In a nutshell, each person has an annual budget of $1,500 and agrees how to spend it with their line manager: anything from buying books to studying for a degree. You could argue that this is nothing new but I think the subtle distinction is crucial. In many large companies, the employee notionally owns his/her own development and, once they get through all the mandatory training days, they might just find time and money to do what they want, subject to the overall budget situation of their department.
Simply saying “you have $1,500” puts the control – and the onus – on the individual.
A subtle, but empowering distinction. Read the article, here.