cost savings employee retentionLosing an employee is expensive. The process of finding and training a replacement can cost twice as much as your former employee’s salary. Then, once your new hire is properly trained and onboarded, keeping them engaged and loyal is the next challenge. And it’s a big one…

Companies are usually shocked to learn that financial incentives are not the secret to employee retention. In fact, a 2018 LinkedIn survey reports that an incredible 94 percent of employees admitted they would stay in a position longer if their employer invested in their training and development. Ironically, these employees also claimed that they didn’t have time to continue their educations independently.

The solution? Make employee training and development part of their day-to-day jobs.

The same LinkedIn survey showed that both executives and employees agree that soft skills are highly important: leadership development, communication skills, and team collaboration were just a few of the skills that survey participants identified as instrumental to their careers. And wouldn’t you know, empowering your employees with these skills can—and will—make a magnificent difference in your company or firm’s performance. What a win-win.

Of course, implementing an out-of-the-box training program isn’t enough to yield results for your employees or for your firm. Here are a few tips to help align your training program with the wants of your employees and the needs of your business:

1. Set learning goals. Each member of your team will have his or her own educational objectives. Identify where their goals intersect with the goals of your firm—and voila! You’ve got a mutually beneficial goal that will keep your employee engaged while reaping rewards for your business.

2. Go with the workflow. It doesn’t matter how solid your training and development program is—if it’s not teaching skills that integrate seamlessly with your firm’s operational processes, employees won’t be able to leverage their new skills in a real-world environment. Try to align learning processes with the actual tasks your employees manage on a day-to-day basis. Your employees will be able to feel the improvement in their performance…and your bottom line will feel it, too.

3. Reward your employees for a job well done. It’s simple: employees who feel appreciated and valued are more motivated to perform at the top their ability. When your employees reach their learning goals or measurably improve their performance, reward them however you are able: give them extra flex time or a paid day off, take them out for a nice lunch, grant them the most coveted parking spot for a week. It doesn’t have to be a grand reward—just some way of showing them that their hard work has been noticed and is appreciated.

Increased productivity and an improved bottom line are just secondary benefits next to the cost savings of retaining your employees. Training and development programs are undoubtedly a win for your business and a win for your employees…as long as you find the right program.

Our Team Empowerment Academy is a virtual training program designed to equip leaders and employees with a wide range of hard and soft skills. With over 200 tools and techniques, plus weekly master classes focusing on a variety of subjects, members of our program typically generate measurable results after just eight modules. We help take the guesswork out of employee training and development.

Schedule a FREE Discovery Session

If you’re tired of a revolving door of employees wasting your firm’s time and money, we can help. Whether your challenge is finding and recruiting top talent, training and developing your team, or retaining employees for the long-term, Hiring & Empowering Solutions can help. Schedule your free 30-minute discovery session with Molly today.

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