The vast majority of businesses and organizations do not have a full understanding of how much training adds to the bottom line. Employee training is often seen as a cost not the profit generator it truly is! Owners and managers often do not know what the full costs of hiring new employees are or understand how an organized training program for new hires adds to employee retention and improved productivity. It is not enough to have your HR department fill them in on insurance benefits and call them trained. An organized program that has milestones, and covers not only job skills and procedures but organizational culture and process will increase productivity, add to retention, and put your most important investment, your people, to work faster and more effectively.
Practical Education Solutions can help create a training program for your unique organization. We can design full curriculum materials or simple checklists, train your people in how to effectively provide the training to new hires or conduct the training for you. The data show that a formal training program can improve employee retention by 50% and more. If your new hire training program consists of something like, "Joe has been doing the job a long time. Follow him around today and you can dive in tomorrow" ; you are just throwing money, and more importantly, good people away.
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COSTS OF HIRING A NEW EMPLOYEE
A CAP study found average costs to replace an employee are:
We actually know a major company that sent the following e-mail to it's new hires. How valued would you feel? - "Welcome aboard! You are one of our most valued new employees. Enclosed please find some helpful guidelines to company policy".