47% of the UK’s top performing SMEs provide regular, formalised training for all staff. Despite this, 15% of small businesses report to never training staff according to an independent commissioned by Allica Bank to support British business.
The study analysed data from over 1,000 companies and ranked their success on a scale that evaluated factors including productivity, growth, consistency and outlook.
It showed that the practice of regular training correlates strongly with high performance in SMEs and will be vital to businesses’ prospects of a swift recovery post-Covid. Allica Bank’s findings indicate that small businesses
should incorporate training programmes into their recovery strategy to ensure long-term viability, improve morale, retention and boost the company’s credibility.
While 47% of the 100 highest scorers on the SME Performance Index provided training for employees at least on a quarterly basis, nearly half of all small businesses (46%) only provide training once a year or less.
Chris Weller, chief commercial officer, Allica Bank, said: “With so many concerns and barriers for small businesses to navigate in the immediate term, it can be difficult for managers to focus on the training and development of their teams.
“However, if Covid has taught us anything, it is that adaptability and resilience are invaluable. The provision of regular training not only builds these characteristics into teams but serves to maintain a sense of value and togetherness that will boost morale, aide retention and improve performance - all of which contribute to the ongoing success of a business.”
“There is no one-size-fits-all approach to training, but it’s vital for business longevity that staff are supported with a formalised programme of some description. Employees also need to feel that their skills are constantly being improved and expanding. These skills will contribute to the success of a company and this will feed through to the bottom line.”
As part of its mission to empower small businesses, Allica Bank is making the findings freely available and running a series of free online workshops with relevant partner organisations for businesses to attend.