In today’s competitive job market, finding and retaining top talent remains a primary challenge for many organizations. Research shows that companies can significantly boost employee retention rates by providing robust, ongoing training and development opportunities.
Employees now expect and demand continuous skills development and career growth from their employers. In a best-case scenario, training needs to be tailored to the individual employee and their strengths and what they would like to improve on.
A recent LinkedIn survey found that 93% of employees say they would stay at a company longer if it invested in their learning and development. Training shows workers that the organization values them and is committed to investing in their futures. This in turn builds engagement, loyalty and motivation to remain with the company long-term.
The report also found that 93% of organizations are concerned about employee retention. The number one way respondents are working to improve this is by providing learning opportunities.
Retention rates are 34% higher for jobs that offer professional development opportunities. A SHRM study found that the average cost of losing an employee can be six to nine months of their salary.
Investing in employee training prepares them to take on bigger roles. Nurturing and enhancing your workforce, while broadening horizons for more opportunities, can produce loyal employees who stay longer – thus minimizing attrition while maximizing retention.
Ongoing training also empowers employees and gives them confidence in their skills and abilities. When workers feel empowered in their roles, they become more invested and satisfied with their jobs. This provides an incentive to stick with an employer that focuses on nurturing talent.
Furthermore, comprehensive training programs allow organizations to build and promote from within. Developing next-level skills enables promotion opportunities. This offers employees clear career paths for progression within the company. Research shows promotion and advancement is a top predictor of retention, as workers are motivated to stay with employers who invest in growing them into leadership roles.
Those who move up or laterally can earn higher compensation, bonuses and other rewards for their expanded contributions. Investing in staff development leads to qualified, experienced candidates to fill high-level positions from within rather than looking externally.
Peer mentorship opportunities, cohort-based training programs and collaborative learning experiences are other powerful tactics for boosting retention. By facilitating relationships between employees, they foster social connections and a sense of belonging to the organization. This builds an emotional attachment that makes workers less likely to leave.
Building strong training programs is the focus of CUNA Experience Learning Live!, an October credit-union focused conference in San Antonio. Trainers from across the country will build a community around training and address training issues through peer-to-peer networking, and much more.