Employee retention is a challenge many companies face. No industry is immune, regardless of whether the company is nonprofit or for-profit, public or private, a government entity or a small business. While employee benefits and competitive compensation are smart ways to retain employees, professional development opportunities provide long-term benefits to the employee and the company. It’s why companies of all sizes are adding eLearning into the mix of benefits and training. And here’s the best part, it doesn’t have to break the bank.
Let’s take a look at how a company eLearning program can help offset the highest costs of employee turnover and strengthen employee retention.
Recruiting and Training
According to a worksheet provided by the Society of Human Resource Managers (SHRM) and frequently cited statistics, the cost of replacing an employee can be 30-50 percent of the position’s salary for entry level and as high as 150 percent for mid-level. The recruitment process and productivity loss contribute significant costs.
How does eLearning support this challenge?
A company eLearning program, with a focus on professional development, helps capture the expertise of seasoned employees. The company’s own employees become subject-matter experts and can be the primary source for most of the training in the eLearning program. Additionally, employees can learn hard skills from free training already available online that can be integrated with the overall eLearning programs. Examples include the Excel, Word, and Powerpoint trainings found in the Microsoft Virtual Academy.
Tie the eLearning program to an internal mentor program and employees can also develop the interpersonal skills needed to help a company thrive.
eLearning programs with a strong focus on employee advancement and career pathing allow employees to get the training they need, at their own pace, to prepare them for advancement opportunities. These employees can be considered for the positions as they become vacant and/or can help fill the position during an external search.
Onboarding New Employees
Onboarding is often described by new employees as a mind-numbing experience. There is a lot of reading, reviewing policies, completing forms, the list goes on. It is not the best way to make a good first impression.
How does eLearning help with onboarding?
An eLearning program engages an employee even before their first day in the office, helping to reduce stress and anxiety. Here are a few examples. The eLearning program could include a library of current employees complete with videos of these employees sharing about themselves, sharing about the great work they are doing, giving a quick tour of their department, and sending a nice welcome message to the new employee.
An online employee community, as part of the eLearning infrastructure, helps new employees build important connections on the first day. It also clearly communicates the company’s work culture and helps the employee better understand the team’s values, goals and priorities.
Robust interactive onboarding programs get employees up to speed faster because processes are in place to support some of the key roles of the hiring manager.
- Information stored in the eLearning program helps support the roles and responsibility discussion.
- An online community helps connect new employees with a peer.
- An online community helps new employees build their social network.
- The eLearning program and online community help demonstrate the company’s work culture.
Analytics and Real Data
An eLearning program adds the bonus of analytics and data when tracking an employee’s progress. The program allows the manager to monitor the new employee’s progress and identify problem areas. Managers can use the results to make training recommendations.