Use the Down Economy to Retrain Workers

Wik says this is a win-win-win situation.

"The younger person gets up to speed quicker. The person that has more experience gets to transfer their knowledge to the younger person. And the organization wins because of the knowledge transfer and having it stay within the organization."

Employers would be wise to have some of these older, more experienced workers create a curriculum or training plan that would help develop a broader employee base. The beauty of in-house training too, is that it can be executed during work downtime.

Online Education

What's terrific about online education is that your employees can participate at home or in the office. As the employer, you can set up a class schedule for them, scheduling time during the regular workweek and even pay for their enrollment if your company is financially able to do so.

For businesses that don't have piles of money to throw around, remember that your employees don't have to target a degree or take a full load of courses. Think about the skill sets you want them to acquire. They may be able to boost their competency in just a course or two. Many industry associations and organizations offer these one-course education opportunities.

Brick and Mortar Schooling

If you want to increase the pedigree of your company, nothing boosts a business resume like graduate degrees. Of course, the big fear for many companies is paying for employee education and then watching them walk out the door to work for a competitor.