BizLibrary for Higher Employee Retention
Modern Learning Content That Engages Employees in Continuous Development
Employee turnover is a constant and costly problem – according to The Center for American Progress, the cost of turnover for employees who earn $75,000 or less is approximately 20% of their salary. The cost of replacing a highly skilled executive can cost your organization up to 213% of their annual salary!
If you’re experiencing high voluntary turnover, there are many factors that can cause it, but there’s also one common way to solve it.
Companies like Club Fit, Veterans Trading Company, and PV Fluid have seen improved employee retention rates by making learning and development a priority. Here are just a few of the ways BizLibrary’s training solutions helped with their turnover challenge:
A modern training program that upskills employees is a smart and achievable way to lower turnover.
87% of millennials – the largest demographic in the workplace – say that “professional or career growth and development opportunities” are important to them in a job.
In other words, companies that offer meaningful development opportunities have a leg up when it comes to attracting and retaining talented employees.
An unfilled position is incredibly costly for your company. When jobs aren’t being done, lost productivity can have a detrimental ripple effect on your organization’s output, and replacement costs are a serious matter. Between recruiting, slowed productivity, and costs associated with onboarding, it pays to invest in learning and development that can help you successfully reduce employee turnover.
Identify Multiple Causes for High Turnover
Whether your employee retention challenges are caused by inexperienced managers, industry competitiveness, poor leadership, or a variety of other issues, The BizLibrary Collection has online training content that will help you lower turnover and increase your employee retention.
Our strategic partnership means you’ll have help identifying challenges in your organization, and the support you need to overcome them through a well-rounded training program!
Create a Succession Plan
The best-performing organizations are able to promote from within. With BizLibrary’s training content on both technical and soft skills, you can continuously develop your employees and prepare them for more responsibilities with clear career paths.
With the right mix of training and strategy, you can drastically improve your company’s succession planning while retaining employees who are engaged and ready to grow.