With the many challenges companies face today in recruiting and retaining employees understanding some key components around how to maintain your current staff is critical. Some facts around cost of recruiting:
- The average replacement cost of a salaried employee is 6 to 9 months’ salary.
- Approximately 31% of new hires will leave within the first 6 months.
- The skills gap continues to widen so finding the right employee is more difficult today.
Employees are looking for professional development and growth as top considerations for taking, or staying in, a job. Does this means companies should be focused on reviewing, understanding and revamping their training programs? Given most companies spend less than $1,500 per employee per year, the answer may well be obvious.
With technology that allows engaging virtual training, many of the barriers to providing more training is eliminated. Using technology that also reports on performance, productivity, engagement and activity immediately adds value to the training program.