When You Train Employees, Do You Also Boost Retention?
Sponsored by FranklinCovey
If you’re involved in hiring or managing people, no one needs to tell you that competition for top talent is incredibly fierce. And keeping teams engaged and motivated is getting more difficult all the time. That’s why it pays to be especially thoughtful and strategic about how you train employees.
This isn’t just my opinion. It’s the conclusion of organizations like SHRM, which found that employees are 76% more likely to stay onboard when their organization has a dedicated process to support workforce learning and growth. Similarly, Deloitte estimates that retention is 30-50% higher among companies with a strong learning culture.
But this begs the question — exactly how can you build and sustain a learning environment that engages people so they want to stay onboard and advance your agenda? That’s the topic we’re exploring today with a brilliant business leader who is also a recognized expert in learning and development…
Meet Our Guest: Paul Walker
I’m honored to welcome Paul Walker, President and CEO at FranklinCovey! As the company’s chief strategist and operational leader, Paul is committed to transforming organizations and enabling greatness. He actually started his career at FranklinCovey 22 years ago, and has grown and adapted along with the company. So clearly, he knows first-hand how learning and development can help retain top talent. Please join us as we explore this topic:
Connecting Learning With Retention
Welcome, Paul! Let’s dive right in. How is training tied to workforce retention?
Our work with clients and research from others tell us that training is integral to retention for several reasons:
- When you train employees, they feel valued because you’re investing in them. And the more valued people feel, the more likely they are to stay.
- It helps people perform better. We all want to do our best work everyday. If we need skills to do that, and our employer is helping us acquire those capabilities, it not only helps us do better today, but may also prepare us for something exciting in the future. Again, we feel valued.
How to Train Employees Effectively
What do people really want from work-related training?
There are probably more factors, but over and over again we see employees focusing on these things:
- Is it easy for me to access, so I can get the most out of it?
- How well does it fit into the flow of my daily work life?
- How relevant is it now, and will it prepare me for where I want to be in the future?
- Is it useful? Does it actually help me perform better?
Choose Learning Metrics That Matter
Retention is important, but what other KPIs should we consider?
When we want to train employees, we need to be sure we’re not just advocating for retention or other objectives that may feel a bit soft to people who make budgetary and strategic decisions. These leaders don’t necessarily see how learning supports what they want to accomplish.
Instead, we need to focus on how learning improves the quality of the team’s results. That’s crucial to the organization’s performance.
We need to talk in the language Deloitte used in its research that says:
- 92% of companies with more intentional, sophisticated learning develop more novel products and processes,
- 56% are often first-to-market with products and services,
- 52% are measurably more productive, and
- 17% are more profitable.
Make It a Leadership Priority to Train Employees
Absolutely. There’s value here, and our KPIs should reflect that…
I would also say the best organizations have figured out how to ignite a passion for employee learning in their leaders. In other words, people development is a key leadership expectation, and leaders want to be involved in helping their people grow and develop. It’s not just the responsibility of HR or L&D…
For more insights from Paul about how to train employees for retention, listen to this full podcast episode. And be sure to subscribe to the #WorkTrends Podcast on Apple Podcasts or Stitcher.
In addition, we invite you to join our live Twitter chat about this topic on Wednesday, March 29th from 1:30-2:00pm ET. Follow us at @TalentCulture for questions and be sure to add the #WorkTrends hashtag to your tweets, so others in the community can easily find your comments and interact with you!
Also, to continue this conversation on social media anytime, follow our #WorkTrends hashtag on Twitter, LinkedIn, and Instagram.