Knowledge Factor Blog Training Prevents Turnover

For businesses to thrive in today's economy, finding and retaining the best employees is important. However, developing employees is a classic example of a management function that's both highly valued and highly neglected. According to a recent study, 63% of employees say their skills are not being fully developed - leading them to consistently search for purpose in their work and fueling unwanted early exits.The cost of employee turnover is expensive. A CAP study found that every time a business replaces a salaried employee, it costs six to nine months' salary on average. The study also found that turnover varies by wage and the role of the employee:16% of annual salary for high-turnover, low-paying jobs (Under 30k) - replacing a $10/hour retail employee costs on average $3,32820% of annual salary for mid-range positions (30-50k) - replacing a 40k manager costs on average $8,000213% of annual salary for highly educated executives (Around 100k) - replacing a 100k CEO costs on average $213,000Employees Have the Answer - Incentivized through TrainingTwo out of three employees say that training plays a significant role in decisions to stay with their current company. A survey administered by Bridge found that employees value training in the workplace over mentorship, tuition reimbursement programs, sabbaticals and international fellowships. Why do employees value training over other incentives? It's simple. "Employees really want relevant training ... to become more effective at the job they're currently doing. The skills and knowledge they need to do their jobs is changing, and they want to stay caught up. It's relevant to doing their job well." - Jeff Weber, VP of People & Places at InstructureIt's safe to say that companies who fail to invest in the area of developing their employees are likely to lose them. Fortunately, training that is able to demonstrably improve employee performance has been shown to decrease turnover - fewer mistakes equals more satisfied employees. Learn more about how meaningful developmental activities reduces ___ and see how employee training contributed to improved performance and employee retention for one of the nation's largest food manufacturers.