“An investment in knowledge always pays the best interest”- Benjamin Franklin
Budget used in corporations, government and households forecasts the revenue that is projected to come into the organizations as well as expenses that is projected to take place over a period of time.
When budget is tight, stretched or non-existent the first thing that gets cut or removed from the budget is development. And even though it seems like it is the best idea it can be detrimental to the growth of the company. When there is a lack of training and opportunities to grow as a staff member it can be very taxing on the person. It instantly moves people from a place of ENJOYMENT to a place of ENDURANCE.
You hear statements like “I just want to get through my day” “I am not doing anything more than required” or “I wish they would ask me to lead that project”. You start getting attitudes from the staff because they are frustrated and stress. Understand that even though people are working for you, they are also working for themselves. They want to know that they can grow in your organization, they can evolve organization, they can develop in your organization. They want to know that they can become a better person and serve a greater purpose while working for you.
Statistic shows that an increase in training in the workplace increases margin profit, employee performance and staff retention.No one likes budgets, but they are necessary to the growth of a company. It is the growth track to determine if a company is thriving or not.
Budgets are needed for the company to grow and employees need development so that they can grow.
Remember, a healthy staff equals a healthy company.
Here are 4 tips on how you can still have training, development and growth with a small budget.
1. Bring In An Expert: With a tight budget you may not be able to send your whole team, 5 or 25, to a team building training camp. It’s costly to send a whole team away. But if you bring the expert to you it will cost less, it’s more efficient and you can have your whole team be apart of the development process.
2. Send A Representative: Maybe you can’t send everyone to the conference, workshop or seminar but you can send 1 or 2 people. The individual (s) can gather the material and bring it back to the group. They can then hold a mini workshop to regurgitate the information that they learned. This is great because you are also building up the individual (s) to lead at another level.
3. Assign A Mentor: Taking a senior staff and a newly staff and peering them together. It gives your senior staff a way to step. It also helps the newly-hired employee to have a one-on-one relationship with someone else besides you.
4. Digital Development: Gathering materials from places such as YouTube, TED Talks, podcast etc and lead your team into a mini workshop. You as a leader can complete the task or challenge another staff to do it.