How does your organization onboard new employees? Does it include any sort of training?
Do you know how to onboard and keep your top performers from jumping ship to another organization?
Some employers believe that including things like free beer or games in the break room is all it takes to keep people happy. While that is fun and can be an attraction for many new hires, what your employees really want is a culture of learning, and according to the Deloitte Global Human Capital Trends of 2016, 84% of executives agree.
Opportunities to learn and grow professionally are a major driver of employee engagement and retention. Employees want a strong culture in the workplace while you’re adding value to the company itself.
The Value Behind a Culture of Learning
Developing a culture of learning in your organization is not just for creating potential among your employees, but also creating a feeling of appreciation and recognition. Currently, 25% of companies say that their onboarding program does not include any formal training, but rather a list of tasks to check off such as introductions to staff, touring the office, or filling out paperwork.
So what effect does a lack of training really have on an organization? Here are some statistics from UrbanBound to give you an idea of how important learning and development really is:
- Turnover Rates – Up to 20% of new hires leave a company within 45 days if there is not some kind of onboarding process in place. That costs you $3,000 – $18,000 to replace each employee.
- Productivity Loss – In the United States and the United Kingdom, nearly $37 billion is spent every year keeping unproductive employees who do not understand their job.
On the flip side, training programs can be highly effective and impactful. When a formal training program is in place inside an organization:
- Employee Performance Improves – 20% increase in manager satisfaction with employee performance.
- Employee Retention Improves – If employees feel like they are learning and growing within the organization, then the company is less likely to lose them. Organizations with a formal onboarding process see 50% higher retention rates with new staff.
The numbers speak for themselves. Investing time, money, and proper training into your employees will benefit the company and the culture.
Now that you’ve seen some of the stats on what creating a culture of learning can do for your company, how do you plan on implementing that into your existing company culture?
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