This article discusses the 3 government funds available for training your employees: The Canada Job Grant, Canada Summer Jobs and the IRAP Youth Employment Program and is part 1 of a 4-part series.
In today’s economy, businesses are beginning to be more aware of their spending habits and are making cuts to areas that are not profitable. Cutting employee education may seem like a good place to find savings but this should be done with caution as employees are the foundation of a company’s success, and an organization is only as strong as the employees that are hired and retained. There are also several funding opportunities available to businesses, so in this situation it’s not all out of pocket.
To keep your employees motivated it is important for businesses to encourage and offer support to new and existing employees who want to upgrade their education and/or skills. At least to the extent that the training involves activities which directly relate to the employee’s career path with that organization. When a company goes above and beyond for their employees, it builds employee morale by showing the employees that their company cares about their growth and development.
Any company without career growth training plans may understand just how costly it is to hire new employees. Training and on-boarding costs for a replacement employee alone often far outweigh any form of internal training costs for current employees. Companies will often add additional tasks to their existing workforce instead of hiring new employees, which is a cost savings measure in the beginning, however, can lead to overworking the existing employees. Additionally, hiring new full time and temporary talent also has its benefits as it can bring in new ideas, while providing individuals with the work experience required to prepare for full-time employment.
The Government of Canada recognizes the importance of employee growth and work experience but understands that not all businesses have the financial backing to put their employees in training or to hire new employees. Because of this the government has implemented several training and hiring grants for businesses to access for professional growth in their new and existing employees, or to support ongoing and future business plans.
The three government grants available for businesses to access are the Canada Job Grant, Canada Summer Jobs, and IRAP Youth Employment Program. These grants are designed to offset the costs for businesses to put their employees through training or to allow individuals the opportunity to gain work experience. Each provincial governing body does have their own policies administering these grants, so it is important to check on what the administrations rules are.
Join us as we discuss in more detail, The Canada Job Grant, in Part 2 of our 4 part series on training grants for your business.