Finding and training a new employee could cost twice the former employee’s salary. So how can businesses avoid this expense?
How much does employee turnover cost?
The cost of recruitment can include agency fees, advertising costs, invested time in the interview process and premium membership to social sites like LinkedIn. Not only this, but companies can suffer from the cost of lost output during the training period of a new employee, where the individual will be less productive and other members of staff will be required to support them whilst they get up to speed.
One very effective way of avoiding these costs is to encourage your current employees to stay longer, and investing money and time in their development could cost far less money than replacing them in the long run.
The many benefits of workplace learning
A survey by LinkedIn of around 4000 professionals found that 94% of employees would stay in their current jobs longer if they felt their employer invested in them more. Employees want to know that they are able to progress and stay relevant in the age of automation.
Fostering a culture of workplace learning also has several other benefits for companies too, including:
- Employees will be better-equipped to adapt to rapidly changing industries as well as being better at their jobs
- Workplace morale will be increased, leading in turn to increased productivity
- It will attract more employees to your business. “Offering work-based learning programmes in partnership with top colleges and universities can also enhance your competitiveness as a company,” say The HR Booth.
What skills should workplace learning focus on?
The LinkedIn survey also looked at the most important skills for workplace learning programmes that would benefit the employees but also help businesses stay ahead of the curve.
Soft skills such as leadership, communication and collaboration were the biggest priorities for talent development. In an age of rapid technological acceleration, soft skills are vital for individuals to soften the impact of automation, as well as helping businesses bridge the skills gaps that digitalisation can bring.