Having a skilled and long-serving workforce can take any business to great heights. The longer the tenure of an employee at a company, the more productive their work becomes over time. But what happens when a valuable and high-performing employee decides to quit the company? It can turn out to be a nightmare to replace such a resource as the cost of procuring a new resource is extravagant.
One of the biggest incentives that attracts an employee is the opportunity to acquire new skills in order to grow in his/her career. Investing in employee learning and development not only benefits the employee, but also the company as the employees become better armed to tackle any work challenges that come their way. The development opportunities a company provides significantly increases the chances of an employee staying in their current job.
To efficiently execute training and development, there are various eLearning platforms available. They enable creation, execution and management of eLearning courses and make training employees a piece of cake. You can compare their features to see if they fulfill your training goals. For instance, when you compare Thinkific with Learndash, you find that the former offers training options via webinars. If you want webinars as a part of your training experience, you can eliminate Learndash from your list of prospective options.
Here is a breakdown of how training serves as an effective strategy for employee retention:
- Gives employees higher job satisfaction:
Training makes employees feel challenged to grow. Being able to grow in a position leads to them finding their jobs more fulfilling. When an employee feels good about their contribution to the company, they will develop a greater sense of self-worth and are 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 makes employees feel valued and gives them higher job satisfaction.
- Helps in spotting high-potential employees:
Training employees to equip them with relevant skills gives employers a chance to discover high performing employees. These employees can then be rewarded and given incentives for their achievements. This boosts 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 performance reviews makes this task easier.
- Ensures employee engagement:
Investing in training your employees to ensure they stay abreast of new knowledge and skills proves to be worthwhile in the long haul as employees feel empowered. Such employees feel a sense of loyalty towards their employers and stick around to their jobs longer.
When employees see that you are providing learning opportunities to advance their career, they feel you care about their growth and become more committed to their jobs. This leads to higher employee engagement which produces higher business productivity.
- Makes onboarding more efficient:
Let’s face it – employee 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. Hiring and retaining talented individuals is time consuming and requires significant investment. This is why employers should rather invest in training and developing their employees regularly.