What does employee retention entail? Taking strategic actions to keep employees motivated and focused so that they choose to stay with you in the long-term and are and fully productive. A full-fledged employee retention program plays an important role in attracting and retaining your workforce. It also helps in reducing turnover and its related costs. All of these factors are responsible for an organisation’s productivity and overall business performance. It is more efficient to retain a quality employee than to recruit, train and orient a replacement employee of the same quality.

In fact, as per SHRM’s Employee Job Satisfaction and Engagement: The Doors of Opportunity are Open research report, employees identified these five factors as the leading contributors to job satisfaction:

  • Respectful treatment of all employees at all levels.
  • Compensation/pay.
  • Trust between employees and senior management.
  • Job security.
  • Opportunities to use their skills and abilities at work.

And training plays a major part in your employee retention efforts. Effective learning strategies motivate your workforce to stick with your company in the long run. Yes, the link between employee training and retention is clear and supported by much research. Consider these informative employee retention statistics reported in recent research reports.

Eye-opening Stats: Employee Retention and the Effect of Training

  1. As per a report from the Center for American Progress, turnover can cost organisations anywhere from 16% to 213% of the lost employee’s salary.
  2. According to the Society for Human Resource Management (SHRM), 69% of employees are more likely to stay with a company for 3 years if they experienced great onboarding.
  3. MRINetwork has found that 72% of candidates are driven by career advancement opportunities, the number one reason people change jobs.
  4. Employees who undergo an effective onboarding process can reduce new hire retention by 82%.
  5. 79% of employees wouldn’t accept a job at a company with a higher salary unless the company failed to take actions against employees involved in unethical behaviour.
  6. 77% of companies focus on employee experience to increase retention.
  7. Employees whose managers consistently acknowledge them for good work can reduce turnover up to 31%.
  8. Human resource leaders admit employee burnout is sabotaging workforce retention. It handles 50% turnover.
  9. 70% of staff members would leave their current organizations for a job with one known for investing in employee development and learning on learning management system.

The following 5 statistics revealed by Lorman.com explain how an effective training program leads to a boost in employee retention rates.

  1. Organizations with poor onboarding processes are twice as likely to experience employee turnover.
  2. 34% of employees who left their previous job were motivated to do so by more career development opportunities.
  3. 86% of millennials would be kept from leaving their current position if training and development were offered by their employer.
  4. Over 70% of high-retention-risk employees will leave their company in order to advance their careers.
  5. Retention rates rise 30-50% for companies with strong learning cultures.
  6. Companies rated highly on employee training saw 53% lower attrition.

Conclusion

If you make your investment in the right tools and technology a priority, you can engage your employees. It empowers your staff by giving them a voice to be heard. Additionally, it embeds in them a purpose that serves as a cornerstone of your company’s culture. After all, the power lies in your hands to shape the outcome you desire in terms of employee retention, loyalty, and engagement.