In any organization, leaders try to meet their business goals through the effective use of current resources. Successful organizations buy machines cost-effectively, use their time wisely and manage their money for the best ROI. But what about a company’s most valuable resource – people? How do successful companies manage their human resource?
Successful organizations know that to stay ahead of the curve, they must have top-notch performers. To start the process, they hire the best and brightest. To continue the process, they invest in the training and development of those same employees. Training is the key to increasing both employee retention and employee value.
Training and development is a cost effective way to retain employees. Business Week (March 1, 1999) reports that 41% of employees who are dissatisfied with their company’s training efforts plan to leave the company within 12 months, compared to only 12% of those who were satisfied with their company’s training programs. Considering the cost of turnover, a focus on training becomes critical. Quality training helps retain quality employees.
Training and development is also a practical way to enhance the value of the employee to your organization. A workforce with more and better skills increases the flexibility of your organization, allowing you to quickly adapt to changing business needs. Moreover, employees with strong skills can more effectively support the achievement of business goals.
We have found that the use of effective training models, like this one, ensures the fullest return on your training dollars.