Professional Development Spending Account eligibility standards
Understand what a Professional Development Spending Account is, how it works, what to include categorically, and the top items to cover - plus compliance protips!
In this piece
Support workforce personal and professional development
A Professional Development Account is an employer-sponsored benefit that prioritizes the needs of employees seeking to advance their learning and skills. Employees spend their dollars on the specific skills they want to develop, helping the employer maximize the impact of the investment.
Note: Depending on what you'd like to include in this program, the account can be set up as taxable or tax-advantaged.
How a Professional Development Spending Account works
Compared to formal training programs or direct-to-payroll education stipends, Professional Development Spending Accounts offer a groundbreaking solution benefitting both the employer and employee.
- Employers set the rules for what expenses are eligible under the benefit.
- Employees are empowered as they can choose how they want to use their professional growth funds to learn and grow new skills.
Why a Professional Development Spending Account is important
An organization's success depends on its people. And, cultivating employee skills is imperative for both the employer and employee. Professional Development Spending Accounts can help businesses recruit and retain top performers. With a Professional Development Account, you can help ensure your workforce has the necessary skills to be productive and succeed in today’s competitive market.
As a leader in the flexible benefits space, we have the industry's first eligibility standards for customizable spending accounts. You can download a copy of the standards set for a Professional Development Spending Account here or by clicking the below image.
You can access a preview of what you'll find in the Professional Development Spending Account eligibility standards below.
Get help building a custom Professional Development Spending Account
The Forma team can offer guidance - backed by data - as you explore your options. For more information or support, <span class="text-style-link text-color-blue" fs-mirrorclick-element="trigger" role="button">schedule a consultation</span> with one of our experts. We’d be happy to help!