Businesses Use Training to Increase Employee Retention

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stk313302rknIt’s no secret that the economy is still on shaky ground. Organizations across the country are still struggling with hiring freezes and layoffs. Some have stabilized but raises and 401(K) contributions are still on the back burner. Losing key benefits like this makes it tough to motivate and engage employees.

When organizations are running lean, losing top-notch employees can be detrimental to success. A tight market might make it tough to find a new job, but that doesn’t mean you’re not at risk for losing key employees. In fact, your best employees may be plotting an exit strategy.

In a recent CareerBuilder survey, one-third of employees said they would start looking for a new job once the economy bounced back. In the same survey, nearly one-third of employers said they are concerned with losing high-performing employees in the coming months.

If you can’t offer the same benefits you used to, you have to find new ways to keep your employees satisfied. After all, you need your best employees on staff to make sure you can get through.

The practice of offering additional training and educational opportunities in the workplace has gained traction in recent years and is quickly becoming one of the most popular tactics managers are utilizing to keep their top-tier talent.

“As the economy improves and resources are reinstated, companies are employing different ways to repair and enhance the employee experience and strengthen morale,” Jason Ferrara, vice president of corporate marketing for CareerBuilder, said in a press release. “Retention is just one area that companies will need to address to maintain and grow their businesses this year.”

Of the employees surveyed, 47 percent said they wanted more training and learning opportunities in the workplace.

Those organizations that have implemented training programs have reported increased employee efficiency, productivity, and morale. And employees have responded positively, appreciative of the chance to enhance their skills and grow professionally.

As the economy continues to recover, more jobs become available. And organizations will have to decide how training will serve their employees and their companies.

Agree? Disagree? Add your insightful comments here.