Use the Down Economy to Retrain Workers

The economy is struggling, business has slowed and your employees now spend more time playing Minesweeper than what you hired them for. Rather than waste this downtime, now may be the perfect opportunity to get your employees retrained.

Think of running your business as a boxing match -- and you're currently between rounds. Rather than sit doing nothing, you could learn a few things and come out of this rest smarter and more prepared than before.

Make the Investment

Don't think because you're cash-strapped that investing in your workforce is not an option.

Debbie McGrath, founder of HR.com, acknowledges that training "is first to go when the economy goes south."

It may seem like a simple cut on the budget sheet, but Tracey Wik, founder of Mile 36 Enterprises, a global leadership consulting firm says, "don't be penny-wise and a pound foolish about this."

Wik says that when times are tough, it's more important than ever to invest in your employees.

"Research has shown that, over time, it's those non-tangibles that really give people the sense of loyalty," says Wik. "You invested in them during a tough time, and so they're a little bit more loyal to you in the face of other opportunities."

There are a couple of ways employers can go about this: in-house training, online education, traditional graduate schooling, and certificate training.

In-House Training

Between 1977 and 2007, employment of workers 65 and over increased 101%, compared to a much smaller increase of 59% for total employment, according to the U.S. Bureau of Labor Statistics. This means you probably have many older workers who have great knowledge to share with your younger staff.