January 29, 2021: Learn In and Vemo Education Partner to Provide Income Share Agreements for Workforce Upskilling Programs
Learn In, the world’s first upskilling-as-a-service platform that empowers companies to keep employee skills current among rapid technological change is partnering with Vemo Education, the income share agreement (ISA) platform-provider behind ISA programs at General Assembly, Purdue University, and more than 70 other institutions across the country. Together, they’ll enable businesses to provide innovative financing for upskilling programs.
“Corporate learning has a huge funding gap when it comes to employee development,” said David Blake, CEO of Learn In. “Vemo Education enables businesses to invest in the upskilling they need in a way that aligns incentives between employees and employers, redistributing risk more equitably.”
Employer ISAs are contracts between companies and employees under which the employer funds an upskilling program in exchange for a percentage of the employee’s future earnings. In traditional learning and development financing, the burden of payment is entirely on the learner or the employer. With an employer-funded ISA program, the employer risks inadequate ROI in the form of retention. With an employee-funded program, the employee risks expending time, effort, and money without a significant salary increase. With an ISA, there is incentive alignment between both parties.
The unbalanced financial risk is one reason why 90 percent of midsize and enterprise companies offer tuition assistance for upskilling; less than 10 percent of employees accept the offer. Employees fear paying their share up front without any guarantee of advancement. Meanwhile, employers often bury tuition benefits in H.R. literature because it is expensive, and the employee might leave for greener pastures after completing a costly program.
“ISAs reduce financial barriers to upskilling so that no one is shut out from economic mobility by an inability to pay up front,” said Tonio DeSorrento, CEO of Vemo Education. “Vemo makes it easy for businesses to facilitate the upskilling they need using data and analytics to design, implement, and monitor win-win outcomes.”
Vemo Education uses financial modeling to align business goals with workforce upskilling programs, with hands-on support and a real-time administrator dashboard and student portal. Analytics and data insights help employers monitor program performance, improve program quality, and track and assess participant outcomes.
Learn In works with enterprise businesses to build high-skill, on-the-job training programs into their benefits packages, integrating top online courses, coaching, and tuition assistance. Learn In coaches will connect learners of all abilities and available time to relevant courses. The Learn In platform also measures outcomes and tracks the cost advantages of upskilling internally instead of hiring or training externally.
About Vemo Education
Vemo Education transforms the way schools attract students and measure outcomes. Colleges, workforce development organizations, and employers leverage Vemo to align the cost of education with student success. From reimagined financial aid packaging to data-driven enrollment management, Vemo partners with schools to advance clear strategic objectives: higher yield, improved retention, and accelerated completion. Learn more at www.vemo.com
About Learn In
Learn In offers the world’s first upskilling-as-a-service platform that helps companies remove every barrier that stands between them and the future of work. Co-founded by founders of popular learning platform Degreed, the company is backed by leading edtech & future-of-work V.C.s, including GSV, Album, Firework Ventures, and Village Global. We are on a mission to transform the modern workforce, and our launch was covered in CNBC, USA Today, EdTechReview, EdSurge, Deseret News, and Techcrunch, among others.