programs are geared toward low and middle income individuals, entry level workers or minorities. Such populations are traditionally not the first recipients of training dollars.
The state of Maine initiated learning accounts in partnership with several employers. Participants contribute $25 monthly which is matched by the employer. Additional annual grants of $200 are possible. Elsewhere, pilot programs are underway at CVS in Boston and Jewish Vocational Services in San Francisco, among other locations.
About the only caveat with many accounts is that travel costs are excluded.
Several agencies, including the U.S. Office of Personnel and the Council for Adult and Experiential Learning created online resource tools outlining how the accounts can be established.
At first glance it might appear to be a job training fund, but it is much more than that. It might best be described as a lifelong development fund. Employees at any time in their career, now or with a future employer, can tap into the account to develop a particular skill. It's the kind of commitment that trainers have been advocating for some time.
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