If you have a long-serving workforce with excellent employee engagement, your business will be successful. The longer someone has been with your business, the more productive their work will become over time, however what do you do when a high performing and valued employee decides to leave? The cost and time of replacing them can be very high……
Having the opportunity to learn new skills and have further training and development within a role is one of the key drivers many job seekers are looking for at the moment. So investing in your employees personal development not only benefits them, but also you. The employee becomes more adept at being able to tackle any work based challenges that come their way and it will also significantly increase the chances of them staying with you for a longer term.
To efficiently execute training and development, there are various eLearning platforms available if you don’t have your own internal training team. You could also use specialist external training consultants as well as looking at degree apprenticeships and using the apprenticeship Levey further.
Here are our top 4 reasons training and development serve as an effective strategy for employee retention:
- Gives better job satisfaction:
Your employees will feel more challenged and able to grow if they are offered training, which will lead them to find their job more fulfilling. When an employee feels good about their contribution to the company, they will develop a greater sense of self-worth and are more motivated to perform better.
By investing in learning & development opportunities for your employees, you ensure they become a valuable resource to the company. Knowing that the company has invested in their career and personal growth gives them a higher job satisfaction.
- Help to find high-performing employees:
Giving effective training and development will equip your employees with the relevant skills in order for you to discover any new high performing employees. They can then be rewarded and given incentives for their achievements which will boost employee morale and is a key driver of retention.
Choosing candidates who are eligible for promotion and ready to take on leadership roles requires a lot of consideration. You need to know their capabilities, strengths and weaknesses in order to assign the correct roles and responsibilities. Training and performance reviews makes this task easier.
- Employee engagement:
Employees are more likely to be engaged and feel empowered if they see you investing in training and development. This will ultimately result in them feeling a sense of loyalty towards you and stick around to their jobs for longer.
When employees see that you are providing learning opportunities to advance their career, they feel you care about their growth which leads to higher employee engagement which produces higher business productivity.
- Makes onboarding more efficient:
Onboarding is expensive and takes a lot of effort. It can be disheartening when you invest a substantial amount and the new employees quit their job within the first few months of their employment.
Having an onboarding training program for new employees can help you start retention right from the beginning. Apart from introducing them to the company culture, the onboarding program makes sure their skills are honed and they perform to the best of their abilities.
Employee turnover is a universal issue that every industry faces, especially at the moment. Recruiting and retaining talented individuals is time consuming and requires significant investment. This is why we suggest that you should invest in training and development on a more regular basis.
If you would like more information on how we could support your recruitment and retention strategy, click here