Improving Training and Retention in Small to Medium Sized Businesses In Most industrialized nations, small and medium sized businesses form the economic backbone and play a significant role in social and economic development…
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Concerns of improving training and retention in these businesses are increasingly becoming centres of attraction for successful businesses. This essay explores the issue of employee training and retention in small and medium businesses. Comparative advantage in performance and labour productivity is being realized in small to medium sized businesses through strategic development of their human resources. Effective training and retention forms the key component of such an achievement (Analoui & Karim 2003). The ultimate goal of training in any organization is to improve the skills and knowledge of its employees and also gain a competitive advantage in a particular business sector. Training needs be tailored to address the business strategic objectives and meet its calculated needs. It also facilitates creation of a unique workforce. Small and medium sized businesses have to embrace the following practices in order to improve training and retention, putting more emphasis in valuing of work place learning and training. Like larger organizations, small and medium sized businesses need to continuously and regularly improve their capacity to gather information, managerial skills and their commitment to investing in employee’s knowledge and skills. ...
Strategic training and partnerships should be employed to foster the achievement of such goals. For instance, in organizations that employ the principle of lean manufacturing which is geared to reduce waste and improve productivity, employees learning initiatives are tailored to support the principle. In addition, partnership training should help small business entity in strengthening its training reserves and learning to explore new business opportunities and increase returns in the long run (Alberto & Hamel 2005) Moreover, Employees need to receive tailor made training that matches their job task and anticipated work results. The training offered should be flexible to enable the employees accommodate their job responsibilities as well as social life ones. The training should also be participatory in nature such that employees who are efficient in one area are involved in sharing that knowledge with their colleagues. Formal employee training programs especially the foundation learning programs need to be adopted by the employers with the emphasis of developing communication skills. In the globalized and technology oriented business environment, customer satisfaction is imperative to any business success. In small and medium sized businesses, the employees represent the image of the organization and forms daily contact with the customers especially in those the service industry. The foundation training program should work as a curtain raiser to advanced training programs that facilitate the acquisition of management and leadership skills, decision making and problem solving (Alberto & Hamel 2005). This will form the basis of promotion within the organization because such programs prepare the employees for higher
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h refers to money readily available for use in the bank or in the business (as opposed to potential sources of money like inventory, debtor dues, property and profit).1 Cash management is defined as the procedure involving keeping cash flow under surveillance, closely studying
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