Employee retention has now become a prominent issue in large organizations. There is no dearth of good opportunities for qualified candidates and getting the best candidate onboard is a mammoth task in itself. What lies beyond this effort is retaining them. Attracting talent and getting them to stay is a big challenge for organizations today.
The stats reveal that it costs 150% of a mid-level employee’s annual salary to replace them. And the cost increases with seniority. Hence, employee retention turns out to be of great importance. The below graph shows the Cost to Value of an employee in an organization.
From the above graph, it is quite clear that if an employee quits the company soon after joining it, it can prove to be very expensive for the organization as the organization is back to square one and the entire process of recruitment-onboarding-training will have to be redone. Such increasing attrition rates lead to reduced profitability of the company as a lot of time and effort goes into hiring new candidates at a high frequency.
So, how do you retain employees?
One of the most effective ways to achieve this is through eLearning. Employees who believe they are not getting proper training and learning opportunities in an organization are likely to look for better opportunities in other organizations as compared to companies that offer excellent training programs.
Qualified candidates don’t just look for higher salaries—they also look for professional growth in terms of acquiring new skills. The brutally competitive nature of the market today pushes the recruiters to a huge extent to get the right candidate onboard and hence, it becomes imperative that the organization offers everything it can to retain good talent.
Here are 5 ways robust eLearning can help with employee retention and utilize the talent development platform to its maximum potential:
- eLearning over traditional learning
eLearning courses are comparatively more flexible than traditional training. It allows employees to get trained as per their convenience—whether they are sitting at their desks or while on the move. Use of attractive and interactive learning elements such as animations, infographics, videos, etc. make it more appealing for employees. This, in turn, pushes them to give their 100% and have a better understanding of the subject, along with a good eLearning experience. Customized training courses as per your recruitment training requirements allow employees to feel positive and connect with the organization in no time. This encourages employees to stay loyal to the organization for a long time as they do not feel left out at the beginning.
- Quality of training equals the quality of productivity
Training employees through tried and tested training courses that comprise sound instructional design principles help retain information and skills among employees in a much more efficient way. The better the training, the better the productivity. Providing effective training to employees corresponds to improvement in their skill-set and boosts overall performance. Employees with a target-based job can witness a huge improvement in their numbers, as effective training empowers employee satisfaction and makes it a preferable place to work for them.
- A step ahead of learning and growth in the organization
It is rare that salary is the only reason why employees leave an organization. There are various other parameters which can result in loss of interest among employees to work in an organization. These include a platform to learn and improve skills, professional growth that maintains their excitement of working, and opportunities that are created for them to move forward in the organization. Employees who see further development in their skills, also see a future for themselves in the organization and hence, their retention becomes easy.
- Empower employees and boost their morale
Stagnancy in work and learning in an employee’s professional journey is a demotivating factor for them to continue working in the same organization. New and dynamic training programs that engage employees with the organization are a good way to break this monotony.
Quality training courses increase employee morale, creating a virtuous circle.
Great training –> high employee morale –> high engagement levels –> better productivity –> employee satisfaction –> reduced attrition rate –> repeat.
- Develop a standard, well-structured training system that is flexible
Training is the core component in working relationships and retaining your employees. Hence, a great learning system with a thoughtfully planned structure in place should be the primary concern of an organization.
The flexibility of these online training programs encourages employees to take up training any place, any time. Hence, this ensures that your training provision is of the highest possible standard. This elasticity also enables employees to start from where they left off the last time and not miss out on any training session.
It is well known that majority of organizations do not have a proper training system in place and conduct onboarding training for employees while they work, resulting in high attrition rate. Hence, offering flexible, effective, and well-structured training programs to employees is crucial for organizations. This will ensure they get the right talent and build a team that not only believes in the organization but also want to stay with it for a long time ahead.