Training & Development: a Tool of Retaining Employees

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Training & Development: A tool of Retaining Employees

“Abstract”

NITIN GUPTA
(ASST. PROF. IIMT HOTEL MANAGEMENT COLLEGE)

The objective of this study is to show that training & development is required for an organization to retain its employees, as Training is activity leading to skilled behavior and it realize the employees that what they want in life& knowing how to reach it, where they want to go and how to get there, how high they want to rise and how to take off in the organization.

The people in your organization are your most important resource. It is not only essential to hire the very best employees but the important is that a company retains those employees. Training and re-skilling inspire loyalty. Training is seen as expensive and a way of making their employees attractive to others. The risks involved, when weighed against the benefits, often mean that retraining is overlooked in favor of recruiting externally. However, the recruitment costs of staff time before and after the hire and direct expenses compare favorably against staff development costs.

Training employees reinforces their sense of value. Through training, employers help employees achieve goals and ensure they have a solid understanding of their job requirements. A mixed approach of valuing staff by developing skills, providing interesting/motivating work while recognizing their individual contribution, along side benefits and perks, will mean that you are an employer that employees don't want to leave.

TOPIC

Training & Development: A tool of Retaining Employees

INTRODUCTION

The people in any organization are most important resource. It is not only essential to hire the very best employees but the important is that a company retains those employees. Training and re-skilling inspire loyalty. Training is seen as expensive and a way of making their employees attractive to others. The risks involved, when weighed against the benefits, often mean that retraining is overlooked in favor of recruiting externally. However, the recruitment costs of staff time before and after the hire and direct expenses compare favorably against staff development costs.

Employees leave organizations for many reasons; oftentimes these reasons are unknown to their employers. Employers need to listen to employees’ needs and implement retention strategies to make employees feel valued and engaged in order to keep them. These retention methods can have a significant and positive impact on an organization’s turnover rate.

According to strategic planning consultant Leigh Branham, SPHR, 88% of employees leave their jobs for reasons other than pay: However, 70% of managers think employees leave mainly for pay-related reasons. Branham says there are seven main reasons why employees leave a company: 1. Employees feel the job or workplace is not what they expected. 2. There is a mismatch between the job and person.

3. There is too little coaching and feedback.
4. There are too few growth and advancement opportunities. 5. Employees feel devalued and unrecognized.
6. Employees feel stress from overwork and have a work/life imbalance. 7. There is a loss of trust and confidence in senior leaders. WHY RETAINING EMPLOYEES IS IMPORTANT?
Turnover is costly. According to Right Management, a talent and career management consulting firm, it costs nearly three times an employee’s salary to replace someone, which includes recruitment, severance, lost productivity, and lost opportunities. Life Work Solutions, a provider of staff retention and consulting services, provides the following turnover facts and rates: • Over 50 % of people recruited in to an organization will leave within 2 years. • One in four of new hires will leave within 6 months. • Nearly 70% of organizations report that staff turnover has a negative financial impact due to the cost of recruiting, hiring, and training a replacement employee and the overtime work of...
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