Wednesday, March 12, 2008

Get a life! (Lifelong Learning Account that is...)

There's a new way to invest in your economic security and it's called a LiLA - a Lifelong Learning Account. At WOW our mission and efforts are focused on economic independence for women and girls at all stages of life. The pathway to income adequacy at all stages of life is career advancement!

LiLAs are employer-matched, portable individual savings accounts used to finance education and training—like a 401(k) for skill building and career advancement. With LiLAs, mature workers can upgrade their skills and knowledge to meet the needs of business and industry while achieving their personal career goals including working toward retirement security. Account funds can be used for a variety of training related costs such as tuition, fees, books, supplies, and even career counseling. One of our favorite features of the Council for Adult & Experiential Learning model LiLA is its universal eligibility meaning all individual workers are eligible for lifelong learning accounts.

The LiLA concept seems to be gaining popularity among companies, legislators, and other organizations concerned with workforce development. Lifelong learning strategies have proven beneficial for nations like Finland and could be one of the solutions we've been looking for as well. Putting personal growth and economic security as well as greater economic growth on the same team could encourage job growth across the board. LiLAs also create opportunities to support workers who want or may need to stay in the workforce to do so by proving opportunities to transfer manual labor job skills to positions which require less physical exertion.

Fore more information: visit the Council for Adult & Experiential Learning LiLA website

Comments Please: Do you think LiLAs are a good idea? Do you know of any companies that have added LiLAs to their benefit portfolio?


Anonymous said...

very interesting.
This is like the benefit people get when working at a university - the price cut on tuition.
This would motivate people who would otherwise not try to move up due to a lack of support from their employer.

Good Jobs said...

Good points Anonymous. It is also a great in-kind benefit that certainly adds value to the job ultimately making it "higher paying" job that might also lead one to an even "higher paying" job. This is a great mechanism to get people on a pathway to economic security. I hope Congress can get the legislation through.