Do you have older employees on the verge of retirement? If so, do you have any plans of transferring their knowledge to younger workers?
According to a recent survey from NAPEO (The National Association of Professional Employer Organizations) only 28% of small business owners have such a plan.
"For a small business, losing even one seasoned knowledge worker affects them competitively," says Milan P. Yager, NAPEO’s executive vice president.
"These business owners want to ensure that seasoned workers convey their knowledge, or even continue working longer if possible," added Yager.
Cross training employees in different aspects of your business is important not only to maintain skills when employees retire, but you never know when one of your key employees is going to leave you for another job.
You need to have good backups in your business bullpen so to speak.
The more cross training among employees, the better your business will be prepared when the tragedy of losing a valuable employee strikes.
"Nah, that employee would never leave me," you might say to yourself. But how can you be sure? Loyalty isn’t even the only factor. Events like deaths and accidents happen every day. It’s a grim thought, but the survival of your business may depend on the amount of preparation you have taken.
Unfortunately, having backup plans for employee skillsets just isn’t a priority for many business owners, when in fact it should be. Do you have your employees cross trained? Do you have backup plans?