How Training = Retaining
Updated: Feb 22
Creating engaging training opportunities for your workforce can make a massive difference in retaining employees and your operating expenses...
Why Retention Is A Major Issue:
Trying to find workers is a challenge for just about every company right now in the US. With opportunities to work remote, inflation outpacing salaries, and a multitude of potential requirements post pandemic - it's hard to find someone who's willing to work for you.
That's only the start of the battle... Retaining them is next.
The World Economic Forum found that over the course of a year from 2021 to 2022, the #1 reason people were quitting their jobs was because of a "Lack of career development and advancement" at 41%. This was followed by:
35% - Inadequate total compensation
34% - Uncaring and uninspiring leaders
31% - Lack of meaningful work
What does this mean?
For a business, proper compensation can be difficult when it comes to the ebbs and flows of the economy, however, what's always in their control is making sure your people are thought of first.
Through career development, training, and finding the "right-fit" internally can make a massive difference in an employee choosing to stay or leave. This is especially true with younger workforce who are driven by engagement and connection. The "we're like a family" corporate sales pitch doesn't really cut it these days. When major layoffs happen in any industry, no one feels safe.
Business owners and C-level executives should be asking "Retention, workforce shortages, GDP impacts, I hear it all the time in the news, but what does that mean for our business?"
Without a deep dive and just using some national averages, here's the break down of adding an employee you end up losing:
To fill a $45,000 annual employee position...
$14,000 - Onboarding and Replacement
$2,730 - 30 mins daily of downtime (lack of understanding work)
$3,600 - 30 mins daily of supervisor's time (extra training, conflicts, etc.)
To hire, onboard, and loose an employee can cost as much as $20,000 and weeks of downtime in operations.
How many positions are you having to fill every week, month or year? It can really add up quick.
This is why working to get an employee to stick is so important.
How Can Training Help:
Training, and upskilling employees makes a massive difference to help retain employees. It's very crucial during the onboarding process since typically the first 45 days of employment account for up to 20% of work turnover (SHRM).
With better training and connections with the company from the start, employees will stick longer. Not only that, but with structure to show career paths and and upskilling, 78% of employees shown that they would stay with a company longer (link).
Training isn't just a matter of covering government mandates, it's the opportunity to show that the business really cares about its employees well-being, safety and experience while working; and virtual reality is one of the best tools to use.
What VR Can Do:
With over 275% confidence boost in employees, 4x faster than traditional classroom training and all the consistency, scalability and accuracy of modern technology - virtual reality (VR) is a game changer for businesses (link).
As a business, you want productive, efficient and safe working employees. Employees want engagement, learning opportunities and real connections. VR can make it happen for both.
Creating an engaging and meaningful training experience is what we at Enhance-VR aim to make with every VR module for our clients. Take advantage of the automation, consistency, and gamification of training we can make for your organization through our LMS VR platform.
Constantly refilling positions doesn't have to be status quo. Enhance-VR can help!