We have all heard the saying – ‘The only thing worse than training your employees and having them leave is not training them and having them stay.’ It’s a difficult environment for employers and employees at the moment. And the current climate means that many organisations are neither willing nor able to invest in staff development.
Here at HRC Online, we want to help, so here’s five reasons you should invest in the development of your staff and how it can help grow your business long term..
Invest in Your Staff to Avoid Turnover
One of the biggest reasons that companies do not invest in the training of their employees is the idea that they will gain the qualification and then leave, taking all that knowledge to a competitor.
While this can be fixed with a training contract, it overlooks the fact people want to develop skills and their professional network. Investment by the company is also an investment by the employee – so make sure you have an idea how to keep your new, more qualified employee happy.
A 2018 survey of over 100 UK companies revealed that those who invested in learning and development have a lower staff turnover and a higher percentage of delighted staff.
With the cost of recruitment being between 15–25% of the candidates’ first annual salary, the data shows that moving some of your recruitment budgets towards learning and development will reduce your overall turnover and increase job satisfaction.
Outside the box thinking
Most professional studies allow learners to work with a governing body of peers to understand how others have succeeded in implementing innovation and ideas into their workplace. This networking gives everyone, including the employer, a best practice roadmap. Having a roadmap will help you avoid common mistakes. The alternative, keeping your organisation away from these memberships and networks, will mean people struggle with outside the box thinking.
Higher employee engagement
65% of employees believe that training and development positivity affects their attitude about their role. Employers who dream big and innovate clearly will allow their employees to develop skills like critical thinking and problem solving. This in turn makes staff more engaged with the business’ success – as they are not just thinking about the same mundane tasks they do every day.
Loyalty and In-house Promotions
Many people don’t want to look for another job if they are happy with their employer. What employees actually need is to develop their skills and see a clear path to a level of career they aspire for. Training and development helps people bridge gaps in their understanding and skills. Let’s face it, nobody walks through the door as the finished product. The more you increase the skills of your employees, the more you can move them up the ladder, and replace them with more junior, but trained, recruits, saving you a fortune on senior recruitment costs.
Talent Attraction
More and more people are choosing employers to see themselves building a career and meeting their aspirations. If you and your main competitor offered the same role, same benefits, but one came with the opportunity to train and develop skills, which one would you choose?
People don’t want to get trapped by a role where they cannot develop. So, if you want to attract innovative, motivated, ambitious colleagues, you need to maximise their potential; otherwise, the more talented candidates will go to employers who will.
What’s the Next Step?
Understanding the benefits of learning and development is a great first step, but you also need a partner who does things a little differently. Call HRC today, to see how our expertise and knowledge in reducing recruitment costs through the training of new and existing staff can help your business.
