| ||Why Training is Important For Your Company|
If you are thinking about training and wondering whether if the training would be valuable and profitable, please consider the following points.
Consider the cost of employee turnover:
- Advertising, recruiting, administrative, candidate travel, interviewing, relocation, training, and lost opportunities costs when you have employee turnover.
- Replacement costs vary, but generally you can factor that the replace cost for an employee it at least equal to the annual wages or salary. For highly skilled and high demand personal, the replacement cost approaches 4 times the annual salary.
- Surveys suggest that at least half of the employees in the workplace are interested in leaving their job. Your actions as the employer will have a direct influence on the decision.
Consider the reasons why employees leave organizations:
- Top reasons why employees leave their organization include (in order):
- Relationships with their leaders
- Lack of meaningful work
- Little or no opportunity for growth and development
- Quality of life – lack of a work/home balance
- Did not connect or fit within the organization
- More money/pay is not a major reason why employees leave. Based on exit interviews and other research, pay was a major factor for leaving with only about 10 percent of the employees. Turnover is usually about relationships, perceived opportunities with the organization, and the potential for personal and professional growth.
Consider the reasons why employees are fired:
- Top reasons why employees are fired:
- The employee did not get along with others.
- The employee had a bad attitude.
- The employee had an attendance problem.
- The employee had a substance abuse problem.
- Technical incompetence or inability to do the work is rarely a significant factor when employees are terminated from their job. Again, research shows that the more significant factors for firing employees concern attitude, work ethic, safety, and relationships with others.
- Employees are typically fired because on soft-skills, not technical skills. Consider the last employee that you fired: was it because the person was technically unable to do their job? Probably not, instead, it was more likely because of other reasons relating to attitude, work habits, and relationships with others.
Training can make the critical difference in reducing employee turnover, addressing the reasons why employees leave, and reducing the frequency for firing employees. Training can improve employee morale, improve communications, change attitudes, decrease absenteeism, and make supervisors more effective in leading and managing their employees.
Leadership matters! Wages are less important than other factors when employees consider leaving an organization. Leadership training is an invaluable asset to you to reduce employee turnover.
Training with the Peregrine Leadership Institute has a measurable Return on Investment (ROI). We can help you reduce your employee turnover costs with focused, meaningful, and valuable instruction that will make the difference for your organization. Training can also improve production, reduce employment complaints, and increase personal performance.
Our Course Catalog has descriptions for over 40 workshops, training sessions, and consulting solutions that can be specifically shaped for your organization to help you reduce employee turnover costs and improve profits and organizational effectiveness. Complete descriptions are available at Program Descriptions.
Visit our References page to see what others are saying about obtaining the Peregrine Advantage for their organization.
To learn more about how you can obtain the Peregrine Advantage for your organization, contact us today. We are ready to assist you now with all of your leadership and human resource management needs.
Greater Returns and Profitability with Leadership Development and Soft-Skill Improvement