A new year often brings on a lot of change – particularly with staff wanting to either progress their career further in 2017 by moving up in the ranks, or seeking out a new employer entirely.
But high retention rates can cost your company a lot.
In fact, the total cost of turnover can reach as high as 200% of the employee’s annual salary through advertising the role, holding interviews for prospective candidates, covering the recruiter’s salary during the process, new hire training, job errors, reduced morale in the workplace and so on.
Rather than losing out through staff turnover, why not invest a little upfront to retain staff?
Through offering to subsidise staff training, you can not only avoid fines by ensuring they are qualified and compliant with WHS, but you can also use it as a method of aiding staff retention.
Establishing a ‘professional development fund’ for staff would see budget allocated specifically towards your employees keeping their tickets and qualifications up to date, while also providing them with the opportunity to further their training and achieve their 2017 career goals.
This process incentivises staff to keep training to aid the future needs of the company, and at the same time they feel more obliged to stay on for longer and be loyal to your company because you have invested in their professional development.
If they’ve gained further qualifications through your company fund – they cannot simply take it and run to the next opportunity.
Staff would be required to stay with you at least 12 months after completing their latest course, or reimburse the company the expenses in full.
If you’re interested in adopting this type of training and development model, it would also be worthwhile to speak to Elevated Training about discounted training fees for group courses
We provide various forklift training, high risk licensing and more to aid your staff in either staying qualified or acquiring new tickets to progress their skills and accreditation.
Elevated Training can even provide group training onsite for up to 30 employees to avoid disrupting your site’s workflow.
Contact us today to help reduce retention rates and keep more staff on board during 2017.