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Lifelong Learning Accounts good for both workers, employers

• Published September 03, 2009

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While it's back-to-school time for children, their parents and teachers, we should note that school isn't just for our kids. Education should be a lifetime endeavor, with opportunities for everyone to learn and grow throughout their working lives.

And now, Thurston, Mason, Grays Harbor, Lewis and Pacific county employers have a unique opportunity to partner with their employees to help them reach their full potential through an exciting new program that reduces the financial burden of heading back to class.

Working adults – particularly lowwage working adults – face many barriers to lifelong learning. How does someone who is working, raising a family and barely making ends meet find the time or money to pay for courses? And yet, without a post-high school credential of any kind a person is hard pressed to achieve economic self sufficiency.

That’s where Lifelong Learning Accounts (LiLAs) can make the difference. LiLAs are educational savings accounts, where employees make regular contributions matched by their employer, similar to a 401(k). The employee receives free career guidance in developing a career plan and decides how to spend the money based on that plan. LiLA scholarships make it possible for a participant who saves $20 a month to attend a community college course within six months of starting the program.

Not surprisingly, we’re finding area employers are embracing this initiative – not just because it’s the right thing to do, but because it makes good business sense. For employers, LiLAs are an affordable benefit that attracts and retains top talent, and has the power to energize their entire workforce.

As Julianne Hanner, a McDonald’s franchise owner and LiLA participant from Grays Harbor put it, “A more educated, happier and more productive employee only benefits us and our business. It becomes a win-win, really.”

At the Workforce Training and Education Coordinating Board, we pursue strategies that help hard-working adults get to their next financial rung in partnership with business and labor. LiLAs create that partnership and are supported by the Association of Washington Business as well as the Washington State Labor Council.