Reduce Turnover with Effective Onboarding and Training
Written by Bloomfire Admin
Training costs are spiraling out of control, and you’re not getting your money’s worth with today’s current methods of training. On average, companies spend $1,067 on formal training per employee per year. And, in total, U.S. Businesses invest $125 billion per year in employee learning and training.(ASTD) This is a loss of billions of dollars in training efforts.
Employees aren’t applying what they learn in training due to poor onboarding. Studies show that the success of onboarding can accurately predict a person’s longevity. Unsuccessful onboarding results in higher turnover rates.
New employees are 69% more likely to stay longer than 3 years if they experience well-structured onboarding. (Aberdeen Group)
Converting just 50% of formal learning to informal learning you will save $533 per employee per year. Based on a 500-person company, that is $266,500 a year. If company with unsuccessful onboarding hires 50 new employees a year, 12 of these employees will leave before their one-year anniversary – costing $128,772 to refill all of these positions. With successful onboarding, and relying on informal training methods, you could potentially cut this number in half saving you $64,386.
That’s a lot of money and people to save. What are you doing to ensure you are being successful with your training and onboarding?
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