Use the Down Economy to Retrain Workers

Wik says many businesses offer a conditional reimbursement program: for example, a company will pay 80% of the overall degree with the stipulation that the employee stays with the company a minimum of two years, otherwise the employee must repay the debt. Also, many businesses will reimburse tuition only for courses directly related to the employee's job.

McGrath says some businesses will even let employees take time off to go back to school, but says this is rare. Another tactic is to build in back-end incentives, like pay raises, promotions or more.

And if you can't find any education or training you think will help, Wik recommends contacting the school you're interested in.

"In the executive education departments," says Wik, "most major universities are willing to customize content for you -- whether it's about innovation or branding, it doesn't matter."

Certificate Training

Certificate programs can fill specific voids your organization may be lacking.

While it may seem obvious, McGrath says, "Train for positions that you will be short in the next few years; i.e. tool and die makers, machinists, IT professionals etc."

Now is also the time to check in with your employees to see what new skills and procedures they'd like to get certified in. Since they're on the front lines, in many cases they'll know better than you, the employer.

In the end, "You have to be willing to make an investment to have the best and brightest," says Wik "and continue to be on the edge of offering them opportunities or you will not be able to attract consistently high caliber talent."