Do you find yourself struggling to keep your best employees? High turnover rates can be expensive and alarming for your business, which is why it is important for companies to understand how to retain their staff members.
It is especially important to learn the best incentives to keep employees in today’s society as we are currently facing a surge in resignations across the country. This dilemma has been coined by A&M’s Anthony Klotz as the “Great Resignation”. Earlier in 2021, it was found by the U.S. Department of Labor that between April and June a total of 11.5 million workers quit their positions. Although these statistics are shocking, it is best for organizations to be preventative and find ways to keep their key employees.
When you think of incentives, your mind probably travels to increasing wages. This is definitely an option for employers, but besides reasonable pay a majority of workers want the opportunity to grow within their position. According to a survey completed in August of 2021 by Amdocs, nearly two-thirds of workers stated they would leave their current position due to lack of growth opportunities.
If your company already has reasonable pay, it may be time to look at creating a strong training program. You may be wondering what is involved in an upskilling program? This type of training helps facilitate continuous learning and development opportunities that expand employees’ abilities and addresses any skill gaps. Essentially, the program helps employees remain relevant in the workforce and successful in their future.
If you find yourself in a position with your key talent leaving your company, the first step you should take is to consider investing in your staff. Identify any relevant skill gaps you notice among your staff to help minimize the gap to help enployees meet the future needs of your organization.
In order to have an efficient program, make sure you personalize the objectives and growing opportunities for each employee. Once you have narrowed down the training curriculum, it is time to start budgeting and finding the time to implement the program.
Although creating a training program may sound like a daunting task, your employees will be grateful that you are investing in their future. In the Amdoc’s survey, it was also found that 56 percent of workers want their employers to offer additional training and development programs in the new year. With this in mind, it is time to get a head start and begin planning talent-management strategies you will enforce in 2022.
As you start creating your game plan for the new year, keep in mind that the benefits your company will reap by implementing learning and development programs may include decreased turnover, a better bottom line, and overall better customer satisfaction.
As your employees feel challenged and appreciated they will be able to provide your customers an even better service. Not only this but due to decreased turnover, you will have less expenses as you will not have to rehire or train a new staff member anytime soon. You will also see less expenses for the recruitment process as you will be able to avoid having to advertise job positions and wasting valuable time interviewing new candidates.
Do you feel implementing a training program is the right strategy for your company? If you need assistance getting started in investing in your employees, please contact me today at 310-534-5577 or [email protected] and I’ll be happy to refer you to some I know who specialized in this arena.
