Employee training could be a key factor in helping companies survive a labor shortage. The more training you can offer and the broader its scope, the better.

Diversity training, including cross-generational issues, should be a top priority. Employees who understand the differences—and similarities—in attitudes, work styles and backgrounds will work more smoothly together.

By addressing cross-generational issues sooner rather than later, your small business will be well ahead of other companies. A whopping 81 percent of the respondents in The Conference Board’s 2003 report, “Valuing Experience: How to Retain and Motivate Mature Workers,” report that their companies do not deal with cross-generational issues in their diversity training.

Knowledge transfer is another area where your company can shine. If you have key employees on the cusp of retirement, now’s the time for them to pass on their knowledge to the up-and-comers.

Older, experienced employees play an essential role in transferring knowledge and skills to younger employees. One solution is to rehire retirees on a part-time or temporary basis to act as trainers for younger workers.

A more immediate solution is to make mentoring a part of the job description for older employees. A mentoring program can help attract potential employees, both younger and older. But only 5 percent of participants in The Conference Board’s 2003 report ask veteran employees to mentor younger ones as part of their job. That’s a missed opportunity.

Set up a mentoring program where experienced employees work with junior workers. Pair older workers with younger ones on sales calls and other business appointments. Let tech-savvy Gen Xers mentor senior workers in computer and other technology skills. Or create cross-generational teams that work together on projects. Having employees train employees also helps you reduce overall training costs.

Be sure your training programs go beyond job-related skills. Provide training in leadership, management and other career-building areas. Even look at family-friendly training topics, such as stress reduction and financial planning.

All this training creates worker loyalty, something you’ll need if other companies try to snatch employees away. Training builds enthusiasm. It adds value to the workplace.

And cross training just makes good business sense. If an experienced worker retires or a young professional moves to another company, you’ll have other employees ready to pick up the slack.