According to Go2HR, a survey found that 40% of employees will leave their job within a year if the company lacks skill training and development opportunities. Quite possibly the smartest investment an employer can make is training current employees and ensuring they have the tools and skills they need to advance their career. Additionally, investing in your workforce will also build up your business in the long run. Check out these three reasons how training your employees can make a difference.
If only one person is given the opportunity to learn new skills and take on more responsibility, you'll have a difficult time bouncing back should they suddenly decide to leave. It's important for managers to share knowledge and provide growth opportunities to everyone. Cross training current employees will not only ensure your department will continue running smoothly in the event of a departing team member, but it will also keep staff happy. You will also build teams that are resourceful, can support each other, and grow.
In addition to a good wage, many valuable employees are also looking for a company that allows them to learn new skills. Employees who are looking to cultivate their skillset are more likely to stay if they are given proper resources to flourish. You're more likely to attract and retain top talent if you're able to offer opportunities for growth. Young workers, specifically millennials, are motivated by the thought of career advancement; added responsibility, better job titles, new skills, and more money. Quality employees will always seek more knowledge and are willing to find a new employer if needed. Offer candidates and your employees an incentive to come onboard and stay.
As previously stated, promoting and encouraging employee growth through career advancement or new skills can reduce turnover and help retain top employees. Turnover can come at a much higher cost than you think. With one less employee in your department, productivity can slip, and current staff members will be required to take on a heavier work load and longer work hours. Not to mention that with added stress, morale may suffer. Now factor in the time and money spent to find a replacement for the position, including screening and interviewing applicants. Once you find the right person, you'll now have to spend additional dollars on training. The cost of turnover can add up quickly. According to Go2HR, the price of replacing a valuable employee can be as much as $2,500.
Don't lose your top talent just because you're not willing to invest in their future. After all, you aren't just investing in their future, but the future of your company.