"Turnover costs for many organizations are very high and can significantly affect the financial performance of an organization," said Mushrush.
In fact, estimates indicate that it costs one-third of a new hire's annual salary to replace an exiting employee. Employee training makes up the bulk of this expense. Whether it's the cost of reproducing learning materials, travel and lodging for off-site training, or work hours lost in the classroom, businesses large and small pay dearly for new hires.
Action Steps
The best contacts and resources to help you get it done
Efficiency is the key to reducing employee training costs
So how can companies spend less money on training and still get new employees up to speed? The answer isn't less training, but smarter training.Learning management systems and e-learning resources make employee training programs more cost-efficient. Stop spending time chasing paperwork or losing productive work hours to inefficient training methods.
I recommend: E-learning service providers, like Evolve, offer a variety of mix-and-match training services at a fraction of the cost of traditional training programs.
You can also utilize providers like Ulysses Learning for Call Centers to train highly specialized workforces.
Flexible training solutions save money and improve employee performance
Currently, only 28 percent to 32 percent of businesses take advantage of software or Internet-based training solutions, but the trend is growing. Software and online training resources are a natural choice as employees and corporations become more tech savvy.Not only do e-learning solutions cost less than traditional training programs but they also offer companies a more extensive menu of training options. Rather than force employees to change their schedules, e-learning allows individual workers to train at their convenience.
I recommend: Keep your goals in mind for employee education, and tailor your training programs accordingly.
Find training options that work for your entire company
The cost efficiency and wide scope of e-learning solutions allows companies to provide more training for employees at every level, from laborers to management. According to studies conducted at the Center for Business Research, better training is directly related to better overall performance for businesses of any size.I recommend: Learn more about the relationship between training and performance. This is an investment in your company's productivity.
This is not your dad's business world. Modern problems call for modern solutions
Gone are the days when employees began and ended their careers with one organization. Employment culture is changing and your training programs should be changing too. Are you ready for a change that will ease the pain of employee turnover and help you train a more productive workforce?I recommend: Find out how Evolve e-learning solutions can revolutionize your training systems. Call 1-866-571-4859 today and ask about our e-training tools or send e-mail to info@evolveelearning.com.
the Training Software page at Business.com
Online Employee Training
Looking for Online Employee Training Resources? Search listings and reviews of providers, retailers, and specialists in your local area today.
JustClickLocal.com
Looking for Online Employee Training Resources? Search listings and reviews of providers, retailers, and specialists in your local area today.
JustClickLocal.com
Stimulus Funds For A Degree
President Obama Set Up $25+ Billion In Federal Funding To Get Your Degree. Find the right program from leading accredited schools.
www.ObamasEducationPlan.org
President Obama Set Up $25+ Billion In Federal Funding To Get Your Degree. Find the right program from leading accredited schools.
www.ObamasEducationPlan.org
Training Development
InfoPros offers custom courseware development that supports your company’s products, software applications, and business processes and procedures.
www.InfoPros.com
InfoPros offers custom courseware development that supports your company’s products, software applications, and business processes and procedures.
www.InfoPros.com
Training Software Directory
Compare training software using Capterra's free, comprehensive directory.
Capterra.com
Compare training software using Capterra's free, comprehensive directory.
Capterra.com
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