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Train 'Em, Retain 'Em: To Get the Most Talented Employees, Grow Them Yourself Sheryl Nance-Nash, Fortune Your Company Online Magazine If you can't rind the star employees you want to hire, grow your own. Many small businesses today are trading labor-shortage war stories, while the smart owners are investing in employee training. Training is no longer a luxury, now that employees rule the roost and company loyalty is all but dead. Instead, it's a win-win strategy that allows you to fill your gaps and dazzle employees with sufficient opportunities for professional growth that they want to stay. Indeed, according to a recent Coopers & Lybrand Trendsetter Barometer, which tracks the nation's fastest-growing companies, some 42% of respondents have launched internal training programs, 36% have increased the number of employees sent to outside programs and 18% have initiated mentoring or apprenticeship programs. "Training is a life and death essential in this tight labor market," says Paul Karofsky, executive director at Northeastern University's Center for Family Business in Boston. "Without training, you will lose your people." Many small businesses already have some sort of training mechanism, but if yours doesn't, it's time to start one. All employees should receive at least one or two weeks of training a year, says Harvy Simkovits, owner of Business Wisdom in Boston, which does training for small businesses. This will help you develop and retain your staff, and give you confidence in their skills so they can be empowered to make key decisions, he says. Otherwise, he says, "you and your customers lose; you're also less competitive. " Here are some suggestions for starting or rethinking your training program: Do what you can in-house. Most small firms don't have the resources or expertise to build a formal training staff. Most can, however, promote informal cross-training, whereby employees learn each others’ jobs. "If you get people to know various functions, it cuts down on the need for costly specialized people and you don't have to worry about the workflow stopping when key people are out," says Jacqui Jenkins, assistant director of consulting services at Wharton's Small Business Development Center in Philadelphia. There are also a host of books, manuals and videos that may be useful for your company. Explore distance-learning opportunities as well. Meanwhile, don't overlook the power of mentoring. "Though it's time-consuming, you'll get results over time," says Jenkins. "Don't be in a hurry," Even if your budget it limited, though, you probably shouldn't try to take on the training function yourself While you can pass on your knowledge and experience informally, you likely don't have sufficient time to devote to it. Then, too, adds Karofsky, "Good managers aren't necessarily good teachers." Seek outside sources. There's certainly no shortage of training pros such as Simkovits, who can offer customized programs (or standard ones slightly modified) to meet your company's specific needs. However, "this type of training can be very expensive and time-consuming for you to coordinate," warn Charles Fink and Cynthia Berryman-Fink in their book, "The Manager's Desk Reference" (AMACOM, $24.95). "Also, the trainer is still an outsider who will not know all the nuances of your organization." Fortunately, whether you need your staff to learn Excel, or improve their customer-service, sales or marketing skills, there's a workshop, class or seminar somewhere to fill your need. Costs can range anywhere from $ 1 00 to a few thousand. To find appropriate programs, consult your local small business development center, trade association, chamber of commerce, universities, community colleges, the Small Business Administration and the Internet. Shop around and ask colleagues which programs have stellar reputations. Another option is to team up with another small business owner. By pooling your resources, you may be able to hire a top-notch consultant who can help both companies, says Laura Magone, consulting manager at the Chrysler Corp.'s Small Business Development Center at Duquesne University in Pittsburgh. Reap the rewards. It doesn't make sense to send your people for training if you never let them use their new skills. If you turn down employees "when they come back and try to practice what they learned..., you're just wasting good training," says Simkovits. Also, if you spend time and money on a trainer, make sure there's effective follow-up. "When the program is finished, you should be asking your staff what they are doing differently and how it is working out," says Simkovits. Your trainer should remain available after the initial sessions to assess the training's impact, monitor participants' progress and offer additional coaching or training, if necessary, say the Finks. Still worried about how much time will be expended by you and your staff and what the price tag will be for training? "This is not the time to be overly concerned about costs," says Karofsky. "You are reinvesting in your business; look at it as a capital expenditure." Harvy Simkovits, CMC, President of Business Wisdom, works with owner managed companies to help them grow, prosper and continue on by offering innovative approaches to business development, company management, organization leadership and learning, and management education. He can be reached at 781-862-3983 or .
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