Small businesses often struggle to offer the best, most alluring packages for top employees as they compete with larger companies. This may mean looking for alternative options to higher salaries.
A recent Business.com article highlighted how professional development can be a great alternative for small businesses, as it offers numerous benefits for employers.
Here are some of the key benefits for small businesses who invest in their employees, according to the article:
New skill sets
When hiring new talent, any employer is always on the lookout for potential hires with multiple skillsets. Even if those skillsets aren’t something you need at the time of hiring, they can often come in handy later on.
If you are unable to find employees with multiple skillsets, the easier answer is to provide that training yourself.
You might provide training opportunities in anything from human resources to financial planning, then tap into those skills as your business grows.
Easier recruitment
In a 2020 Employee Benefits Report, almost half (48%) of human resources professionals said that education programs were their most effective recruiting tool.
That is to say, companies that provided education in some form were highly attractive to employees who were looking to continue learning and growing in the workplace. This can make it easier for small businesses to hire top talent, even if they are unable to provide top salaries.
Easier retention
The third and final major benefit for employers is better retention.
As employees go through the training process, they see that their employer is supporting them and investing time and money into their career progression. This can help them remain happier at work and more invested in the company’s success in return.
Of course, retaining staff is also far easier and more cost-effective than churning through employees. It saves you from needing to advertise, go through the hiring process, and train, greatly reducing the time and effort it takes to maintain a strong team.
Providing professional development in your small business
Many small business owners are extremely talented in their particular fields – but not in professional development. That’s why online professional development courses such as those provided by Study From Work are such an invaluable tool for business owners.
Our courses are available online at any time anywhere in New Zealand, and provide a variety of courses and skillsets that can help to train up your staff and boost your business.
Get in touch to learn more about our courses and how they can benefit your business.
Study From Work – ceri@itc.co.nz 021 623753
2 responses to “The benefits of professional development for small business”
[…] benefits of professional development for small businesses are many, and these NZQA-accredited micro-credentials offer an excellent way to upskill your […]
Thank you for your comment. We agree that there is a huge benefit of personal development to improve your workforce and increase staff retention. That investment does save expense in the long run.