An experienced and long-serving workforce is the core of every company's success. The longer employees work for a company, the more effective they become as employees familiarize themselves with the system and workflow at the organization. Highly skilled and hardworking employees like these are difficult to find and replace, which is why companies are investing millions into employee training and development to increase retention. According to industry research, replacing skilled employees takes time and resources because the costs of recruiting and training new employees are skyrocketing.
Candidates are no longer just looking for a big check or a fancy title when applying for a job; learning and growth opportunities are now also being sought by potential employees as they seek to better themselves and gain new skills.
Therefore, investing in learning and development benefits both employees and the company, as employees are better equipped to deal with tasks and problems. The development opportunities provided by a company significantly improve the odds of a worker staying in the same organization.
Learning management systems (LMS) are becoming the go-to tools for organizations looking to make training and development easy and effective. These e-learning systems facilitate course design, implementation, and management, making employee training a breeze. Greenmusk has a few pointers for creating the ideal training program, so be sure to check the entire site for learning solutions.
Here are some of the ways training programs can help your organization boost its employee retention:
Losing employees immediately after hiring them creates negative consequences for companies. The cost of recruiting new employees within the first year is reported to be 50% or higher of their annual salary. To avoid unnecessary costs, onboarding programs must be effective as training and learning opportunities to welcome recruits and make them a part of the organization.
Training new hires on essential topics like organizational values, objectives, and growth opportunities within the company helps employees adapt quickly in their first days.
Employees who are offered a chance to learn, develop, and grow feel more connected to their workplaces and organizations as their employers are investing in their growth and career development. As workplace requirements change, employee training allows employees to adapt to new systems accordingly. What's more important is how employees develop their existing skills and essential elements of leadership to make them better at managing time and resources and working with large teams.
Employee engagement is one of the key metrics for measuring work satisfaction. As employees become more demanding in terms of needs and look for workplaces that offer more than just money; workplaces that provide growth opportunities and a sense of belonging are now seen as the most desirable places to work, according to an SHRM study.
Employees that are content in their occupations are more dedicated to their work and more likely to remain with the organization over the long term. Employees who believe they have room for advancement are more satisfied with their jobs. When employees believe an organization has their best interests at heart, they are willing to support the mission and objectives of the organization. When this occurs, employees advocate for the organization and promote it to potential employees, contributing to the spread of organizational goodwill.
Training programs make employees feel challenged; this allows them to show their skills, especially encouraging if the assessments can lead to promotions and better opportunities to climb up the organizational ladder. This, in turn, helps employees feel good about their work, motivating them to do more for the organization.
Higher employee retention is crucial to the success of any organization as it slashes costs, helps keep key employees while preventing them from working for competitors, and fosters teamwork. However, these aren’t the only benefits; higher retention also ensures greater productivity, better customer service, and improved job satisfaction. Organizations that invest in their employees' training ultimately realize that they are constantly investing in themselves, as their well-motivated and trained employees help them strengthen their brand, making them make the organization more attractive to potential hires while keeping existing employees connected to the vision and mission of the organization.
If you are thinking of increasing your organizational retention but don’t know where to start, investing in your employees is a great way to get the ball rolling. Employee training and development will help you grow your brand and keep your employees happy. Greenmusk has something for you to help make employee training as easy as possible without doing all the hard work. Check out our services and see how we can help transform your business.