Recruiting and hiring new employees is costly and time-consuming. It has been noted, an average organization loses anywhere between 1% and 2.5% of revenue on the time it takes to onboard and orientate a new hire to their position. And manufacturing organizations are experiencing a steady decline in hiring.
Many organizations are experiencing the full force of change. This new speed of change is creating a shift in what employee’s value and what they are looking for in an organization. And because of this, organizations are now reflecting more on their culture and considering ways to enhance employee engagement and retention. Now is the ideal time for organizations to reflect on their legacy learning approaches and ask themselves: “will our existing learning approaches to enhance employee engagement, leadership development, change management, and problem solving help us transform our culture to best meet the future demands of our customers and stakeholders?” Perhaps, if the focus is on developing the team and not just the individual learner.
With more than 10,000 Baby Boomers entering retirement each day, organizations will spend more time contemplating how best to capture and retain departing talent. Combine this need with how quickly workforce, customer requirements, and buying behaviors are changing, you have a perfect talent retention storm.