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Companies teaming up with local colleges and universities to develop employee training programs isn't new. But a program in Michigan has found success with an unusual way to fund these programs.
The Michigan New Jobs Training Program works as a two-way pipeline between the state's community colleges and local industries. Businesses looking for a well-trained workforce contract with the colleges to provide training for their newly hired employees. The colleges are then paid by diverting state income tax withholdings from the employees into a fund that reimburses the institutions.
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