BizLibrary for Higher Employee Retention
Modern Learning Content That Engages Employees in Continuous Development
At BizLibrary, we understand the importance of employee retention strategies and offer solutions to help you improve retention and reduce turnover. Employee turnover is a constant and costly problem – according to The Center for American Progress, the cost of turnover for employees who earn $75,000 or less is approximately 20% of their salary. The cost of replacing a highly skilled executive can cost your organization up to 213% of their annual salary!
If you’re experiencing high voluntary turnover, there are many factors that can cause it, but there’s also one common way to solve it.
Companies like Fujifilm, Intek Plastics, and Viamedia have seen improved employee retention rates by making learning and development a priority.
A modern training program that upskills employees is a smart and achievable way to lower turnover. As highlighted in our free ebook, The Race to Personalized Skills Development, organizations that invest in personalized learning experiences and development opportunities have experienced significant improvements in employee retention rates.
87% of millennials – the largest demographic in the workplace – say that “professional or career growth and development opportunities” are important to them in a job. The ebook, Real Strategies to Improve Employee Development, further explores the link between employee engagement and development opportunities. It provides valuable insights on how organizations can create engaging learning experiences that align with employees’ aspirations and foster a sense of purpose and fulfillment in their work.
In other words, companies that offer meaningful development opportunities have a leg up when it comes to attracting and retaining talented employees.
Increase Profitability
An unfilled position is incredibly costly for your company. When jobs aren’t being done, lost productivity can have a detrimental ripple effect on your organization’s output, and replacement costs are a serious matter. Our comprehensive employee retention strategies are designed to meet the unique needs of your business. Between recruiting, slowed productivity, and costs associated with onboarding, it pays to invest in learning and development that can help you successfully reduce employee turnover.
Identify Multiple Causes for High Turnover
Whether your employee retention challenges are caused by inexperienced managers, industry competitiveness, poor leadership, or a variety of other issues, The BizLibrary Collection has online training content that will help you lower turnover and increase your employee retention.
Our strategic partnership will provide your organization with tailored solutions that address the specific pain points in your organization, ensuring that you retain your top performers and create a culture of commitment and longevity.
Create a Succession Plan
The best-performing organizations are able to promote from within. With BizLibrary’s training content on both technical and soft skills, you can continuously develop your employees and prepare them for more responsibilities with clear career paths.
With the right mix of training and strategy, you can drastically improve your company’s succession planning while retaining staff who are engaged and ready to grow.