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Would You Like $2.9B in Workforce Training?

How employers can use government funding to create training opportunities for new positions and how job seekers can receive federal training assistance.

July 19 , 2010
from Business, Industry and Government Committee

The U.S. job market growth remains hobbled as many employers delay hiring and job seekers find opportunities are stagnant. It is during economically trying times like these that everyone looks for opportunities to prepare for future growth, whether it is corporate or personal. The AICPA has located resources for appropriate training and assistance to help financial executives meet these challenges.

Certified Public Accountants, serving as financial executives, can strengthen their organization’s employee skills and training by taking advantage of federal economic-stimulus dollars available from the Workforce Investment Act of 1998 and the American Recovery and Reinvestment Act of 2009. Through federally funded on-the-job or direct training, CPA executives can help prepare their organizations to meet future needs.

The Employment and Training Administration, a part of the U.S. Department of Labor, has allocated $2.9 billion annually for fiscal years 2010 and 2011 for workforce training. Recovery Act funds provide an additional $90 million, which is available through June 30, 2012.

Job seekers can also take advantage of these opportunities and need to:

  • Understand the current economic outlook;
  • Plan a career based on the employment outlook;
  • Obtain appropriate training and certifications;
  • Identify employers partnering with government to create job and training opportunities; and
  • Research which employers are hiring.

This white paper identifies resources available to employers and job seekers, regardless of industry, and offers guidance on how to gain access to them with information, tools and explanations of the provisions of the Workforce Investment and Recovery Acts.

Good News for Everyone

“For the first time since October 2007, optimists outnumbered pessimists in their outlook for both the U.S. economy and their own organizations.” (Business and Industry Economic Outlook Survey 2nd Quarter 2010, page 2.)

This was a welcome finding in the second-quarter 2010 Economic Outlook survey of the AICPA/University of North Carolina Kenan-Flagler Business School. The survey canvasses AICPA Business and Industry members who are CPA decision-makers in their organizations. In the second quarter survey, conducted April 14 – May 2, 51 percent of the respondents are optimistic about their organizations, and 56 percent said they expect their organizations to expand in the next 12 months.

Which industries are hiring? The survey revealed that 59 percent of technology-industry respondents expect to increase their number of employees in the next 12 months. This was the highest industry-specific percentage. Thirty-four percent of all the respondents expect to increase the number of employees at their business in the next 12 months, up from 31 percent in the first quarter (Business and Industry Economic Outlook Survey 2nd Quarter 2010, page 22.) View the results and industry breakdown of the AICPA/UNC 2010 Economic Outlook Surveys here. The surveys are updated quarterly.

With opportunities for employment increasing, individuals with the right training and tools may be perfectly placed for job success. Employers, of course, will benefit from better-trained workforce pools.

Funding Training With the Workforce Investment Act

Since the enactment of the Workforce Investment Act of 1998, federal, state and local governments have aligned with community colleges and businesses through on-the-job or direct training of individuals. The American Recovery and Reinvestment Act of 2009, known as the Recovery Act, became law that February 17 to address job losses during the recession. It provides for additional funding and support for training so that unemployed or underemployed individuals can return to the job market as quickly as possible.

  • Learn how employers use government funding to create training opportunities for new positions.
  • Learn about types of federal assistance are available for employers and job seekers.
  • Learn where to go to discuss and develop programs and apply for federal assistance.
  • Learn about tools to design career strategies.
  • Learn about eligibility for individuals to receive federal training assistance and much more.

Access the full whitepaper (PDF) and continue reading to learn about all these opportunities and tools available to help you achieve your objectives for employee and personal training needs.

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