How to fund staff training

Ensuring your workforce is well trained, understanding all the aspects of their jobs or to help them to understand and implement new working techniques or services can involve expensive courses or training sessions.

This might make providing training to your staff feel like it is out of reach because of the costs incurred.

However, as FSB explains, there are ways to provide training to staff members in an affordable way.

Grants

There are several grants available to help businesses to develop skills and provide training to staff.

These often require an application process however the funding can be used to provide staff with access to training. Grants can be used to help introduce older workers to a new industry or help support a business when taking on an apprentice for example.

Free courses

You should never discount opportunities to find access to free training. Sometimes this is included in the cost of a new tool for example, when upon its installation, you are shown how to use it effectively.

Some charities and business support networks also offer access to free training seminars, this could include health and safety training. Training and learning opportunities can also be offered as part of a networking event, allowing staff to learn while networking and promoting your business.

Small business loans

If you want to send staff to specific training courses to help them learn new methods of working, such as how to safely and effectively use a new tool. The training session could incur a cost, and in the event your entire staff needs to be trained this could become prohibitively high.

Many banks and financial providers will offer access to a small business loan. Typically used to help stimulate cash flow or cover a major cost, this loan could be applied to covering the cost of training, with the repayments potentially being tied into your company’s earnings. Avoiding the impact to your bottom line while also helping you to ensure your business benefits from improved skills and staff effectiveness.

Internal funding

The final means to fund staff training is to pay for it using an internal training budget. Setting funds aside to help promote staff learning and development is seen by many potential employees as a major perk, as not only does it aid their own personal training and development it demonstrates to them that their employer wants them to excel in their role.

Training staff is an important part of running a business, it helps to ensure you remain on the cusp of developments and skills within your industry. Finding the right method of funding to suit your business is key to helping keep your staff working at their most effective.

 

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