Skilled employees are a must to your business success. However, training budgets are the first cut when the economy goes wrong, or the competition becomes fierce, which is always. Although cutting training budget might seem a reasonable move, small business owners will reap many benefits providing effective training programs for their employees, such as: ignite employees’ motivation and boost their morales, reduce staff turnover, increase quality and employee productivity, streamline business processes, and reduce waste.
However, the most significant dilemma that is facing small and medium businesses is how to train employees on a limited budget? In this article, we share with you eight training strategies to achieve the desired results with the lowest costs possible.
- Join professional associations and groups
Chambers of Commerce and chapters of many professional organizations provide affordable training programs, workshops and events at a reasonable cost. For example, if you need to training and develop your project manager, consult the local chapter’s website and find workshops that you can enrol your staff at.
- Think Local
Local training and development firms provide public events and meetups at reasonable prices that you and your employees can join. At Corporita Academy, we host and organize workshops and seminars within the geographical areas of Greater Toronto Area, Mississauga and The Region of Waterloo and Guelph. We also provide e-workshops through our Corporita eCadamy.
- Search Within
Your employees could be your trainers. Think of those employees and staff members who acquire the skills you are planning to develop in your teams and ask them to provide internal training. Not all your employees will feel comfortable training other employees. However, there is still a chance that you will have one or two with strong communication and presentation skills, who will be willing to provide training to others.
- Lunch and Learn
Lunch and learn meetings are great to organize training and development events and build a strong team spirit. You can arrange monthly events, where employees can come and listen to keynote speakers, attend a webinar or watch an educational film. Other employees could be your speakers, where they share their insights with the rest of the
- Go Digital
Online courses are available through many platforms. Consider investing in a membership plan and make it possible for your employees to attend classes and learn new skills.
- On-The-Job Training
Learning by doing is a grand strategy to acquire a new talent or develop an existing one. Consider assigning employees small tasks based on your business requirements. Shadowing is also considered on-the-job-training techniques that allow employees to accompanying other skilled employees and learn new skills.
- Mentor Them
Mentorships programs are instrumental in developing skills. Pairing employees with mentors will make employees learn about the internal business processes, hone their skills and get more insights into your business model.
- Manage performance proactively
Despite the size of your workforce, training needs assessments and setting performance goals are crucial to achieving success. Do not neglect the basics focusing on day-to-day routine work, as the more you invest in your employee, the more you will move closer to your business goals. Use performance reviews as tools to develop your employees and get valuable information on their training and development needs.