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Opportunities for learning new skills help attract and retain employees. Plus, some businesses can access grants to help cover the cost.
Talent development isn’t just for big corporations. Take a look at how investing in employees’ professional development benefits small businesses—and where to find grants.
Attract and retain employees with skills development
Offering opportunities for talent development helps boost one of your most critical business activities: attracting and retaining employees. A learning and development program can differentiate you as an employer, attract better candidates and ultimately reduce hiring costs.
Among younger workers, a lack of skills development options is a key reason for contemplating a career change, according to Forbes. The right skills training can mean the difference between staying with an employer and jumping ship.
Without learning and development opportunities, highly skilled employees can feel underutilized and unchallenged. Skills training can keep them motivated and improve their job satisfaction. Keeping existing folks on the job is a sure way to reduce the cost of hiring new staff.
Seek out what employees want
Before implementing a skills development initiative, talk to employees about their wants and needs. Do they need technical skills like AI or software engineering? Soft skills that support teamwork and communications? Or are they interested in leadership? Seek out what training employees will find valuable.
Tap into internal resources
Certification and degree programs are highly valuable but they’re not your only option. Outside training sources can be complemented by in-house initiatives like peer-to-peer coaching, mentorship and apprenticeships. In addition to upskilling, a robust in-house program can provide highly individualized training and enrich working relationships.
Explore grants for funding
If your business qualifies, state grants can help cover the costs of training. Check out the Michigan Workforce Training Center Equipment Grant Program, Going PRO Talent Fund, Michigan Works! On-The-Job Training and the Labor and Economic Opportunity Grant Program.
Budgeting for talent development
“Multiple industry surveys show that good companies spend an average of 1 percent of their revenue on talent development. The lower they are relative to that number, the more they increase their risk of falling behind their competition,” says Jim Schleckser, CEO of the CEO Project.
Many organizations use a business line of credit to invest in in education and training programs.
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Consumers business loans
Do you have business banking questions? Contact our knowledgeable commercial loan officers.