According to a report by the Society for Human Resource Management (SHRM), the average cost-per-hire is somewhere around $4,129. That means every time someone leaves your organization you should be prepared to fork out another four-grand for the time and resources it will take to find and train a replacement.
However, what if better employee training could help decrease turnover and actually start putting money back in your pocket? Here are just a few ways that creating better employee training will do just that:
1. Create Company Onboarding that Gets New Hires Excited
For the most part, a new employee’s first training experience usually happens during onboarding. Companies should be using this valuable time to ensure employees know key facts about the company, its core products and services, any employee benefits they’ll be getting, what working for the company is like, etc.
The point is to establish not only a base knowledge of who is the company is and what it does but also inspire excitement. Employees produce better work when they like what they do and who they work for.
2. Establishing Expectations Cuts Down on Confusion and Mistakes
When employees are confused about job expectations it’s not uncommon for their efficiency and quality of work to suffer. After all, how efficient and error-free would your work be if you weren’t 100% sure what’s expected of you?
Establish expectations for each employee up front. This includes any key performance indicators (KPIs) you expect them to meet, particular job duties they need to fulfill, particular ways to perform tasks, etc. Doing so will cut down on mistakes, missed business opportunities, frustration and back and forth.
3. Offering Skills Training Improves Efficiency
Most training programs include at least some skills training and for good reason. This is the perfect opportunity to get your employees in front of training that will benefit not only themselves but your business as well. Have a large sales team? There are numerous training courses that can help improve close rates. Have multiple departmental managers that oversee large staffs? Time management training may help them better manage their employees while also completing their other job duties in a timely manner.
4. Offer the Chance to Advance Their Careers Through Training
Similar to skills training, offering your employees the chance to improve not only their skills but give them the means to advance in their career is a win-win. A perfect example would be offering managerial training to an employee who has the potential to step into a managerial role. By completing this training, they’re more likely to be better prepared to take on the duties of a manager instead of becoming overwhelmed and feeling ill-prepared.
5. Recognize and Reward Employees
Paychex recently conducted a study that found 45.24% of people surveyed would leave a job for lack of recognition or reward. This is simple enough to do through your training programs and the use of a learning management system (LMS). An LMS allows you to track learners’ progress and completion. Some even offer things like leader boards and badges to really up the ante and get some healthy competition going.
Each and every one of the aforementioned areas can be used to really make an impact on your employees as well as your business’s bottom line. They can help improve efficiency, create a happier workforce that delivers high quality work and ultimately helps bring in more clients and sales.
Do you have another example of how employee training can help put more money back in your pockets?