If an employee leaves a company, then the answer is of course to simply hire another. However, each employee represents an investment that’s been made often over a significant period of time. Employees will have benefitted from training and possess the experience that comes from being in business over a period of time, something that helps to ensure continuity of service and provide the expertise a business needs to operate at a high level.
Recruiting can also be an expensive business. Recent studies show that firms spend around £5,000 recruiting the average employee. This increases with the seniority of the position so it’s not uncommon for companies to spend up to £50,000 recruiting for management roles. The bulk of these figures are made up of agency fees and advertising charges but there are also miscellaneous costs such as the time taken to review CVs and interview candidates. This can make the recruitment process very time-intensive, and may well have a detrimental effect on productivity.
So, once you’ve made the investment in your staff, it makes sound business sense to keep them. This is where training and personal development opportunities can play a key role by engaging employees, building loyalty and adding value to the employment relationship. By providing the employee with extra skills to help them do their job better, you will also be strengthening company culture and increasing employee confidence. And, as they feel more confident with duties, they can begin to train and mentor their colleagues reinforcing the initial training and helping to develop social connections within the work environment.
But with the financial constraints being placed on business now, you may need to prove that your training programme is producing results and that your Return on Investment has been justified. If you don’t measure the number of staff trained, the skills gained, the application and impact on organisational goals then how do you know your training made a difference and that it was the reason sales or productivity was increased? Without measurement, you’ll never know if your training program is not as effective as it might be or that you’re not reaching your target audience.
If you aren’t currently measuring your ROI, why not talk to QED who have created New Evaluation Methods which allow you to understand the impact and returns from all forms of Learning & Development to allow you to justify investments in learning and culture change.
Nowadays, to survive in a changing marketplace, businesses need to ensure that employees at all levels possess the skills to perform their jobs to the best of their ability and have the opportunity to progress so that they can fulfil their potential within the company. If you’ve got some star players on your team, you’ll naturally want to keep them and by providing Training and Personal Development opportunities, they’ll be more likely to feel supported and valued and stay with your company. So, if you can show your employees that you truly value them, and never underestimate how important they are in maintaining a strong workforce, you’ll be well on the way to retaining your best talent!