Implement Talent Management Practices That Reduce Turnover Rates
In a stable economy, strategies to reduce employee turnover become even more necessary. While a strong job market brings plenty of new candidates, it also opens the door to top talent leaving to pursue bigger and better things. In other words, employees and job seekers want to work for firms who are willing to invest in them. This investment commitment from the employer is a powerful incentive for employees to want to stay.
The cost to replace stellar staff goes beyond the position vacancy. The loss of skills and knowledge are especially costly when employers lose top talent. This gap in skills can reduce quality, lower productivity, and present safety concerns. For employers, closing the skill gap can start with the benefits of training and development.
Here are learning strategies to reduce employee turnover and increase confidence:
Retention begins at recruitment. From the moment there is potential in a candidate, showcase the plan for their ongoing career development if they become an employee. During the interview process, highlight and outline learning methods, advanced learning technologies, and comprehensive resources to ensure their success from the start.
Clear path to advancement. Loyalty is not always the issue, especially for talent who keep the job search going. To assure a future, they want clear direction on what is expected of them and what is needed to advance. Employers who focus on a learning and growth strategy can ultimately reduce turnover and increase employee confidence by way of advanced knowledge and highly-developed skills.
Leverage technology. Outdated technology can be a turn off. When employees don’t see progression, but only mandatory training, it may be their sign to move on. If there is a commitment to meaningful learning, employees see it as an investment in their worth and a powerful incentive to stay with the firm. With the help of eLearning, firms can implement strategies that provide interactive learning, gaming, and other digital methods to optimize the employee engagement for a more rich learning environment.
Integrate learning into every project or task. While scheduled learning is important for compliance and safety, organic opportunities to learn on the job can provide employees with a sense of continual growth. Employers can easily utilize a strategy to recognize opportunities for growth by way of cross-training, rotational assignments, and platforms to showcase ideas. Learning new skills strengthens loyalty to more than just a paycheck, it creates a community of shared experience. When knowledge is shared and collaborated, it is a time-tested method to boost morale, improve productivity, and encourage innovation, and of course, reduce employee turnover.
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