Employee turnover is a lingering issue for many organizations and it can have some serious side effects. If employee turnover is not well maintained, a company can lose large chunks of time, money and productivity. Company culture is also related with employee turnover and can quickly be damaged by employees constantly leaving the company. Not all turnover can be avoided, but the factor that must be limited most is the voluntary quits by employees.
Each time an employee voluntarily leaves a company, an expensive process must take place to replace that employee. There have been studies, such as one performed by The Center for American Progress, that have determined that this process can cost anywhere between 15% to 250% of the employee’s annual salary in order to go through the entire process of replacing them. This can be extremely problematic for companies with higher turnover rates. There are however, ways to keep employees satisfied and more willing to stay at the same company for longer periods of time. The way that I want to highlight today is through the training and development of employees.
You can see from the graphic below that the majority of millennials valued employers who invested in their development. On top of that, 69% of employees under the age of 40 saw training opportunities as a reason to choose and stay with a specific employer. This means that employees believe in training and development and seek this out when deciding on where they want to work. It is important that businesses reflect this by offering learning and development programs. One of the best ways to offer learning and training opportunities to employees is through elearning. With elearning, employers can offer engaging, flexible courses that don’t dig deep into their budget. It also gives employees the flexibility to take the courses whenever and wherever they’d like, on a variety of devices.
With the convenience, flexibility, cost effectiveness, and the increased engagement of elearning, it might just be the best possible solution for the damaging problem of employee turnover.
