INCREASE EMPLOYEE VALUE
On average, the largest companies spend $13 million on training employees, according to a 2017 Training Magazine Report. By allowing an employee, who has mastered a unit, to teach that unit at the next training session, your company can save large amounts of money budgeted for training purposes.
Hire from Within
Hiring already existing employees eliminates the cost of recruiting a new employee. Employees feel valued and trusted if they receive a promotion and will be more loyal to the company. Other fellow employees will be more familiar with working with an individual who has been apart of a company than if they were working with a new stranger. The learning curve of what is expected within a company and its culture decreases when your company hires from within, this improves progress.
Ask Employees for Feedback
Employees know what problems they face no their level, they also know what can solve the issues that they run into. Taking employee feedback into consideration will not only make your employees feel values, but it will bring up some issues you never would have noticed.
Have Experienced Employees Train Others
If an employee has mastered a unit. Ask them to teach that unit at your next training session. Employees that feel valued remain loyal and take pride in their work reducing the time and money you spend on turnover. This is also a great tip when working on limited funds.
Give Employees Education Opportunities (possible blog post?)
The coffee mogul Starbucks partnered with Arizona State University to give full-time employees a free online education from ASU. Now, many companies might not be able to make such a large collaboration, but the idea still stands. Sending employees to conferences, seminars, or other learning opportunities will increase employee value within a company. Supporting and helping your employees reach their educational goals not only creates employee loyalty, but broadens the knowledge of your staff, making your company better overall.
Improve Employee Training
When employees are trained by their peers, they become more comfortable within the learning environment. When one is comfortable, then tend to thrive more than in other circumstances. Also, if an employee has questions regarding new training materials, they can speak with their coworker who taught the subject in confidence and at any time.
Reduce Employee Turnover
When a company values its employees and places time and effort into listening to their concerns and training them, the employees feel valued. When an employee feels valued and wanted within a company, they become more loyal to the company and the turnover rate decreases immensely.
On average, the largest companies spend $13 million on training employees, according to a 2017 Training Magazine Report. By allowing an employee, who has mastered a unit, to teach that unit at the next training session, your company can save large amounts of money budgeted for training purposes. Implementing an employee training system with talent that preexists within the company can save sums of money that would be spent on eLearning courses, instructional videos, and bringing in speakers from outside of the company.
Reducing employee turnover, a benefit of increasing employee value, also saves money. According to research for Investopedia, the cost of recruiting can lead to turnover costs of over $3,500, even if this employee is only paid $8/ hour.