Articles

The Importance of Retraining

Estimated reading time: 5 minutes

Introduction

High employee turnovers destabilize businesses. The costs associated with the down-times, value gaps, and lengthy hiring processes can hold back any business’ growth potential. Can employee training programs, such as Sponsored Certification Courses, change the trend?

 

Why Employees Quit

Lack of engagement: Employees must be deeply rooted in their work- whether emotionally, physically or mentally. When an organization fails to engage employees, the end result can only be a high turnover rate. The reasons for quitting here include; diminished significance, minimal autonomy, and lack of feedback from the top. These problems can be helped with training that boosts your teams’ business acumen.

 

Personal-organizational goals conflict: Among the many reasons that an employer will quit is the misalignment of personal and organizational goals. Here, job satisfaction will be low and workers cannot identify mutual benefits between their work environs and their personal growth goals. HR can change that with strategies that show genuine concern for employees’ personal development. Sponsoring an employee’s training makes them feel part of the organization and amalgamates personal and company goals.

 

Separated junior and senior teams: Junior members of the teams are locked out of most company discussions. In most cases, that’s because they don’t have the right experience or knowledge. The result is a breakdown in the relationship between team supervisors and middle/upper management. Improving your workers’ skills and expertise can help to break these siloes and align interests to the same goals.

 

A diminished sense of job security: That is birthed when firms repeatedly hire from ‘outside’ to fill top positions. It happens when you bring in outsourced teams of experts or new technology and models of operations that your internal teams do not understand. The right employer-sponsored training can improve the expertise and confidence of the teams. It can help improve user adoption for new technologies and save you from hiring costs while giving your workforce a sense of job security.

 

Discouraging salary and job benefits: Employees are compensated based on the value they bring to an organization. But most of them quit when pay level stays the same year-in year-out. Training can help them add more value to the organization by improving their efficiency and skills. In turn, that can lead to the salary advancement that makes them stay with you for longer periods.

 

Limited opportunities for advancement: Your competitors are creating programs for professional development. As a result, their teams record better job performance, more productivity, and a higher level of job commitment. Employer-sponsored professional courses may help you match this level of competition and get your employees to work with passion and dedication.

 

How training can help with job satisfaction

 

It boosts performance

A top-performing employee is a happy employee. They will look forward to reporting early to work each morning because they love their jobs. Why? Because their job is enjoyable. Why? Because the training sharpens their understanding of business processes and concepts and equips them with tools for efficiency, productivity and accuracy.

It’s the exact opposite for employees with a worrying performance level – they dislike their work- they are frustrated with what they don’t understand-they are always afraid of being fired. As a result, they are less energetic, less committed, and less interested in your ambitious growth plans.

 

Improves employee morale

A highly skilled and knowledgeable employee is not only happy to work at your organization, but they will also be looking for ways to do things better. These are the people that will be searching for solutions to help you minimize losses and maximize returns. These are the people that will be volunteering to do more even if it falls outside the scope of their job duties. They are ambitious and determined to get to the top. The results will be visible for all to see in your future financial reports.

 

Solidifies your stance in the market

Technology is changing fast, and so are consumer behaviors. Financial institutions now have new competition from mobile money and digital banking options. There are new regulations, new types of risks, and new forms of competition.

Regular employee training can help your business to be agile in response to these changes. It will be easier to restructure business processes, switch to new models, or prevent risks if employees are confident and skilled in new technology, regulations, and market changes.

 

Helping to understand strengths and weaknesses

Among the many benefits of retraining employees is that it makes them conscious of their performance. Giving them access to new knowledge can enable them to see their inaccuracies or inefficiencies and correct them for better future performance.

For instance, companies with existing training programs are less likely to be caught up in huge fines when it comes to regulatory compliance. That’s because everyone understands their role in detecting and reporting anomalies. Everyone has a higher sense of ethics and commitment to business success.

 

Training pushes them outside their comfort zones

The day-to-day business operations can get too dreary for ambitious and creative individuals. These will be the first to leave if the same continues. These people want a challenge. They want more autonomy and desire to take on some level of risk to shake things up in the workplace.

You can support that by ensuring they have the right level of autonomy. If you play your cards right, you could build a team of trailblazers that turn your brand into an industry game-changer. It starts when you invest in your people through education.

The opposite of that is having a team that is too afraid to fail. You will have leaders that are too scared to embrace change. You will have goals and growth projections that remain on paper and far from actualization.

 

Summary

Training employees improves retention rates in diverse ways, as seen above. Sponsoring your teams for a highly specialized certification course, for instance, is an investment with guaranteed returns. That’s a secret closely guarded by leading brands.

 

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