In an article back in 2013 Richard Branson said “if your best people aren’t growing in their careers as your business gains traction and expands, they will quickly lose enthusiasm for their work. And before you know it, you’ll be dealing with unsatisfied customers as well as unsatisfied employees”.
So take it from someone that knows a little something about business – Mr Branson – it’s fair to say that investing in your people, providing training and development opportunities will have major benefits for all involved.
The cost of turnover
Statistically we know that approximately 40% of employees who receive poor job training leave their roles within the first 12 months. They often communicate the lack of training and development as the principal reason for moving on.
So, consider the costs of turnover to your business. With one fewer worker, productivity slips. Sales decline. Your current staff members are required to work more. Morale suffers. To find a replacement, you spend time screening and interviewing applicants. Once you hire someone, you need to train that person. The cost of staff turnover adds up.
It’s a hefty price to pay for not training staff to start with.
We recruit people with the skills needed to perform a role – but that doesn’t mean they can just be thrown in the deep end and expected to swim. From the beginning a solid Induction plan will aid the orientation and socialisation of new employees.
But don’t forget existing employees. Use every feedback opportunity to find out the level of satisfaction within your teams and identify how you can continue to develop and challenge each and every person. Treat them as individuals and understand different things motivate different people. We are not all the same.
Contact us at MacPac HR to help with your training and development plans.
