How do you define the financing plan for your training budget?

Introduction

A financing source is a financial resource available to the company to finance the training in the skills development plan

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Define the financing plan for the training budget

In Poplee Training, we have defined three sources of financing:

  • "External" = budget available from the OPCO, depending on the size of the company and its professional sector
    • Legal contribution (1%) 
    • Conventional payment 
    • Potential voluntary payments
  • Grants (NEF, ESF, etc.) 
  • Equity (default source of financing)

Example of a financing plan:

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For the moment, there is no record of changes to the initial budget of financing sources, so it is important to not modify them once the plan has been launched, to ensure that actual results can be compared with the objectives set when the plan was launched

Setting a budget for grants

Current situation: 

  • Grant financing options are not well understood
  • Preparing grant applications is time-consuming

Consequently, the use of grants to finance training initiatives is often ignored. 

Opinion:

  • It's impossible to know in advance how much can actually be recovered (a grant depends on the training, the organization and the participant, and the rules change often).
  • So it is a good idea to set a target for each plan, and monitor your progress, to maximize the chances of finding and obtaining grants.
  • Recovered grants = a larger training budget and therefore more employees trained

If you have already recovered grants from previous years:

  • Use the training courses scheduled each year/regularly as a basis, which are generally regulatory or mandatory trainings, or are part of a classic onboarding program for the company's key professions
  • Identify which of the previous year's recurring training courses
    • were financed in whole or in part by grants
    • the grants available (ESF, NEF, etc.)
    • then the amount financed by grants
  • Check the end dates of the eligibility criteria for these grants (e.g. NEF is currently open for training courses until 12/31/2023)
  • Find out about future developments in grant opportunities (to be included in the Help Page?)
  • Predict payroll growth for the following year
  • Apply this growth coefficient to the amount financed by grants: this is the grant target/budget for the following year

If you have never recovered grants from previous years:

If you do not have previous experience or have never submitted a grant application, we advise you to set a grant target representing 10% of the training budget

It is possible to not define a grant budget in Poplee Training and still monitor the results after entering the grants recovered from the sessions

 

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