From an eLearning Perspective
We can all agree that costs are rising across the board. As our daily bread becomes more expensive, so does the cost of running a business. Training can be one of the most cost-efficient ways to keep employees.
The proof is in the numbers.
According to annual stats from the Bureau of Labor Statistics, new hires cost close to $4700 to train versus employee separation costs that are close to 33% of their annual salary (not all separations involve employees moving to other companies; some involve layoffs and death). Many employees are more likely to stay with a company that offers ongoing training.
So, how have companies improved their perspective on employee retention?
It involves improving the work environment to fit the needs of individual employees through better benefits, flexible work hours, and engagement and inclusion through training. Employees are investing in training that focuses on well-being and personal growth. Programs that help manage stress and balance work and life show employees that the company cares about them, leading to a happier and more loyal workforce.
eLearning has played a significant role in these trends.
Companies have found that investing in eLearning can help them train their existing workforce more effectively. Training includes upskilling, teaching people how to cultivate a supportive work environment, and empowering them to believe in the company values and how they align with their own.
The good news is that employee retention is on the rise.
Yes, many factors play a role, but training and engaging your employees is a controllable and cost-effective way to deliver a pleasurable environment where employees want to stay and grow within the company. Look at the Bureau of Labor’s retention numbers over the last few years. Retention is up, and employers’ diligence is paying off.
1. Bureau of Labor Statistics Tuesday, June 4, 2024
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