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Training as a key retention tool

Training as a key retention tool (Last Updated On: July 30, 2014)

Increasingly, there are demands upon employers to provide regular, quality training to their employees. Investment in training is essential for businesses which hope to keep pace with the competition. Training is also frequently an expectation and sometimes a professional or occupational requirement for employees. Therefore, training opportunities can be an important factor in retaining employees.

Benefits of training

  • Training is both an investment in personal development and a contributor towards stronger business performance and productivity.
  • A business which is known to offer training and development opportunities may become known as an employer of choice and able attract more and higher quality candidates.
  • Furthermore, providing training shows the employee that they are valued as a business asset. When employees are feeling valued within the business, they will often stay longer and will contribute more. This leads to increased loyalty, improved job satisfaction and higher retention rates.

Opportunities for training

Training does not have to cost significant amounts of money.

  • In-house training: on the job training by supervisors and managers is one of the most effective types of training available and can be specifically tailored to the role.
  • Employee mentors: are there experienced, successful employees within your organisation who can act as mentors to younger or new employees?  This will help build a culture of learning and teamwork.
  • External training: can be useful to offer as a reward for key employees, who can bring back with new ideas and teach others what they have learnt.
  • Non-financial assistance: employees who want to undertake external courses often do not expect financial assistance, but need time off for study or more flexible hours to attend courses.  Where employers do contribute to expensive training, it may be possible to enter an agreement with employees to repay the cost of the training in certain circumstances (eg if they do not remain with the business).  Any such agreement needs to be carefully drafted and reasonable for both parties.  Otherwise is it likely to be unenforceable and may simply result in employees staying with the business just so they do not have to pay course fees. These employees are likely to work half-heartedly and have a negative impact on culture.

By Kate Simpson – Document Consultant

Please contact Employsure on 1300 651 415 if you would like advice in relation to employee training arrangements.  

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