Employee Retention Strategies Reinforced: How an L&D Platform Can be a Valuable Tool?
Employees aspire to do their job well. Therefore, they pursue different ways to enhance their skills and abilities to better themselves at what they do.
But what avenues do companies offer their employees to achieve their goals?
Falling employee engagement and rising employee turnover point to the fact that companies are not doing enough, resulting in a drop in employee productivity. Furthermore, you are left with fewer employees to get things done, causing work overload. Above all, the time and expenses of hiring replacements will soar.
A few reasons for this setback are the lack of proper employee retention programs and innovative employee retention strategies. In addition, conventional training can be unyielding most of the time, thus summing up the worries of employee retention for companies.
How Important is Employee Retention for Companies?
Your company’s success and longevity are reliant on retaining the top talent.
What are the factors that threaten your ability to keep employees from leaving?
Salary? Poor management?
Although these could be a few reasons, we say the lack of adequate training is one factor that is commonly overlooked.
Employees get diffident when they have not been properly trained. For your employees to represent the organization at the best level possible, efficient training is vital. In addition, the organization must ensure to keep employees confident to undertake responsibilities and engage them with the best employee retention strategies.
Are you facing dire straits with employee turnover? If yes, to straighten things out, we can help you get started with the following retention strategies:
- Lower recruitment expenses
- Boost employee productivity
- Level out workflows
- Build and maintain team strength
- Secure trained talents, keep them in house
- Power up employee satisfaction levels
Keeping all these in mind, let us look at how L&D platforms boost employee retention programs in the long run.
What are the few Employee Retention Strategies that L&D enables you with?
A recent study shows that employee retention attempts are the topmost priority for 87% of human resource leaders in the next few years. However, the study also revealed that 20% of these HR leaders struggle with keeping employee retention as their top priority, as it consumes the lion’s share of their attention and budget.
The solution to retaining employees with minimal effort and cost-effectively is employing a clever learning and development (L&D) platform.
Are your employee retention activities progressing at a snail’s pace?
An L&D platform can simplify things for you. Here is how.
1. Onboard right talents
“Train people well enough so they can leave. Treat them well enough so they don’t want to.” – Sir Richard Branson
Focus on your people and not on KPIs or profit margins. A company struggling for business success without focussing on its people is like a boat without a rudder. The key is focusing on people right from their onboarding and ensuring you invest enough time.
DO NOT HURRY!
Make sure you are interviewing the right candidate. Next, conduct assessments on the behavioral and situational quotient of the candidate, and make sure an expert manager handles it. Lastly, ensure that the employees you are onboarding are a good cultural fit for your company.
If you feel this can be painstaking, leverage the smooth onboarding features of an L&D platform and see how automation can change onboarding for your company.
2. Develop a good feedback mechanism
Unless acted upon by a mentor, an employee will never realize what they are doing or how to improve their skills. Therefore, develop a feedback mechanism that happens more often, not just during performance reviews.
Honest feedback is expected, and don’t burden the other employee with negative comments. ‘Constructive criticism’ might suit best in such situations and show them ways to improve themselves. Train underperforming employees or, if required, place them in a position where they can give their best.
3. Appreciate your employees’ efforts
Saying ‘You are doing a great job’ to your employees is not enough!
When employees do a good job, it benefits the company in some way. Give a part of that benefit to the performers as a reward. Not just a pat on the back or a public acknowledgment, but instead rewards like salary hikes, gift coupons, bonuses, or promotions. Through promotions, make your employees realize that the company trusts their abilities, and hence they are assigned new responsibilities.
An L&D platform can be a convenient tool to facilitate employee-oriented training, reskilling, and upskilling.
4. Set the seal on your employees’ professional development
Development of your employees and making them multitaskers is something that your company needs more than the employees themselves.
Learning is a continuous process, and growing professionally is rewarding to both parties, which is why an L&D platform is befitting for your company. With an L&D platform, you can offer customized learning paths to every single employee and develop their work skills, whether in remote or hybrid working mode.
An ideal L&D solution helps you create and upload custom-made courses. eLearning has had more impact on employees’ professional development than traditional approaches due to the ease of access at any time and on any device.
Training is a cost-effective option, and companies often misunderstand that an L&D platform is expensive. A scalable L&D platform offers different affordable plans, and as the company grows, you can switch from one plan to another.
How can an L&D platform like Skill Lake Help?
Companies practicing employee retention programs send positive signals to employees, signaling a great potential to learn. L&D platform like Skill Lake offers a unique learning experience for employees and companies looking forward to upscaling the learning journey of employees.
Constant learning has exponentially growing relevance in today’s competitive world. But more importantly, it is a win-win for both employees and companies.
Skill Lake is a comprehensive L&D platform that extends beyond a regular LMS and helps you execute all the required employee retention strategies. In addition, Skill Lake helps in creating a work culture that nurtures employee growth and makes them want to stay in your organization.
- Help implement the best employee engagement strategies
- Support internal mobility for boosting professional motives
- Improve team collaboration and togetherness
- Provide learning from anywhere, at any time from any device
- Track employee performance and suggest personalized training
That’s not all!
To know more about Skill Lake’s exclusive features and how it can work for your organization, reach out to our team or take a quick demo.
Build a culture of continuous learning with Skill Lake’s state-of-the-art people development platform. Give your employees professional training to help them excel in their job roles and propel your business to greater efficiency and success.
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Ashmitha Chatterjee
Ashmitha is a learning and development enthusiast who shares her insights on e-learning. She loves to create engaging and informative content and is dedicated to helping people learn and grow through her deep expertise in the field.