Employees leave and employees stay, it’s the natural ebb and flow of business.
But the rate at which that movement occurs can be significantly altered by what your company does – or doesn’t – do.
According to the U.S. Bureau of Labor Statistics, the retail and hospitality industries have the highest turnover rates, at 35 per cent and 51 per cent respectively, while the five-year average voluntary turnover rate for both health care and transportation is 21 per cent. The lowest? Government at 9 per cent.
Of course, there are plenty of external forces at play when it comes to retention, but as unemployment rates decline and employees have more options, it’s a good idea to improve the things you can control.
It’s no secret that some tried and true ways of boosting retention include increased compensation, better work-life balance, improved leadership and more recognition, however another important factor in reducing turnover is providing meaningful learning and development.
In a recent poll conducted by market research firm Harris Interactive, employees who perceive they’ve received “poor training” were three times more likely to leave the company than those who considered their training “excellent.”
As it turns out, part of being excellent means offering training and development online.
The Research Institute of America found that online learning increases retention rates 25 to 60 per cent, compared with the relatively low retention rates of 8 to 10 per cent for face-to-face training.
The reasons? Employees engaged in eLearning like having more control over the learning process while also having the flexibility to learn where and when they want.
Further, employees respond well to the faster pace of eLearning, preferring to optimize their time instead of spending it in a traditional, instructor-led classroom. In fact, according to a Brandon-Hall Study, learning through eLearning typically requires 40 to 60 per cent less employee time than learning the same material in a traditional setting, without compromising the quality of learning.
Making learning and development easy to access and digest, mobile friendly and stimulating sets employees up for success, increasing their motivation to learn while improving their productivity and performance. No one gives their best when they’re tired, bored or lost in piles of training materials.
Now more than ever, providing eLearning opportunities that will further employees’ career development and provide comprehensive on-the-job application of the material allows them to feel more confident about their skills and knowledge, and shows them you’re willing to invest in their careers.
All this translates into a more engaged, motivated employee, which goes a long way to improving retention – and the bottom line.
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