In today’s rapidly evolving marketplace, small and medium-sized enterprises (SMEs) in Malaysia face unique challenges in upskilling their workforce. With limited budgets, SMEs must find cost-effective training solutions to remain competitive and meet the demands of the digital economy.
On November 2, 2024, Malay Mail released a news article on the Basic Expenditure of Decent Living index in Malaysia as shown below. Many Malaysians are struggling to sustain for basic needs as cost of goods are on the rise. This could halt their career progression in terms of upskilling as they are not able to fund themselves to attend the coaching sessions of their needs.
These passionate Malaysians would seek to their employers for assistance in this matter but even SME’s also have allocated budgets for their operations. Fortunately, there are many affordable options (in this article we discuss 8 of them) for skill-building that don’t compromise on quality. Here’s how Malaysian SMEs can maximize their training investment while empowering their teams for growth.
1. Tap into Government Subsidies and Grants
Malaysia offers various funding programs aimed at helping SMEs invest in employee training and development. For instance:
HRD Corp (Human Resource Development Corporation)
HRD Corp offers financial support for companies registered under its scheme, enabling them to claim back training costs when approaching HRDC Certified training providers.
Penjana HRDF (Human Resource Development Fund)
Penjana has various programs, especially under initiatives like Reskilling and Upskilling that are designed to help companies navigate workforce challenges post-pandemic.
By taking advantage of these programs, SMEs can offset skill-building costs and invest in high-quality, relevant courses without depleting their budgets.
2. Leverage Free or Low-Cost Online Courses
Several reputable platforms offer free or affordable courses that can be valuable for employees looking to improve specific skills:
LinkedIn Learning
This platform provides a wide range of business, tech, and creative courses. While it’s subscription-based, LinkedIn often provides limited-time free access to certain course collections.
Coursera and edX
They offer free courses from top universities. For a small fee, participants can receive certification, which is valuable for tracking employee development.
Google Digital Garage and HubSpot Academy
These guys offer free courses focused on digital marketing, a skill many SMEs can benefit from as they expand their online presence.
These resources allow employees to learn at their own pace, reducing the need for time away from work while still delivering impactful training.
3. In-House Training and Knowledge Sharing
SMEs can encourage team members to share their expertise through structured in-house training sessions. For instance, a marketing manager could train the sales team on social media best practices, or an IT specialist could offer cybersecurity tips to the entire office.
In-house training fosters collaboration, builds a culture of learning, and incurs minimal cost, as it only requires dedicated time from current employees rather than additional expenses for external trainers.
4. Microlearning for Quick, Targeted Skills
Microlearning breaks down training into short, focused modules, often delivered digitally. This approach allows employees to learn specific skills quickly, such as effective customer communication or basic data analysis, without spending hours in a lengthy course. Many microlearning platforms, like TalentCards and Axonify, offer affordable subscriptions, ideal for smaller teams that need bite-sized, practical knowledge.
5. Partner with Local Training Providers
Partnering with local training providers can bring personalized, cost-effective training to your business. Providers familiar with the Malaysian business landscape often offer tailored programs that meet the unique needs of SMEs.
For instance, WipData Academy offers affordable packages for Malaysian SMEs focusing on essential areas like digital transformation, data analysis, cybersecurity, Microsoft, AWS, Media Relations, Leadership, and industry-specific skills. Local providers can also be more flexible with training schedules and formats, which is crucial for SMEs managing limited resources.
6. Consider Blended Learning Approaches
Blended learning combines online and in-person training, allowing employees to complete the theoretical portion online and attend in-person sessions for a more hands-on application. This reduces travel and accommodation costs, making it a cost-effective alternative to traditional face-to-face training programs. Many Malaysian training providers like WipData Academy now offer hybrid options, which can be customized to suit specific organizational needs and budgets.
7. Explore Peer Learning and Mentorship Programs
Encouraging peer learning within the organization can be a powerful and inexpensive way to develop skills. SMEs can set up mentorship programs where senior employees share their knowledge with junior staff. This approach not only enhances skills but also boosts morale and fosters a collaborative culture.
8. Set Clear Training Goals to Maximize ROI
Before investing in any training program, it’s essential to set clear goals. Identify specific skills that will directly impact your business performance, whether it’s improving customer service, increasing productivity, or adopting new technologies. When employees understand how their training aligns with business goals, they’re more likely to be engaged and apply what they learn, maximizing the return on investment.
Final Thoughts
Investing in employee training is one of the most strategic moves an SME can make, but it doesn’t have to strain your budget. By leveraging affordable or free resources, local training providers (WipData Academy), and practical learning strategies, Malaysian SMEs can empower their teams with essential skills and drive business growth. Remember, a skilled workforce is a competitive advantage, no matter the size of your company.