Training and its impact on employee retention

According to a report carried out by Oxford Economics, replacing members of staff costs £30,614 on average per employee. This is due to the cost of lost output while a replacement gets up to speed and the expenses involved with recruiting and assimilating a new worker.

The research goes on to add that it takes around 28 weeks for a new hire to reach their optimum productivity level and outgoings for advertising costs, agency fees together with invested time during the interview process contributes to the price of recruiting replacement staff.

Therefore, it is in a business’ best interests to find ways to improve employee retention. Increasing salaries and benefits, introducing flexible working schedules or providing plenty of praise are fairly effective tactics, but even these can have a detrimental impact on employee motivation, daily operations and most importantly, profit margins.

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