Talent Management Issues: What Does it Take to Retain Employees?
You really should align their talent development and training goals to achieve maximum efficiency
Employee disengagement is a serious issue facing workplaces today, with 70% of employees feeling disengaged from their work. That lowers productivity, and businesses are losing as much as $550 billion a year because of it. That percentage of employees who are disengaged hasn’t budged much in recent years – in 2011 it was 71% (source).
We know that it is expensive for companies to have to re-hire employees regularly. Interviewing, advertising, and training new hires cost a lot of money. The higher up the position that you need to replace, the more hefty the price you’ll have to pay. Beginning with the interview process, companies are now beginning to focus more and more on the length of time they can retain employees. Upon job acceptance, companies are taking steps to ensure their initial and long term retention efforts don’t go to waste. However do companies actually align their talent development and training goals by aligning them with their overall strategic corporate objectives?
Many companies now offer incentives based on employees performance. In fact, some employees are more interested in bonuses than in raises. This gives them an extra boost to work harder and when they are rewarded for their efforts, they feel a sense of pride and accomplishment. Forbes magazine recently published that 85% of employers were under the impression that employees left because of income related reasons, but the truth is that, more than 3 in 4 employees leave their companies every day because of issues with management.
By being aware of employee progress and work productivity, management can easily avoid these problems with employees. This goes for the upper management, as well. The way an organization treats its people can greatly affect their ability to retain employees. If an employee feels that he or she is being noticed, and all needs are being addressed, retention rates will surely increase.
An employee also needs to know what exactly is expected of them. While it seems obvious, many new employees perform poorly because they are never informed of the company’s goals or missions are. Employees who work towards goals (not only for themselves, but also for the company) are more likely to remain interested in their jobs because the company’s development and progress rests upon their efforts. If employees can imagine a “good future” in his or her company, again, retention rates will rise.
And what can more greatly affect an organization’s management of talent than a rich and powerful corporate training system. The most important step an organization can take, when considering employing learning management systems, is to perform an extensive analysis of some of the best Learning Management Systems on the market. As an example, the eLeaP™ Learning Management System offers a 30-day Free Trial, with a reliable and secure learning platform saturated with results-driven capabilities and features.
Most important, for any organization, is the cost involved with implementing training programs. The truth is that e-learning systems have come a long way in efficiency and cost. Traditional training typically costs the company a large sum of money – oftentimes $10,000 to $50,000 per program (which covers consulting fees and time and productivity loss of employees during training events).
With new online Learning Management Systems such as eLeaP™, however, organizations of all sizes should have no problem putting up the starting budget (eLeaP™ packages start as low as $5 per user per month) and the results can far exceed those received from traditional training.
Employees are far more likely to remain with a company, if the company takes the proper steps in securing employee interest through fair treatment, understanding, better communication, and state of the art training. After all, employees are always looking for employers that have low turnover rates. No one is interested in positions that are difficult to fill.
Contact eLeaP to discuss your training needs or even custom requirements you might want to accomplish. We try to be as flexible as possible. Call us 1-877-624-7226 or email help@eleapsoftware.com