Training is NOT a Luxury Item

If your business is like many others, you are doing all you can to save money. And, in many cases, that means you’ve drastically reduced (or completely eliminated) training.  Believe it or not, this tactic may be costing you more than you’re trying to save!

A recent study of Fortune 100 companies showed that they provided, on average, two hours of training per week per employee.  This commitment to training pays big dividends by:

·  Reducing stress while improving efficiency

·  Increasing sales

·  Reducing turnover

·  Improving employee loyalty and morale

·  Increasing profits.

 

Here are some tips for providing training for your team when money is tight.

1) Ask vendors or customers to share the cost.  Vendors want your business to grow so you’ll buy more of their stuff.  See if they will pay for a speaker, provide the space, or help in some other way.

2) Do some research. Contact your local economic development agencies for assistance. There are lots of government programs (state and federal) that provide training funds if you meet certain criteria.

3) Ask your local Chamber of Commerce for help.  Many other companies are in the same boat.  Chambers regularly provide low cost training on a wide range of topics.

 

Training doesn’t have to cost a lot of money. Get creative and make training a valuable part of your organization’s culture. Your employees, your clients, and your bottom line will thank you for it!