Let’s be honest: a lot of the standard advice for attracting talent—while good—can be frustrating to hear. How many companies can really offer a first-class compensation package, allow employees to work whenever and wherever they want, or outline exciting career paths for everyone? Not many.

So let’s talk about a strategy for recruiting, engaging, and retaining employees that doesn’t break the bank.

It’s pretty common for businesses to entice employees with perks related to their industry. Restaurants and retail establishments offer employee discounts. Movie theaters treat their employees to free showings. These can be motivating perks. They do offer something of value to employees. But this value is short term. It’s a convenience—a way to save a relatively small amount of cash employees might not even otherwise spend.

But every business has the opportunity to give their employees something of lasting value that, if used well, can benefit them over their entire careers. That thing? Training in some of the foundational practices of running a business.

In most workplaces, employees gain knowledge and acquire skills directly related to their specific job duties. Young people new to the workforce, for example, might learn how to run a register, package orders, or keep a drive-thru line moving smoothly. But on-the-job learning experiences seldom extend beyond the immediate demands of someone’s present job. And that’s a missed opportunity.

The knowledge and skills needed to run a successful business are versatile and often transferable. Employees at a bookstore could be taught the basics of deciding what books to stock, what prices to set, what sales techniques to try, what marketing efforts to make, what number of employees to hire, and what hours to schedule. Your local coffee shop probably has relationships it manages with importers, roasters, and others. Its employees could learn the key aspects of initiating and maintaining such business-to-business relationships.

In the short term, employing people who understand more of the fundamentals, intricacies, and needs of your business—and the demands and pressures on it—benefits you as their employer. When employees have a more complete and detailed understanding of what goes on in the business, they’re better able to offer insight and feedback from their individual perspectives. When they understand and appreciate the work their teammates do, they’re better able to collaborate.

Long term, direct experience learning about the ins and outs of your business provides employees with knowledge and skills that may serve them throughout their careers. So, how do you do this?

Step one: Determine what knowledge and skills would be valuable to your employees. Think broadly when you’re doing this. Don’t limit your list to what they’re naturally learning on the job. Instead, consider what knowledge and skills could be learned in your workplace and what lessons would be the most useful for your employees. Think about general business practices and industry-specific ones. Need ideas? Ask your employees what they’d like to learn and what they’d be comfortable teaching one another.

Step two: Figure out how your employees will learn and set aside time to make it happen. Job shadowing may be one option. Training videos are another. Even a quick, impromptu “Let me show you how I do this thing” lesson can pay dividends. Figure out what works best given workloads and staffing needs. Take advantage of times when business is slow. You don’t have to be too formal about it or get in a certain number of hours. Learning is the goal here, not certification, and learning can happen in a lot of ways.

Step three: Explain to your employees why the knowledge and skills they’re gaining are useful and valuable. Your employees, especially those earlier in their careers, may not be investing a lot of thought in how they can increase their own value in the labor market. They might not immediately appreciate the applicability of what they’re learning to what they may do later in life. These are also business lessons they can take with them throughout their career. If they understand these lessons, they’ll see that you care about them and their success, and not just while they’re working for you.

Step four: Recognize, reward, and celebrate their success. Employees who are learning and growing will become more productive and profitable. As much as you’re able, provide new opportunities for employees to put what they learn into practice at your business. If profits increase, pay them more. Take pride in their career advancement, even if they go elsewhere. Retention is only good if the employment relationship is advantageous for both parties. If an employee would be happier and more successful doing something else, help them get there, don’t hold them back.

Finally, don’t keep all this a secret. Spread the word that your business is a place where people learn valuable knowledge and skills that advance their careers. Share success stories. Be a cheerleader for your employees. Cultivate a reputation as an employer that cares. Build a place people want to work. That’s an investment with little risk, but a lot of reward.

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