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How to Use Skills Testing and Training to Reduce Turnover
To build a strong team you need to recruit the right people. If you want them to stay with your company, you need to provide ongoing training and continuing education opportunities to help them learn and develop new skills that will lead to career advancement.
eSkill has partnered with Lorman Education Services, a leading provider of continuing education and professional development. Lorman offers relevant professional-level courses for corporate training and development programs to help organizations upskill staff, fulfill CE credit requirements, and equip employees with the tools they need to stay productive.
According to a Gallup Study, employee turnover costs businesses over $1 trillion annually, and the cost of replacing an employee ranges from one-half to twice the employee’s annual salary. This means turnover and replacement costs could range from $660,000 to $2.6 million per year for an organization with 100 employees and an average salary of $50,000.
Numerous studies have confirmed that providing training and development and continuing education opportunities reduces employee turnover and improves new-hire retention by 82% and productivity by over 70%. It is also good for business because regular, ongoing training keeps employees engaged in their work and encourages innovation.
This means you first need to include eSkill’s skills testing, video interviews, and behavioral assessments in your hiring process to be sure you hire the right people in the first place. Next, use Lorman’s extensive Learning Library to create an internal training program to provide employees with the opportunity to develop new skills.