Does Training Improve Staff Retention?
According to the findings of the AHRI 2015 Pulse survey on turnover and retention, 61% of respondents reported that companies offer training and development opportunities as a way of encouraging retention. According to the survey, 31.67% of respondents believe that training and development opportunities are the most effective ways for organisations to retain workers.
When our employees feel undervalued and under-utilized, you can safely assume that it won’t be long before they are looking for another job that will recognize their hard work and contributions. This is not what any business wants, so how do we prevent it? We give them a reason to stay. We offer them opportunities for growth and development, so that they can increase their knowledge and skills and do work that inspires them.
By continually investing the appropriate training in our employees, they will develop a greater sense of self-worth and feel that they are becoming more valuable to the company. Employees often feel more empowered and confident to handle the tasks that may come their way if they have had an opportunity to improve their skills. This, in turn, is likely to reduce employee turnover and result in the company gaining numerous benefits, including increased business performance and productivity, which ultimately results in financial gain.
We often hear firms complaining that training is expensive, both in cost of provision and in loss of staff availability during training. We hear you, however, not training your staff can be even more expensive in the long run. Training is not only a way for a company to improve staff retention, but also a way to avoid recruitment costs and reduce absenteeism. Training should be viewed as an investment in the individual that generates a return for the firm. By investing in your staff’s skills and development you are encouraging their loyalty and commitment.
Ultimately, training demonstrates to your staff that you are committed to them in terms of their personal and professional growth and that you value and appreciate them. So instead of focusing on what training your staff will cost you, why not focus instead on encouraging quality relationships and strong bonds amongst your staff and offering them opportunities for growth and development. As Henry Ford once said, “The only thing worse than training your employees and having them leave, is not training your employees and having them stay.”
This article is for general information purposes only and should not be relied upon in any specific situation without appropriate legal advice. If you require that advice or wish to discuss any of the issues raised in this article, please contact us.