Long-tenured staff are a benefit to any organization. They possess knowledge of and experience in not just the industry but also the specific company they work for. They can serve as mentors and teachers to new hires and serve as stewards for the organization’s long-term goals.
Unfortunately, employee turnover is a huge problem for businesses across virtually all industries. On average, companies lose a quarter of new hires in the first year, and according to one survey, 87% of employers list employee retention as a key priority for their business.
How Training Impacts Retention
With the average cost of training a new employee standing at over $1,000, employers can be forgiven for questioning the soundness of making an investment in training if they expect a significant chunk of their staff to be gone in a year anyway. After all, why train someone to go work for a competitor?
What this line of thinking fails to recognize, however, is that employee training and development are extremely effective retention tools. Rather than training staff for the competition, investing in employee training and development demonstrates a commitment to staff and shows. . .
Source: HR Daily Advisor