Right now, you may be trying to find ways to make your employee benefits stretch. And you know when the dust clears from the recession, you'll need to count on the skills of your workforce to take your company to the next level and stay competitive. The next generation of workers needs to be prepared to lead your company into the future. And you need to retain your experienced employees and prepare them for new challenges. But you can’t afford to worry about that now…right? Wrong. You CAN afford it.
LiLAs are a way to share the cost of training with your employees. It’s an account that’s like a 401(k), but for education. You put money in and your employee matches it - and if legislation pending in Congress passes – you’ll both receive tax benefits for doing it. The best part is that your employees will be more engaged while increasing their skills. Because they choose their own path, it empowers employees to plan their own future and keeps them involved. And 85% of the time, they will choose a career path that leads to one of those hard-to-fill positions you worry about. And if not, they remain in your employ while they complete their education.
This idea isn’t just for blue chip companies with big training budgets. It works at small companies too. By sharing the cost, you CAN afford it.