EMPLOYEE RETENTION & HAPPINESS IS KEY
A forecast from PwC revealed that 65% of the workforce were actively looking for a new job in August of 2021 while, according to data from Visier, one in four workers quit their jobs in 2021.
The numbers are staggering, especially when considering that steps can be taken to decrease the potential for employee dissatisfaction. Professional Workforce Development was developed to help solve the problem for employers through the most effective means: education.
While employee turnover isn’t good for anyone, an organization that suffers from repeated employee turnover runs the risk of losing money, impacting performance, and the ability to hire quality talent. Replacing an individual employee can be two times as expensive for the company as retaining their previous hire, especially if that hire was a high-quality, productive employee. Losing the person in that role could mean a backlog of productivity until, and if, the replacement employee finds their footing in the company.
HOW DOES A COMPANY COMBAT EMPLOYEE TURNOVER?
In short, a company can combat this by focusing on employee advancement overall.
Employees expect a number of things from the organization they work for including, but not limited to, greater work-life balance and better personal wellbeing, job stability, security, and career growth. All of these can be corrected by education.
Employee wellbeing is a critical part of an employee’s happiness. Ensuring that they are properly prepared for the position they are taking on is crucial. According to research done by the Brandon Hall Group, organizations with a positive onboarding experience can improve new hire retention by at least 82% and even improve new employee productivity by a staggering 70%.
According to the 2022 LinkedIn Learning Report, opportunities to learn and grow are the top drivers of excellent work culture. This significantly impacts employee well-being and happiness.
Ensuring that employees are properly trained for the position means that they are likely to stay with the company long-term and increase their personal wellbeing. Employee well-being also feeds into the stability and security an employee feels in their organization.
Stability & Security
Job stability and security can also be rectified by proper education. Often, employees don’t feel stable in a position when training is lacking. Ensuring that their skills are up to date can make them feel as though their role is valued because of the investment made on their behalf.
Employees are 12 times more likely to leave a position if there are barriers to career growth and internal mobility. These barriers include training, professional development, and other opportunities for advancement. Employees don’t want to leave a company. They would rather grow and feel supported by the organization.
Statistically, internal mobility is fueled, in part, by training.
Nearly a third of employees worldwide want learning programs to help fuel their growth. This includes organizations that do not have qualified workforce development initiatives. Managers are extremely supportive of this. In fact, according to LinkedIn, nearly 91% of managers believe learning can help overcome skill gaps and also work to help their employees find other roles within their organization.
INNOVATION AND WORKFORCE DEVELOPMENT
94% of employees would stay at a company if offered opportunities to learn and grow. That is why our programs are so important. Without education, a company’s ability to retain its employees decreases drastically.
Professional Workforce Development is designed to impact your workplace immediately. Our programs are a fast-forward approach to developing your talent pipeline.
Schedule an appointment with our Director of Corporate Outreach.
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