Here’s something we hear from small and medium-sized enterprises (SMEs) all the time: “We need great talent, but we’re competing with big companies and their even bigger budgets.” On the flip side, employees are looking for employers who support their growth and learning. Knowing this as an employer is one thing, but to put hiring practices that align with employee expectations is another.
With this in mind, it would benefit enterprises to recognize that professional development is a key benefit they can use to attract and keep talented employees!
Here’s the good news – there’s actually government funding available specifically to help SMEs like yours attract and retain top talent through professional development. And yes, we can help you find funding!
Table of Contents
Did you know? Over $5.9 billion in government funding is distributed annually in Canada, and a significant portion is dedicated to workforce development. That’s money sitting there, waiting to help you build your dream team.
How Training Grants Help Talent Attraction and Retention
For the employees looking for growth and learning opportunities, companies that invest in their employees are more attractive – and retain this valuable pool of talent far longer.
In fact, Gallup research tells us that 87% of millennials rate “professional or career growth and development opportunities” as important to them in a job. So, it’s no wonder that LinkedIn’s 2023 Workplace Learning Report shows that the leading way organizations are working to improve retention is by “providing learning opportunities.”
Easier said than done, though, when a strategy like learning and development also has high costs associated with it.
SMEs looking to enhance professional development can leverage training grants to reduce costs and invest more easily in their employees’ growth. These grants allow companies to provide training programs that offer a variety of learning opportunities that might otherwise be too expensive.
Case in point: Training programs focused on digital skills, like Jelly Academy’s Digital Marketing Bootcamp, are essential in today’s digital-first economy. These programs not only equip employees with critical digital marketing skills but also demonstrate that the business is committed to supporting their career growth. By leveraging training grants, SMEs can offer these programs and become more attractive to job seekers who value growth and advancement.
Training Grants: Your Secret Weapon for Talent Development
Here’s where it gets exciting. Training grants can help you:
- Offset the costs of professional development programs
- Provide industry-recognized certifications
- Upskill your current team
- Make your job offers more attractive to potential hires
Beyond general training grants, there are also specialized programs that combine hiring and training support. For example, the Career Launcher program, funded by Environment and Climate Change Canada, offers Clean Technology businesses up to $31,500 to hire and train interns. This isn’t just about filling a position – it’s about building your talent pipeline while contributing to Canada’s economy.
Another prime example of a talent development grant is the Canada Job Grant, an employer-focused program that helps businesses enhance their workforce by targeting specific skill gaps and investing in tailored training. This program covers up to two-thirds of training costs, making professional development much more accessible for SMEs. Check out our comprehensive guide, Bridge the Skills Gap with the Canada Job Grant to learn more about the Canada Job Grant, eligibility requirements, and how to go about applying for it.
P.S. If you want to learn more about other hiring and training grants, we’ve got a whole guide to hiring grants on our blog!
Making Training Grants Work for Your Business
Here’s your step-by-step guide to leveraging training grants effectively:
1. Identify Your Needs
Before diving into grant applications, take a good look at the training requirements your organization needs to meet its goals and support your employees’ development goals.
Start by assessing your team’s current skills: Are there any major gaps that could be holding your business back? Define clear training objectives that align with your company’s goals, and consider both your immediate needs and long-term skill requirements. It’s important to know this so you can make strategic decisions about which training programs to pursue.
2. Find the Right Programs
Now, it’s time to explore your options. Research available grants in your province, as programs and eligibility requirements can vary by region.
Look beyond general training grants to industry-specific programs that might be a perfect fit for your business. Pay attention to timing – make sure the grants you’re considering align with your training timeline. We know it takes extra time, but be sure that you evaluate program requirements – it will save you time and effort down the road in the application process.
3. Plan Your Application
The most successful grant applications have one thing in common: thorough preparation.
Start by gathering all the documentation necessary to apply – this might include business registration, financial statements, and proof of matching funds. This varies from program to program.
Then, define clear, measurable training outcomes that demonstrate the value of your proposed program. You’ll likely need to calculate your budget, including any matching requirements, and deliver a compelling case for why your business deserves the funding – including how the training will benefit both your business and the Canadian economy.
4. Implement Successfully
So you got the money! Now it’s time to use it.
First, choose accredited training providers who understand grant requirements and can deliver the outcomes you need. It’s likely you already had an idea of what training you were going to pursue since you had to compile a detailed plan for your application.
Then, track progress and outcomes consistently throughout the training program. Document everything (seriously, everything!) from attendance to assessments, and prepare for reporting requirements early. Good documentation not only satisfies grant requirements but also helps you measure the return on your training investment!
Time to Take Action
These days, investing in your team’s development can’t be ignored – in fact, we believe that it’s essential for growth. Training grants make this investment more accessible, helping you attract and retain the talent your business needs to thrive.
If you’re ready to explore your funding options, start by checking out the Canada Job Grant and StrongerBC Future Skills Grant, or save time by using a grant matching platform to find opportunities that fit your business goals.
