Would you consider it amazing if a California state agency sent you thousands of dollars to make your business better? You may already be incurring costs that can be reimbursed to you. The Employment Training Panel (ETP) is a little known 33-year-old agency that has provided over $1.4 billion in training funds to qualified companies.
Would you consider it amazing if a California state agency sent you thousands of dollars to make your business better? You may already be incurring costs that can be reimbursed to you.
The Employment Training Panel (ETP) is a little known 33-year-old agency that has provided over $1.4 billion in training funds to qualified companies. Typically a company will receive between $50,000 and $150,000 per year for qualified training.
Let’s face it; training can be expensive. Most companies do not have in-house training staff and so they must hire a trainer. There is also the lost production time when an employee is being trained, and finally there are the wages that must be paid while the employee is being trained. And yet, we know that when an employer invests in people, there is a tighter bond and more loyalty to the company. Employees generally feel that they should give back when they receive a benefit that improves their ability to earn more money or have a more satisfying job.
Compare this expense and benefit to an efficient sales or production process, which ranges from streamlining operations and adding more efficient equipment and plant floor workflow to improved engineering or improved customer service. Making large investments in more efficient equipment is expensive. Streamlining operations is a constant task, as is improved engineering. Improving the skills of employees can make a huge difference in profitability — because skilled employees directly support efficiency and innovation.
In a state that is generally viewed as being anti-business, the ETP has a mandate to help businesses that want to improve the skills of their employees.
There is no prescribed list of training topics or training vendors to choose from. The agency lets the company determine training curriculum and who will provide it. However, like any government agency there is a lot of paperwork. In fact, there are firms that will assist a business in getting qualified for this funding and handle the majority of the paperwork. This leaves the business to do what they do best, make a good product and take care of their customers.
Mike Mangold or Don Slater, a couple of our partners at LSL, can steer you in the right direction to apply for and receive these funds as you work to increase enterprise value. Contact them to learn more at (714) 672-0022 or use our handy contact form.
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