How does training impact on employee retention?
Have you ever thought about how much training can help your organisation to retain its staff?
Training does much more than equip people with the basic skills to do their job, it builds a connection between the work they do and the value their organisation places on them, which is essential if you want to retain the people who make a difference.
Training is critical in difficult times
There are many pressures on businesses at the moment as they navigate through a perfect storm of economic pressures and staff shortages.
Employers will tell you that it’s hard finding good talent, and you are often in competition with other businesses to attract them.
To avoid the time and money it takes finding good talent, your resources may be better used in holding on to the good people you already have.
But according to an Ipsos survey earlier this year, 47% of British workers say that in the last three months they’ve either thought about quitting their job, looked or applied for another one or spoken to their employer about resigning.
Yet 92% of learning and development professionals believe that learning helps to create a sense of belonging, and if you can achieve this and grow a skilled workforce it will make a big difference in your retention figures.
The impact of staff turnover
A skilled workforce makes the difference between success and failure for any business and the longer an employee stays, the more productive they become; training can be integral to this.
Good employers know that losing a member of the team is more than just an inconvenience. Staff turnover is costly not just in terms of how much it costs to replace someone, which can be a lot, but also in lost productivity while you recruit a replacement and are one person down.
For the person doing the hiring, it also takes time away from their day-to-day responsibilities and impacts on their productivity too. The longer this goes on, the more costs increase and the harder it can be to catch up.
Losing a member of the team also affects the morale of the employees who are left and puts them under added pressure to cover the gap. It can even make them question their own positions in the business, unsettling a team and persuading more to leave.
Ultimately, these changes affect business productivity, efficiency and morale, and while sustainable for short periods, it can eventually affect the reputation of the business. Instead, you can invest in your people by training them.
How training makes a difference
Beyond a sense of belonging, training helps drive staff retention in other ways:
- Training develops people’s skills and as their skills develop, they feel more empowered and good about what they contribute to the business, building a sense of worth and motivation
- As people feel more challenged and develop, job satisfaction grows
- Training helps to identify employees with high potential so you can develop them further
- Having the skills that make you good at your job builds a sense of purpose and loyalty towards the business
- Knowing that your business is investing in you creates a two-way obligation that builds loyalty
- A business with a culture of training and investing in its employees find it easier to attract talented people from outside who want to grow
- Saved money through reduced recruitment costs
A highly skilled team gives a business a competitive advantage and training is one of the most immediate tools at your disposal to develop and retain the people who make your business unique.
Train to retain
At 365 Training Consultants, we see on a daily just how impactful training can be for businesses. For example, a lack of IT skills can affect productivity but more than that, training can build a community in the workplace.
Whether by attending training with colleagues from different parts of an organisation, creating a trained cadre which becomes an advocate for your mission, or even attending online training sessions together, especially among people working remotely, training builds a feeling of belonging.
We have previously talked about the importance of IT skills in the new working environment and now, more than ever, training is helping people and organisation to adapt to the fast-changing business environment. It is one investment that can make a real difference.
We help your business gain more from your IT equipment and software packages including SharePoint, by offering virtual, face-to face and group training, one-to-one coaching, or through our consultancy service.
If you would like to discuss your IT training needs and explore how we can create training that engages, develops and helps you to retain a great and productive team, then we invite you to contact us today.
