Do you know how much it costs to train and retain your employees?
In a recent CAP study, they found the average costs to replace an employee are:
- 16% of annual salary for jobs earning under $30,000 a year. For example, the cost to replace an $11/hour retail employee would be $4800.
- 20% of annual salary for positions earning $30,000 to $50,000 a year. That would cost an employer $10,000 to replace a manager making $50,000/year.
- And Up to 213% of annual salary for executive positions.
Here are three strategies to help you develop employees.
Increase employee loyalty
Employees want to know that they are valuable and that their growth and development are essential. Development doesn’t mean upward mobility; it can simply encourage employees to grow their skills and talents in their current positions. Employees who see no potential for growth are less likely to stick around. Employees who feel seen and are encouraged to keep learning will be more optimistic about the company, making it easier to promote within your company.
Increase loyalty by offering training opportunities such as webinars and conferences. Give your employees the reigns to determine which growth opportunities are best for them and a budget + time off to make it happen.
Improve overall productivity
Employee development programs are about people. They let your employees know you care about them and want them to be the best versions of themselves. When people feel valued, they work harder. They become more productive employees. And they will take ownership of their work. Employees that are being developed build better systems, add value to customers and the bottom line, have better attitudes, and function more efficiently.
Improve productivity by teaming with your employees to get their feedback on what works best daily. Get their input and perspective consistently. Provide a weekly check-in meeting to make this possible.
Grow your employees – Grow your business
Hiring and developing people from the outside is much more challenging and expensive than promoting from within. Research shows keeping the spark alive for your employees can double your revenue. Employees that an organization values will add value to an organization. The best way to add value to employees is to help them see how valuable they are. Help them understand and develop their unique talents, skills, and passions. Fortunately, it’s not as difficult as it seems
Create growth by celebrating your employees. Birthdays. Projects completed. Milestones in their training. Even the little things were accomplished on a random Wednesday. Pay attention to them and celebrate. Ultimately, employees who feel valued and appreciated will be better. They will bring more value to your company and customers will be drawn to their positive energy.
“Customers will never love a company until the employees love it first.” Simon Sinek
You can’t force your employees to seek out growth opportunities. All you can do as their employer is provide the opportunity for them to grow and show them that you value them and the skills they bring to the workplace.
- Create a culture of strengths and limitations assessments.
- Use 10-minute Tuesdays to touch base weekly.
- Provide outside intensive training like the SAGE Leadership Program.
But what does employee development look like in action?
At SAGE Mindset Coaching, we created the SAGE Leadership Program to help business owners develop their leaders to accelerate their growth and get excellent results. Ultimately, we want to help you take that overdue vacation and empower your team to succeed without you having to be there.
To learn more about this program, let’s set up a call.