Are you losing your best and brightest employees to competitors? Does the cost of finding, hiring, onboarding and training a new employee keep you up at night? If it doesn’t, it should! Society for Human Resource Management (SHRM) research tells us that the average cost to hire a new employee is $4,129 and takes 42 days (read more here). The more senior, skilled, or knowledgeable an employee is, the higher the cost and longer the search.
The most recent Gallup Employee Engagement poll shows that only 33% of employees are engaged at work. In the twelve survey questions that Gallup has asked over the past 20 years, three relate to an employee’s development and the sense that their development is important. From the Gallup State of the American Workplace report, “data shows that a lack of development and career growth is the No. 1 reason employees leave a job.” To read the Gallup State of the American Workplace report click here to sign up with Gallup and download.
When you connect these two pieces of information, you come to a clear solution for the turnover problem: training and developing your employees. While your CFO may ask, “What if we train them and they leave?” You can answer, “What if we don’t and they stay?” An untrained workforce makes more mistakes, takes longer to complete tasks and is generally unsatisfied with their job. By implementing well thought out training that supports business needs as well as employee development needs, you can essentially kill two birds with one stone – improve productivity and keep your best employees!
Managers can increase benefits by becoming involved in developing their staff beyond training. To make the training effective, managers should coach employees through the changes. Changing how one approaches tasks takes practice and repetition beyond what can be provided in four to eight hours of training. A skilled manager can provide just-in-time feedback and on-the-job coaching as employees put new skills in practice. This feedback and coaching can ensure the organizational change that the training was designed to bring about. Learn more about our approach to training managers as performance coaches here.
We recommending beginning with an organizational analysis to determine the best solution for your business needs. Read more about our approach to consulting here and contact us to find out how we can serve your organization!