Training your staff can help you retain them and is a valuable method to keep employees engaged, inspired and informed, and keep your business ahead of the curve.
Why is training staff important?
Investing in learning and development not only increases employee satisfaction but also improves their expertise. It can arm them with the information they need to position themselves as leaders, becoming more invested in their skills and more likely to progress within the company. This results in an increase in staff loyalty and retention.
Here is a breakdown of some of the core benefits of training employees:
- Position your company as a learning organization
- Increase in staff expertise resulting in less expensive external hires
- Higher retention due to employees’ career developing internally
- Drive your company’s profile as an industry leader
“An investment in knowledge pays the best interest.” – Benjamin Franklin
Why is employee retention important?
High turnover in employees can be expensive in terms of having to recruit for a new starter and invest in their training. It could cost you a client’s trust as work could falter when being passed through different hands. Replacing an employee who earns $75,000 is estimated to cost around 20% of their income.
How does employee training influence retention?
Training is an incentive for employees to stay within a business. Having training customized to your business also encourages them to invest in the company, as their training is specialized. Ideally, training would also increase employee engagement as they become more invested in your products and/or services.
What is the best approach to developing a training program?
Developing a training plan that is relevant to employees roles and based on business objectives can increase the investment your employees have in their learning and development. As mentioned above, training that is specialized within your business and industry can also increase your employees’ investment within the company to help their growth.
It is important to remember while a strong training program can incentivize your employees, we also recommend bolstering this with other initiatives. Ensure you obtain feedback from your employees on how your training program can improve. While you want to customize it to your business objectives and their current role, it’s important to consider what development they value.
“Train people well enough so they can leave, treat them well enough so they don’t want to” – Richard Branson
Why should you use a Learning Management System?
eLearning is a cost-efficient option that allows the user to tailor training courses to meet their objectives. By utilising different formats and customizing content to suit your company objectives and culture, you can create a training program that is relevant to your employees and your company.
Want to take a look at our learning solutions?
Contact our team to discuss how we could help with learning in your organization.