By Karyn Rhodes
The average cost-per-hire is over $4,000, according to SHRM. So when companies bring someone on board, it makes sense to try to keep them. Yet changing technology, workforces, and market dynamics can mean some workers no longer “fit” over time.
Before that happens, consider investing in your current workforce to develop the skills they can use to take on new or different responsibilities. By training employees, you’ll give them the opportunity to gain the foundation they need to improve their future, and likely yours as well.
Here are five reason why training in today’s employment environment makes sense.
- Maintain Institutional Knowledge: Even if a worker’s skills become obsolete or automation makes their role redundant, many workers have a long history with their employer and deep knowledge that comes with it that can make them incredibly valuable to the company. By retraining these workers, you’ll retain their knowledge and be able to put it to use in new ways.
- Eliminate Employee Uncertainty: Most employees are aware of the changing nature of work and likely wonder what it means for their job going forward. Training can not only remove anxiety about their futures but possibly open up opportunities for them to take on a more interesting or meaningful role with their newly developed capabilities.
- Meet Expectations: Many employees are ambitious, and want opportunities to continue learning – especially Millennials and Gen Zers. In fact in one LinkedIn report, 93% of employees said they’d stay at a company longer if it invested in their careers. Reward their interest by allowing them the chance to take educational courses that will fuel their growth and success.
- Remove Barriers: Just because someone doesn’t meet the educational or experience criteria you’ve established for a job doesn’t mean they’re not capable of rising to the challenge. Even if a current employee’s not exactly “job ready” for a role, with the right attitude and motivation, they can be taught the rest.
- Boost Morale: Employees who feel valued are more motivated to work and report higher satisfaction with their jobs. By investing in their development, you’ll show you recognize their worth and their capabilities. Not only will this build their confidence, but you’ll increase morale – and productivity – as well.
Talent shortage remains a very real thing. And while investing in training and education for your employees will cost the company, you’ll spend less time and money than you would recruiting and onboarding the perfect candidate in a competitive market.
Karyn Rhodes is VP/Director of Complete HR Solutions, a division of Complete Payroll Solutions. She can be reached at firstname.lastname@example.org or 401-332-9325.