If you want to keep your employees engaged for lifelong learning, you might want to consider investing in a learning management system (LMS). Apart from the capability to support an on-demand training, a learning management system will help you keep accurate records, have easier audits, and save money –according to a research done by eLearning Industry. However, while narrowing down the must-have features of the LMS, your online training budget is an important factor to consider.
Remember, these skilled employees are your most valuable asset, the heart of your business. Here are some common challenges of retaining skilled employees and their remedies:
Lack of Professional Help
As much as there is a shortage of professionals with the right skills to keep pace with today’s challenges, you need the help of an expert. Lack of professional help may pose a danger of leaving you fallen short of your goals, and competitiveness in the market as your skilled employees leave you.
Some employee retention challenges, such as lack of planning, hiring practices, and limited training and development can be handled well by an expert. Bradstreet and Dunn, in their Business Failure Record, commented that about 90% of business failures are caused by lack of professional managerial services. So, to ensure your business stays afloat, consider hiring a consultant rather than a full-time employee if your budget is limited.
Low Budget for Training
Unlike the big companies, your small business may not have the ability to run training programs and do on-the-job training because of the financial constraint. A report written by The American Society for Training & Development, shows that small and mid-sized businesses are spending an average of $1,605 to train a single employee, which may be too expensive for your small business.
On the other hand, your skilled employees are looking for more challenging opportunities that come with comprehensive training. While few small businesses can afford to scale up their training budget, there are many reliable and affordable ways you can retain your skilled employees, such as e-learning and peer training.
A Comprehensive and Affordable Training Solution
There are a variety of cost-effective training solutions that you can use to overcome challenges, such as the high employee turnover and the pressing need to train new employees within a short time span. You can use peer training –which is where an employee trains his colleague(s)–, organize for classroom training with affordable external trainers, or provide training through an online platform. If your employees are scattered over a wide geographical area, you may want to consider an online platform, more specifically, a mobile platform.
There are mobile training platforms with live broadcast features that allow peer training with learning sessions and have a virtual classroom setting. However, when you go shopping for such a platform, consider the following features:
• A platform that allows you to create your own custom training curriculum is good. It saves you the costs of hiring companies and designers to create training content. Moreover, you stop relying on the generalized courses.
• It should have a live broadcast feature that allows internal and external experts to stream live seminars and reach all your employees around the world. Employees can train each other via the live broadcast, and also participate in face-to-face meetings if possible. If it has a real-time Q&A capability, then there is real-time feedback and participants are kept active. It should have the ability to archive the broadcasts for future reference and training.
• In case your skilled employees leave you, the platform should archive all the content they contributed and make it available for the benefit of the employees. An employee should be able to search through the archived resources, save, and favourite the relevant content for future reference. Meaning, you can preserve the corporate knowledge from the experts who left the organization and impart it to your employees.
High employee turnover is a challenge that small businesses are struggling with. However, consider getting professional help and integrating the low-budget training approaches as one way of retaining your skilled employees. In this digital era, a cost-effective mobile training platform can add value to your business.