The numbers are staggering, especially when considering that steps can be taken to decrease the potential for employee dissatisfaction. Innovation and Workforce Development at Greensboro College was created to help solve the problem for employers through the most effective means: education.
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?
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 and security and career growth. All of these can be rectified by education.
Employee wellbeing is critical to 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 82% and even improve new employee productivity by 70%.
According to the 2022 LinkedIn Learning Report, opportunities to learn and grow are the top drivers of great work culture. This significantly impacts employee wellbeing 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 lead them to feel as though their role is valued because of the investment that is 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 want to grow and feel supported by the company.
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 they were 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.
Innovation and Workforce Development at Greensboro College is designed to impact your workplace immediately. Our programs are a fast-forward approach to developing your talent pipeline.
Schedule an appointment with Joseph, our Assistant VP of Corporate Outreach.