Small and medium-sized enterprises (SMEs) are the backbone of the economy, accounting for 99.8% of the business population and providing three-fifths of private sector employment. To maintain competitiveness and drive growth, it is crucial for small businesses to invest in employee training and development. The development of yourself and your people is your biggest power!
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The current state of training in SMEs
Recent data reveals a positive trend: 45% of SME employers have arranged or funded training in the past year, marking a consistent annual increase since 2021, according to the Department for Business and Trade. However, this also indicates that over half of SMEs have yet to prioritise employee development, potentially hindering their growth prospects.
Why should your SME invest in training?
> To address skills gaps and recruitment challenges
A significant 79% of employers have identified skills gaps within their organisations over the past 12 months, with larger SMEs (100-249 employees) reporting this at an even higher rate of 85%. This shortage is particularly evident in areas such as technology and artificial intelligence. Moreover, 68% of UK SMEs struggle to find recruits with adequate competencies.
CH4B Tip: Identify knowledge gaps within your team from a management perspective, and gather employee opinion too. Start by addressing training needs that affect several staff members, and then look into providing niche requirements.
> Enhance performance and improve job satisfaction
The demand for professional development is clear among employees, with 82% expressing a desire to upskill (according to AICPA and CIMA). Not only does addressing training requirements enhance individual performance, but it also contributes to job satisfaction. Investing in employee development is an excellent way to show appreciation, and ensure employees feel valued.
CH4B Tip: Categorise training requirements. What is essential for the business operations v’s what would employees like to learn more about? Put together a schedule that balances business need and employee requests.
The Bank Of Knowledge: Empowering SMEs through Training
Recognising the critical role of training, CH4B is proud to partner with The Bank Of Knowledge, a valued Expert Partner dedicated to enhancing skills within SMEs. The Bank Of Knowledge offers a comprehensive suite of training solutions tailored to the unique needs of small and medium-sized businesses. Their offerings include:
- The Knowledge Vault: Access to a vast repository of bite-sized, pre-recorded training presentations, facilitating continuous learning.
- The Knowledge Bank: A range of courses and workshops delivered by highly skilled trainers, designed to bolster knowledge and development.
- The Knowledge Investor: Opportunities to invest in extended training workshops, providing cost-effective solutions for team development.
- The Knowledge Society: Webinars, seminars, and events that offer further learning opportunities for personal and professional growth.
- The Knowledge Accreditation: A wide range of short online training courses priced at just £30 per course, perfect for addressing training requirements in small teams. All of these courses comply with CPD requirements and can be purchased for 1 or more employees.
Upskill and earn rewards through The Bank of Knowledge
When you get started with The Bank of Knowledge you will also be granted access to your own dedicated rewards platform. For every course you invest in via The Bank Of Knowledge you will receive a percentage of your spend back by way of reward points which can be redeemed in multiple ways via your dedicated rewards platform.
Conclusion
Investing in employee training is a necessity for UK SMEs. By addressing skills gaps and fostering a culture of continuous development, businesses can enhance productivity, improve employee satisfaction, and secure long-term success. Partnering with organisations like The Bank Of Knowledge ensures access to quality training resources, and provides flexibility to SMEs with rapidly changing needs.
If you’d like to find out more about how CH4B and The Bank Of Knowledge can support your business, book a complimentary call at a time that suits you:
