Investing in a dedicated training and development plan may be easier for larger companies than smaller ones, but it’s important not to ignore it.
Take advantage of existing skilled staff and create both formal and informal environments for the+m to pass on their knowledge to lower-paid employees. Mentoring and work experience can form part of this offering.
For any training you do provide, be clear about what you’re trying to achieve and what employees need to learn – find their skills gaps, set clear goals, and then measure the outcome.
As well as offering career progression through training and development, small and large businesses can also help to boost pay packets in the short term by helping people work more hours if they want to (and helping to break down any practical barriers that make this difficult).