Employee turnover costs companies upwards of two-times the position’s annual salary, according to Josh Bersin of Deloitte. These exorbitant costs are why 87% of HR leadership identified improved employee retention as a critical priority for 2017 and beyond.
But it’s one thing to declare employee retention a priority, and another to implement tangible strategies to accomplish it.
To attract and retain top talent in a competitive employee marketplace, business leaders must provide more than traditional compensation.
Forward-thinking businesses must provide their employees opportunities to expand their skills.
According to a recent Gallup report entitled, “Millennials want jobs to be development opportunities,” millennials identify skill development as a tangible component of a job’s compensation. They seek out employers known to provide ongoing education, and this is exceptional news.
Providing your employees access to professional skill development is an investment that pays dividends in their improved performance and efficiency while satisfying their desire for personal growth. Facilitating employee growth through training opportunities should be viewed, along with salary and other forms of direct compensation, as part of a larger strategy to retain employees at all levels.
Here’s the kicker, when you provide your employees personal growth opportunities, they bring their enhanced skills to work every day to boost your bottom line.
For a quick return on your employee investment, look no further than communication coaching. Boosting this essential skill helps all employees gain confidence in their public persona and this, in turn, facilitates sales, improves client deliverables, and enhances internal operations. According to Warren Buffet, improving a person’s communication competence increases their capital value by 50%.
To improve productivity, retention, and overall employee personal growth, communication coaching for all employees is an important part of any company’s business plan.
To learn more about the high-energy public speaking programs provided by The Professional Communicators, visit www.procommunicators.com.
 Bersin, Josh; Employee Retention Now a Big Issue: Why the Tide Has Turned; https://www.linkedin.com/pulse/20130816200159-131079-employee-retention-now-a-big-issue-why-the-tide-has-turned
 Kronos; The Employee Burnout Crisis: Study Reveals Big Workplace Challenge in 2017; https://www.kronos.com/about-us/newsroom/employee-burnout-crisis-study-reveals-big-workplace-challenge-2017
 Adkins, A. and Rigoni, B; Millennials Want Jobs to be Development Opportunities; http://www.gallup.com/businessjournal/193274/millennials-jobs-development-opportunities.aspx