Your workforce is the most important and productive asset that your organization can have. A competent, engaged, and productive workforce have a direct impact on the revenue, culture, and productivity of your firm. However, the majority of the workforce chooses to remain with a business that offers more opportunities for developing expertise and climbing the corporate ladder.
A recent poll on manager retention indicated that 76% of respondents want further learning and development opportunities. For this reason, 47 percent of them are contemplating of quitting their existing company.
Organizations that neglect to examine measures to increase staff retention disregard one of the most important influences on their financial well-being. Gallup reports suggest that the cost of voluntary employee turnover may cost some U.S. companies $1 trillion every year. The expense of replacing employees is enormous. Not only do organizations lose the investment they've already made in an employee, but they must also suffer the expenditures involved with searching, hiring, onboarding, and training a replacement. Online training may cost up to two times an employee's yearly income.
In an attempt to lower staff turnover, several organizations have engaged in employee training. Training existing employees through an eLearning solution is one such option that most companies have implemented in the past few years. The rationale for this is that it is far more cost-effective in the long run to invest in the development of current staff rather than searching for new candidates.
Employees are more likely to get involved in their work and focused on developing their careers within the organization when they can see a visible route to success ahead of them.
But how can training aid in employee retention? It's astonishing to know how certain firms invest in making their employees better, savvier, and more productive. 58% of workers, according to LinkedIn's 2018 Workplace Learning Report, want to learn at their own speed. This is where the corporate eLearning solution comes in handy, as it enables employees to complete training sessions whenever and wherever they want. In this blog, you will learn how an eLearning solution may be an effective instrument for reducing employee turnover and enhancing current employees’ knowledge, and boosting their productivity.
Simply put, employee retention is a company's capacity to retain its present talented workforce. By employing certain strategies that maintain employee engagement and satisfaction, businesses may increase staff retention. eLearning is one of the best strategies to implement to retain employees as they get to learn something new which can be applied in daily life to ease up their workload.
Many businesses feel that employees quit for higher-paying opportunities. However, remuneration does not motivate the majority of individuals to seek employment elsewhere. The ability to learn and advance is a far more important factor for individuals who quit their jobs to accept employment with other firms. This suggests that by providing greater training options for the existing workforce, businesses may be able to boost employee retention, retain valued personnel, and reduce the cost of ongoing recruiting and onboarding.
Corporate eLearning training may minimize employee turnover in several ways. For the same, provided below are many sound arguments for using a corporate eLearning solution as a retention aid.
According to a research study, more than half of questioned businesses (54 percent) had no initiatives in place to develop the talents of the future. And less than 20% of respondents believe they provide their employees with opportunities to actively improve themselves and design career paths. This may prove to be a turning point from a retention perspective as unless employees see opportunities to grow in a company, they would leave it.
Corporate eLearning training may have a substantial effect on staff retention, as through it companies can help employees to advance professionally. Well-trained team members are more confident, and competent employees are happier, more confident, and feel that they contribute to the organization.
eLearning training enhances the overall proficiency of the workforce. The company has satisfied, more engaged workers and continuously raises the bar for their job performance.
Training New Employees
Investing in an employee training program through eLearning from the very beginning is a great approach to tap into their aspirations and cultivate their passion and loyalty. During the onboarding process, your workforce will set their sights on the future and establish their professional goals.
eLearning training reduces the anxiousness of new employees over their tasks and gives them a moment to catch their breath. For instance, you may design and submit an onboarding package to your LMS. Include fundamental compliance rules, work process and tool instructions, and workforce information. Your new recruits may go progressively via the eLearning platform to access the required content. In addition, they will know where to locate vital information without having to ask around.
Flexibility and Educational Pathways
Due to the adaptability of e-learning, learning routes may be tailored to the training and development requirements of a team or individuals. There is no longer a requirement for training programs that are generalizable. Instead, tailored courses may provide the training necessary to enhance employee proficiency depending on their roles and responsibilities.
With the correct Learning Management System (LMS) in an eLearning solution, the process may be automated with pre-programmed triggers that assist professionals in selecting the appropriate training for their stage and job, while allowing them to set their own pace and training periods. Even outside their positions, the LMS can assist individuals to choose the training that will help them learn, grow, and advance their careers.
The correct LMS can also take care of all the monitoring and assist you in incorporating prizes, badges, and gamification into your program to maintain employee interest in their continuing professional growth.
eLearning in onboarding process increases confidence
When employees feel sufficiently taught, productive, and accepted into their new team, they are more likely to report greater job satisfaction. This enables professionals to feel as if they are making a significant contribution to the firm and enjoying early development. Employees with this level of confidence in their job will be more likely to remain with your firm and follow their career goals.
Continuous eLearning for quick professional and business development
To keep abreast of new knowledge and insights, it will be necessary for workforce to upgrade and hone their abilities throughout their careers. By adopting ongoing eLearning training, a workforce's skillsets and competencies will be continuously updated, and their confidence in their roles will increase.
Employees may take charge of their development and pursue progress and opportunity by using an eLearning training platform to provide periodic skill upgrades. By using a virtual platform, the workforce will be able to schedule a training based on their job roles and commitments, hence boosting compliance rates.
To create a customized corporate eLearning solution, you can contact VK Creative Learning (VKCL) which has been developing different types of eLearning content for a wide variety of industry players from the past one decade.