It’s a job seeker’s market right now, so how do you increase employee retention? The economy is doing well, and job seekers seemingly have their pick of the litter when it comes to finding a job that not only fits with their expertise but meets their personal and family needs as well. There are mounds of data that prove that retraining and upskilling existing employees (instead of making an external hire) is significantly less expensive, but going beyond that, how can an organisation ensure that they’re keeping the best talent available within their organisation?
Here are a few ways your organisation can save money by reskilling and retaining the best employees:
Recognise professional development efforts
According to a survey done by SurveyMonkey, 63% of employees who are recognised at work are unlikely to look for a new job. Recognition is simple with digital credentials. Your employees will have a chance to learn new skills and your organisation will have verified data that demonstrates that an employee is motivated and enthusiastic about working at your organisation. It’s a win-win.
Promote employees who work hard
After an employee has taken the initiative to learn a new skill and has earned a digital credential for that new skill, it’s time to put that knowledge to work by promoting from within. In fact, according to LinkedIn, employees who are promoted within three years of joining the organisation are 70% more likely to stay. That means you’ll have employees who are dedicated to the mission, culture, products, and services your organisation offers, without needing to retrain a new hire, thus increasing employee retention.
Create a culture of recognition
Lack of recognition is the number one reason employees leave their current roles, according to Achievers. By implementing a digital credentialing program, not only is your organisation allowing employees to own their records of achievement, but you’re also giving your hiring managers and HR department a clear view into who’s capable of doing what. Celebrate the wins with digital credentials, and recognise those who are dedicated to working hard.
Read more about Engagement and Retention.
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