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California employment training panel
Credits & Incentives talk with Deloitte
"Credits & Incentives talk with Deloitte,” is a monthly column by Kevin Potter of Deloitte Tax LLP, featured in the Journal of Multistate Taxation and Incentives, a Thomson Reuters publication. The January edition co-authored with Bruce Kessler and Lesley Miller of Deloitte Tax LLP, provides an overview of the California Employment Training Panel (ETP), a California-wide business/labor training and economic development program.
The quantity and quality of a state's workforce is one of the important variables a company considers when seeking to locate or expand in a particular location. As noted in Site Selection Magazine, the shortage of trained workers, coupled with increased demand for specific skills, is one of the most significant economic development challenges facing employers.1
One way that state and local economic development organizations seek to meet this challenge is by providing training grants to businesses. Such training grants enhance the ability of a business to create, develop, and implement training programs designed to improve job-specific skills for its workforce. Incentivizing companies to enhance their workforce skillsets through increased training can also favorably impact the size of a state's skilled labor pool and overall wage growth.
In today's economy, continual training, learning, and development of employee skillsets is important for all organizations. Training grants heighten both the public and private sector focus on learning and development strategies as well as respond to the changing needs of employees and employers. By assisting and encouraging companies to expand their employee learning and development training budgets, state and local jurisdictions, along with the employees themselves, stand to benefit from increased job retention and wage growth.
1 Ron Starner, Fixing the Talent Shortage, Site Selection Magazine (July 2016).