Training Employees is Cheaper than Replacing Them
00:55 You may be tempted to think that employee training is just too costly. But this is pennywise-and-pound-foolish thinking, because turnover can cost you much, much more.
Options for Every Budget
01:34 Tuition reimbursement, whether for a degree program or single classes, is always popular but can be pricey. However, tuition can be deducted from the employer's taxes as a business expense, subject to IRS rules.
02:10 Some companies train employees through professional or trade associations, which sponsor regular conferences or trade shows. These events often offer a range of seminars or breakout sessions that enable attendees to select relevant and interesting topics.
02:26 Online training is another alternative that's both cost-effective and schedule-friendly.
02:32 Formal mentoring or job shadowing is a low-cost training method that can give your employees the opportunity to learn from more seasoned staffers.
Communicate with Employees
02:41 Whatever training options you chose, be sure to communicate them in a clear and consistent fashion.
02:55 All training opportunities should be carried out fairly and without bias. Outline eligibility, approval, registration, and reimbursement procedures in writing, and be sure to ask for formal employee feedback on any company-sponsored education and training.
03:10 Employees should be able to tell you how any given class or session improves their performance and ability to help meet company goals.
03:19 Remember that offering training demonstrates how much your employees matter to you, and that they are a worthwhile investment.