It’s been said before, and it’ll be said again: it’s a brutally competitive market out there when it comes to getting the best talent onboard and, more importantly, keeping hold of them.
Here’s a figure for you: it costs a hundred and fifty percent of a mid-level employee’s annual salary to replace them. Replacing senior employees is even costlier. So, it makes sense to ensure you can retain your team members. And one of the best ways to achieve this is by using eLearning and using your Learning and Talent Development Platform to its maximum potential.
Hold on, I hear you cry. If we deliver superb online learning opportunities to our employees, won’t it be more likely that they’ll look for more lucrative positions in other organizations? The answer is: not so.
In fact, a robust eLearning provision is a surefire way to improve employee retention. Let’s look at how this works.
The Broad and The Deep
It’s been mentioned more than once that the biggest single advantage of eLearning is its flexibility. So, how does this actually help with employee retention?
Well, one way it achieves this is in how deeply or widely your employees want (or need) to learn. Within any department or team, there will be those who want to become extremely good at the job they do: these are the people we call deep learners, diving into specific subjects and courses to acquire the knowledge that will help them with their career objective.
Conversely, you will have those employees who would prefer to broaden their skills set with the aim of advancing their career. If you’re lucky, you will have the much rarer person who is both a deep and broad learner.
It should be immediately apparent that a traditional one-size-fits-all approach to training that many organizations (and departments within companies) take will leave everybody dissatisfied – and dissatisfaction leads to employees having a lesser opinion of their company.
So, make sure that your eLearning provision allows for both broad and deep learning, and you’ll reap the benefits of a more content workforce.
The Better The Training, The Greater The Engagement
It’s not just enough to have an LMS platform in place – it’s got to deliver, too. In a poll conducted by Harris, it emerged that employees who regard themselves as the subject of ‘poor training’ are three times as likely to leave a company as those who think they are receiving ‘excellent’ training.
As eLearning offers greater flexibility in terms of when, how and what is delivered, it’s very important to ensure that your training provision is of the highest standard possible. This will lead to employees who are engaged with your organization and will want to stay.
The elasticity about when employees can learn also results in less training absenteeism, as it’s an on-demand system where people can always catch up if they miss out due to, for example, sickness.
Great Training = Great Productivity = Better Retention
Companies that have a comprehensive system of training in place report increased productivity. No great surprise there: Employees feel more confident about their skills and knowledge when they have access to the support that a training platform offers. And this makes them want to stay with your organization.
Because of the demands and the pace of the modern workplace, an effective eLearning platform is far better at delivering these skills and knowledge than traditional, face-to-face sessions with an external trainer.
Empowered Employees Want To Stay
Following on from above, it goes without saying that truly great training always empowers the learner. eLearning allows your employees a much greater say about what they learn, when they learn it and at what pace. Thus, they have a sense of increased autonomy. This, in combination with their newly acquired knowledge can empower them in their working role and offers the prospect of career enhancement and advancement.
Obviously, employees who feel they have a future in your organization with what you offer will want to stay with you.
Ensure that your LMS platform offers clearly structured courses and progression routes, and you will be able to achieve higher employee retention.
Boost Their Morale – and Yours!
Great training leads to better engagement, better productivity and greater empowerment. So you’re already onto a winner, but all of these have another effect: They increase employee morale.
What we get, in effect, is a virtuous (rather than a vicious) cycle. Because your employees’ morale is high, they feel more engaged. Because they’re engaged with your organization and its objectives, they’re more productive. Likewise, because they’re more productive, they feel happier, their morale is higher and so on.
You can see the point. All training is a core component in the working relationships you foster in your organization, so ensuring you have a great learning system in place should be a paramount concern.
Here’s a final point to consider: Even today, a huge number of companies don’t have a formal training program of any kind for their employees, yet expect them to undertake further training while they work.
Imagine how much more attractive it is to stay with a company that can provide a comprehensive range of eLearning courses, and how the prospect of a great Learning and Talent Development Platform looks to new employees.
Get employee training right, and you’ll create a team that not only believes in your organization, but will want to stay with you for years to come!