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. According to Go2HR, a resent survey found that 40% of employees will leave their job within a year, if the company lacks skill training and development opportunities.
In addition to a good wage, many valuable employees are also looking for a company that allows them to learn new skills. 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.
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 mangers 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. Employees who are looking to cultivate their skillset are more likely to stay if they are given proper resources to flourish. Don't lose good employees just because they've mastered their initial job duties and are now ready to move on.
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.
Bottom line: promoting and encouraging employee growth - through career advancement or new skills - can reduce turnover and help retain top employees. 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.