In a recent poll, 100% of respondents indicated that employee training & development can lower employee turnover. It is interesting to note 100% of respondents feel offering employees the opportunity to develop their careers, skills and competencies, in order to meet their future career aspirations, is an excellent strategy to retain employees. Still majority of companies are not doing it. What can be the probable reasons that companies are ignoring this study?
Interesting Stats related to Employee Training & Retention
Research clearly shows that one of the drivers of turnover is lack of development. In independent studies by both Hay Group and Kenexa, they both showed that 30% of employees leave due to lack of professional development. HR and T&D leaders know that they can lower turnover by offering professional development. Many employees are changing jobs due to lack of development. This study clearly shows that companies have a golden opportunity to implement a low-cost high-return strategy in the form of offering their employees a training platform for competency development and career development opportunities.
Perhaps, they don’t know what to do. There are a number of simple answers:
Maventra LMS is a AI-powered cloud-based Employee training, talent and learning management system for companies & educational institutes with many features like Authoring, SCORM/xAPI/LTI support, assessment, social, virtual classroom, video editing, gamification, eCommerce.