Want to retain the best staff? Then keep them learning

Finding and retaining the right staff has always been challenging, but in recent years, many businesses have struggled with finding any staff, leaving them fumbling to stay afloat. The answer to this problem lies in supporting and developing the employees you have, writes Tony Maguire, Regional Director, ANZ at D2L.

Without a doubt, people are our greatest business asset. As a result, companies are resorting to competitive tactics to retain and attract talent like increased salaries, better benefits, permanent remote working arrangements, mental health days, or compressed working weeks. Some employers are even awarding pay rises and one-off payments to current staff to mitigate inflation’s impact and incentivise them to stay.

Unfortunately, these measures may not be enough to retain talent in today’s tough job market. Not only that, but the funds to pay for these benefits must come from somewhere and in the current economic climate, money is tight for businesses too.

Why employee retention matters

Without a rock-solid strategy to retain talented people, a company is vulnerable to the whims of the market.

When not effectively trained, employees tend to get frustrated and quit their job. In addition, if employees feel no upward momentum in their positions due to a lack of personal development opportunities, they’ll try to fulfil their careers elsewhere.

Job seekers may view a low retention rate as a warning sign of disillusioned employees who are not feeling invested in due to a lack of skills development. No one enjoys working at ‘revolving door’ companies; or, even worse, companies that become ghost towns as employees leave one by one.

People tend to feel more positive when they find community, familiarity, and a sense of longevity.

The link between training and retention

Just like company assets require ongoing maintenance and upgrades, investing in employee development makes good business sense. In an ever-changing work environment, there is no greater career incentive for an employee than receiving learning opportunities to grow their career and keep them employable.

The link between learning and staff retention is astounding; businesses that inspire employees to learn have up to 50 per cent higher retention rates. According to LinkedIn’s 2022 Workplace Learning Report, 94 per cent of employees claim they would remain with an organisation longer if it simply invested in their ongoing skills development.

Yet, only 20 per cent of employees globally feel engaged at work, which is usually a result of employees feeling under-utilised and poorly managed.

Training and education programs that introduce new techniques and skills, such as digital literacy and more advanced analytical skills, can make employees experts at their jobs. Providing advanced education programs can also help retain staff as they progress in their careers, equipping businesses for further success.

Learning Management Systems are a benefit for employees

Organisations that offer resources for continual learning, upskilling and reskilling can keep employees sharp and motivated while increasing the length of an employee’s time with a company.

Many offer this using Learning Management Systems (LMS), which their staff can use to develop new skills and enhance their current capabilities.

By using an LMS, company leaders can continuously train employees from their first day on the job. An LMS also allows companies to monitor, track and report on the progress of each new employee. This helps them to evaluate their skills and capabilities for tasks, determine who might need additional help and focused eLearning, and automatically issue next-stage training paths and certifications to employees.

Conclusion

Wellness treatments, free lunches and doona days are great, but organisations still need to stand out in this challenging job market. At the end of the day, job satisfaction helps to retain staff and creates employers of choice in a tough job market – and the answer lies in giving employees joy instead of money.

High employee retention means organisations are stable, passionate and qualified. This helps attract talented people to the business and is an excellent proof point for recruiters when they reach out to qualified candidates to fill roles going forward.

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