You’re likely doing whatever you can to help your organization keeps its best workers. Great employees are high performers; they define company culture, build bridges across departments, and have the background and context needed to move into future key leadership roles. In addition to the associated costs of losing all of these valuable contributions when top talent leaves, it’s also expensive to replace them: an estimated 33% of the former employee’s salary.
There are plenty of strategies you can and should consider to address retention. You’ll want to attack it from all angles. You can beef up salaries, make schedules more flexible, offer the latest and greatest in benefits, and so much more — but do not overlook your learning and development programs.
As we’ve highlighted many times, today’s workers are constantly looking for opportunities to improve and grow. If they’re not getting those opportunities internally, they’ll look outside the organization. And the thing is, more often than not, they want to stay! They don’t necessarily want to job-hop, but a new position with a new firm often appears to be the optimal path to advancement. A robust L&D program can change that perception, and keep people around.
Some proof points to chew on:
The fear that an investment in training and development for employees is a risky one “because they’ll just leave anyway” is largely unfounded; supporting them with L&D makes them more likely to stay.
Now then: What should you do to boost L&D at your organization? Here’s what we’ve seen make a difference:
You can and should kick this all up a notch, too. These next two ideas sound impressive — and they are! — but they’re totally accessible and a snap to manage with the right talent platform.
Improving retention will always be a big, complex goal for talent leaders, but that’s because it’s so important. Don’t get overwhelmed; tackle it one facet at a time. Good news: You’ve now got your L&D improvement plan covered!