Onboarding has been proven to have a gargantuan impact on the productivity, retention, and overall engagement level of your workforce. According to Fast Company Magazine, 69% of employees are more likely to stay with an organization more than three years with an effective onboard program. In any case, it’s important you treat your employees like the most important investment your business can make. This means, training shouldn’t stop after onboarding. Continue reading to learn more about the benefits of training past the initial onboarding.
Lower Cost of Turnover
One of the top factors contributing to a high turnover rate is lack of training. Several sources indicate companies that slack off on spending in training have higher turnover rates. In a matter fact, most sources will site the lack of development and skills training as the primary reason for employees choosing to leave the organization. When you consider the outstanding cost of turnover and the resulting loss of productivity from finding a suitable replacement, it’s important you effectively onboard and continue training your workforce. Although figures can vary across industries, replacing your employees due to lack of training is hefty price to pay.
Just because you show your employees how to do their job doesn’t mean that you shouldn’t continue to provide them with the latest and greatest tools. This is when understanding the difference between training and development is key for increasing employee productivity. Continuing education allows you to continue to reinforce those productive habits. Training allows you to empower your staff to do more and understand more. In addition, continuing training ensures your employees are as productive as possible.
When you train your employees, you make sure they are aware of the most recent trends and developments in the industry. Whether it’s the latest social media tools or new machinery, the world of business is continually developing. You make sure your employees understand these changes and create a competitive advantage through continuing education programs. In the addition, training your staff with newer tools will allow them to take on new roles and more challenging work within the business.
Better for Recruitment
Considering the majority of today’s younger millennial workforce need more than a paycheck, training can be an excellent recruitment tool. A growing number of millennials require additional training so they can learn new tools. You will be much more likely to attract and retain top talent when you offer more development opportunities.
Increase Job Satisfaction
When you provide your employees with ongoing training and development, it increases their engagement and helps them become more rounded individuals. At the same time, training provides each employee with an additional set of skills that they can contribute to the company. Simply put, the more satisfied your employees are, the better your rewards.
Discover an easy way to continue your training here!
Image Source: Giphy