Insights: Training Costs
Workforce boards are able to tap into a variety of funding sources to support the cost of training for program participants. The most prominent is Workforce Innovation and Opportunity Act (WIOA) funding, which provides a set dollar amount for every individual deemed eligible to participate.
However, workforce boards are now turning to a more diverse array of sources of capital to fund their investments in training and workforce services. The problem is that not all training programs produce strong returns on investment in terms of wage outcomes for training participants, and many organizations find it difficult to make effective decisions about what programs to spend money on without outcomes data. Workforce organizations looking for inexpensive programs that yield significant wage increases must carefully examine training costs across programs and providers. This type of analysis can also help organizations determine if training funds are being distributed equitably across populations, regions, occupations, and industries.