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Five Ways to Win Top Talent in the Midst of a Shortage

Something significant happened at the end of 2018. For the first time ever, the U.S. Department of Labor recorded the largest gap between the number of job openings and unemployed people.

While you might have missed the announcement, as an employer searching for talent, you’re likely feeling the effects of this condition. The near future doesn’t offer much relief: more than half of employers say they will increase headcount in 2019, but three-quarters are experiencing a skills shortage in their industry. As the candidate-driven market continues, what can employers do to win top talent in the midst of a massive talent shortage?

  

1) Grow your own

When top talent isn’t on the market, savvy organizations are growing their own talent, creating internal bench strength investing in training  and career development as well as increasing their hiring of people straight out of school.

Nearly 60% of employers have jobs that stay vacant for 12 weeks or longer. The average cost HR managers say they incur for having extended job vacancies is more than $800,000 annually, according to CareerBuilder research. Innovative education and training programs can help bridge this gap, helping employers build their talent in house.

 

2) Get on the road

“If you post the job, they will apply” doesn’t work in this job market. You may need to take your recruiting efforts on the road, attending trade shows, job fairs, and visiting colleges. When going far afield, you may need to consider offering relocation assistance to populate key rolls.

Millennials in particular are often willing and able to relocatemore than 85% of those 18-35 say they are willing to move to a new city for a job. Successfully recruiting millennials requires some creative tactics, read about some of them here.

 

3) Forego tradition

You may be limited your talent pool focusing on “traditional candidates.” Consider foregoing tradition, embracing talent that may not fall within your past conventions. For example:

  • Stop inflating requirements: Does the position really required candidates to have a four-year degree, for example?
  • Hire for potential: Rather than hire someone who held the same job at another company, consider hiring for an individual’s potential. This may mean offering assessment tests early in the hiring process to identify the quality of a candidate’s skillset.
  • Age up: Older workers bring a lifetime of skills, including the often-elusive soft skills like professionalism, written communications skills, analytical skills, and interpersonal skills. And at over 20% of the talent pool, you cannot afford to overlook 50+ workers.

 

4) Reevaluate your runner-up candidates

Here’s a simple step that can save days or even weeks of searching: take a second look at candidates that didn’t quite make it to final round last time. Reassess their resumes, skills, and interview notes and see if they’re a good fit for another open role. These candidates have already made it through your screenings, so keep them as a first resource for future openings. An Applicant Tracking System (ATS) makes this task even easier.

 

5) Keep the ones you’ve got

Once you’ve secured talent, you’ll want to ensure you’re doing everything possible to retain them. We’ve written before about the importance of employee engagement relating to retention rates, and one of the strongest engagement/retention factors relates to training and career development. Consider the following statistics:

  • 42% of employees say learning and development is the most important benefit when deciding where to work.
  • Offering career training and development would keep 86% of millennials from leaving their current position.
  • 51% of employees would quit their job if training was not offered.
  • If a job lacks growth opportunities and avenues for leadership development, 67% of millennials would leave that position.

 

Successful employee recruiting, acquisition and training require long-term strategies, organizational commitment, and effective tools and resources. We assembled some resources to help you get started here.

 

 

What is the “Candidate Experience” — and Does it Really Matter?

 

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Candidate Experience

There’s a lot of talk currently about the importance of the candidate experienceJust what is the candidate experience? Does it matter?  And if so, how can you make it better?

  

What is it?

Not surprisingly, the term “candidate experience” refers to the overall experience employment candidates have with a potential employer. It includes the candidates’ impressions and perceptions of a company’s hiring process including the job application, screening methods, communications, and the interview.

 

Does it Matter?

In a word — yes. The candidate experience matters enough that there’s even an annual Candidate Experience conference to recognize leaders in this art. Here are just four of many reasons why companies should take the candidate experience seriously.

 

  1. Bad news spreads

Applicants who have a bad experience with a company often don’t go silently back into the job market — they spread the bad word. A recent industry survey found that 33% of candidates with a negative experience intended to share the news publicly through social media.

 

  1. Candidates are also customers

Alienate a candidate and it might dip into your profits. A recent Talent Board survey found that just under 40% of those with a positive candidate experience said they felt more inclined to buy from the company, regardless of whether they were actually hired. Conversely, 30% of those with a negative experience said they would now purchase fewer of the business’s goods or services.

 

  1. The good ones might get away

A positive candidate experience leads to better hiring. It’s that simple. Need evidence? Organizations that invest in a strong candidate experience improve their quality of hires 70%. And, 90% of candidates claim that the candidate experience they receive can change their minds about a role or company.

 

  1. It will cost you real money

A bad candidate experience can be costly enough that there’s a  Candidate Experience Resentment Calculator to demonstrate potential lost revenue stemming from bad candidate experiences.

 

How Can You Improve It?

Improving the candidate experience is not overly difficult, but it does take planning, time, and effort. Here are three area to consider:

 

  1. Recruitment Marketing

    Yes, there’s really such a thing as recruitment marketing. Really, it’s just a formal term for the strategies and tactics a firm uses to find, attract, engage, and nurture talent during the pre-application or recruitment phase. Recruitment marketing might take the form of employer branding, educational and promotional videos, or career sites.

     

    The best-executed recruitment marketing involves a company’s marketing department — an Aberdeen study found that best-in-class companies are 68% more likely than all others to involve the marketing department in employment advertising tactics. The same study found that recruitment marketing reduced the overall cost of the hiring process 20% or more for 24% of companies.

     

    1. Recruitment Messaging

    Today’s workforce includes three generations — and to reach each of them, companies need messaging that resonates with the intended audience. Take the time to hone your company’s recruiting message — it should reflect your brand and speak to the needs and interests of your candidate pool. The right messaging works — Johnson & Johnson reworked their recruitment messaging to be highly specific and saw their talent pool improve 54% and new hire turnover drop 23%.

     

    1. Conversational Recruiting

    Here’s another trendy term — conversational recruiting. Conversational recruiting emphasizes two-way communications throughout the recruiting process — and we’re not just talking phone chats here. Candidates expect to engage potential employers from where they live – which often means from their mobile devices, and meaningful “conversations” might take the form of text, video screening, and candidate surveys to recruit for talent and have meaningful interactions along the way.

     

    The candidate experience is a critical component in a company’s overall recruiting strategy. A good candidate experience results in a number of tangible benefits, while a poor candidate experience can diminish a company’s chances at hiring and retaining top talent. We’ve got additional ideas about how you can improve your company’s candidate experience – contact us to start the conversation. You can also check out our Best Practices Guide – 4 Key Steps to Successful Talent Acquisition

Renewable Recruiting: Building Sustainable Recruiting Practices in the Nonprofit Sector

Building Sustainable Recruiting Practices in the Nonprofit Sector 

One of the most common buzzwords of the last decade or so is sustainability. It’s been applied to everything from construction methodologies to laundry detergents, so perhaps it’s not surprising to hear it used in the context of the sustainability of nonprofit organizations. What does it take to be a sustainable nonprofit organization? The answers may surprise you. 

  

Think beyond cash flow

Naturally, what first comes to mind is cash flow. A sustainable nonprofit has to continue bringing in the money required to fulfill their mission, year after year. But sustainability goes beyond that. The analysts at Nonprofit HR laid out what we think is a spot-on description of nonprofit sustainability: “Nonprofit sustainability occurs when a nonprofit attracts and effectively uses enough and the right kinds of money and people necessary to lead and achieve their long-term outcome goals.”  

 

Implement a recruiting strategy

The right kinds of people are a necessary ingredient in the sustainability of nonprofits, yet a full 64% of nonprofits have no formal recruitment strategy. Without such a strategy makes competing for top talent even more difficult today than ever before. Even more alarming, once the right people are in place, most organizations (81%) lack a formal retention strategy for keeping them onboard and engaged.

 

While recruiting strategies will vary from organization to organization, many include elements such as workforce planning, definition of goals, employer branding, social media presence, sourcing and recruiting, a recruiting and applicant tracking technology platform, effective onboarding, and the use of data analytics to measure and monitor the process.  

 

Make a solid first impression

60% of job seekers have had a poor candidate experience. And as a result of a poor candidate experience, employers are missing out on an important talent pool. 83% of job seekers say a negative interview experience can change their mind about a role or company they once liked, while 87% say a positive interview experience can change their mind about a role or company they once doubted. Clearly, it pays to make a good first impression. 

Organizations can improve the experience of candidates in several ways, including streamlining the application process, keeping applicants informed of the status of their application, and recommending additional available positions. Steps like these are easier when you use an Applicant Tracking System (ATS), yet in 2017 only 33% of nonprofits reported that they use an ATS.

 

Promote your brand

Nonprofits have to be masters at self-promotion to meet their fundraising goals, and an organization’s brand carries a similar significance throughout the recruiting process. Does your organization have an employment brand or employment branding process? A majority of nonprofits do not, despite the important role brand plays in attracting top talent.

Think of your employment brand as the market perception of what it’s like to work for your organization. It’s the image that your prospective, current, and past employees have about the employment experience, and includes things like your culture, work environment, employee benefits, and advancement opportunities. Your organization’s brand affects recruitment of new employees, retention, and engagement of current employees, and the overall perception of the organization in the market. Essentially your brand should create a sense of urgency and excitement motivating prospect employees to seek you out and current employees to remain engaged. 

Building a sustainable nonprofit organization involves many factors, of which the right talent is perhaps the most critical. To achieve your mission, and successfully grow and maintain it, you must recruit and retain the right high-performing people.

Learn more about how an Applicant Tracking system can improve the sustainability of your recruiting efforts with our guide – 4 Key Steps to Successful Talent Acquisition.   

 

5 Tips to a Successful ATS Implementation

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Selecting a  quality applicant tracking system (ATS) that meets your needs is critical for improving your talent acquisition process and results. But if you don’t implement it successfully, even the right ATS technology won’t be much help.  

In this post, we provide five tips that will help you successfully implement a new applicant tracking systems, enabling you to both get the most value and avoid headaches.  

1. Check vendor references BEFORE negotiating and signing a contract. As part of this reference checking, be sure to ask about the implementation experience. A few questions you might consider asking include:

  1. How difficult was implementation?
  2. How well did the ATS integrate with other software? (This is particularly helpful if the reference uses other software you also use.)
  3. How helpful was the provider with implementation?
  4. What suggestions do the references have based on their implementation experience?

2. Carefully prepare for implementation, including deciding which data to bring over from your old ATS. There’s a famous quotation Benjamin Franklin: “By failing to prepare, you are preparing to fail.” Avoid unnecessary implementation problems being prepared and organized. An important part of this is determining which data you will bring over from your old ATS, and which you won’t. The amount of data you bring over often impacts the length of your implementation process.

3. Test your new ATS. Ensure that it meets your specifications and expectations. Verify you’re getting what you’re paying for—that your new ATS lives up to what you’ve been promised and seen during demos. As part of this, ensure the ATS integrates properly with other software you use. Lackluster integration is a common source of frustration. Don’t let it happen to you.

4. Get users trained fully and effectively on the ATS. This includes recruiters and hiring managers, but also others who will be using it. Ensure they know how to use features and functionality that are important for getting the most value from your new ATS. Those great reporting capabilities don’t do much good if users don’t know they exist, or don’t know how to access or use them.

5. Keep refining after beginning use. Take advantage of valuable updates the provider makes to your ATS. Especially with best-in-class applicant tracking systems, taking advantage of new capabilities is key to getting more value. Additionally, give existing users training refreshers as necessary, and ensure new users are trained fully.

Follow these tips. They should help your organization implement your Applicant tracking system successfully, and help you get great results from the start. 

Are you considering changing or purchasing a new ATS? Before you make such an important decision, download “5 Questions to Ask When Switching Applicant Tracking Systems (ATS). It will help you make a smart decision and avoid common pitfalls.

 

Visibility Software Exhibiting And Presenting At The AED 2018 Summit

 

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Visibility Software is a member of the Associated Equipment Distributors (AED) and we are proud to announce that we will be an exhibitor and speaker at the AED Summit at the Mirage in Las Vegas, January 15-19, 2018. We really look forward to sharing industry developments at our booth (# 1332) about the Talent Management space, specifically regarding recruiting and training management. Visibility Software CEO, Sean Pomeroy will also be presenting a session at this year’s AED Summit conference titled – Talent Management Bootcamp: It Shouldn’t Be So Complex on January 18th at 2:00pm.

Since joining the AED a few months ago we have been very active in providing talent management education and support to members of the association. This includes having two articles posted in the AED’s premier publication, the CED Magazine. The Real Value of an Employee Development & Training Strategy was published in the November 2017 issue -Stack the Odds in Your Favor, and 5 Tips to Launching an Effective Learning Management and Employee Development Program was published in the current January 2018 issue.

Visibility also sponsored the AED Financial and HR Symposium earlier this year in Miami, and will be attending this year’s Symposium, where our CEO will present another session titled -10 Talent Management Trends for 2018. This years’ Financial and HR Symposium will be held from Wednesday, April 25 – Friday, April 27, 2018 in Napa, California. 

Our goal is to offer solutions to help member of the AED address obstacles in recruiting, training and retaining skilled workers. This is an area of concern for most businesses within the AED association based on a recent scientific study commissioned AED. Obstacles to recruit and retain technically skilled workers cost the heavy equipment distribution industry in the United States around $2.4 billion per year.

Jon Cruthers, VP OF AED recently commented – “AED is pleased to have Visibility Software join our association as a Specialized Service member and we look forward to the support and services they can provide companies in the construction equipment distribution industry. The solutions offered Visibility Software in the areas of applicant tracking and learning management continue to be a growing area of focus in the construction equipment market as distributors are in high demand for talented individuals to join their organizations to address the current skills gap.”

Look forward to seeing you in Vegas!

Join Visibility Software at GPUG Summit Nashville! A Dynamic Opportunity for the Dynamics GP Community

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Hey y’all!

What are your plans October 10-13, 2017? We are a proud sponsor of GPUG Summit Nashville, one of the most engaging conferences in the industry. And as a sponsor, Visibility Software is excited to share this experience with you this October in Nashville, TN as we squeeze every last bit of functionality out of the products and get you the ROI you want—and deserve.

Why YOU should attend

GPUG Summit is THE go-to conference bringing together industry experts, software development vendors, and everyday users to discuss important issues, trends, product updates, customer pain points, and genuine solutions. The value of GPUG Summit is endless! Here are a few more reasons why you should attend: 

  • Meet & network with your user group buddies: Nowhere else will you find the collective Microsoft Dynamics® GP brainpower than at GPUG Summit.
  • Geek out over great content: There’s no better instructor than an actual Dynamics GP user. Receive deep level technical training in a focused environment on Dynamics GP functions that you can utilize 365 days a year.
  • Serve as a voice: Speak with vendors and Microsoft representatives so they understand your product pain points and can grow your industry with their products and future development.
  • Evaluate and test solutions: Understand third party solutions and learn what they can do for your industry or organization.

How to engage with us at GPUG Summit

We invite you to stop on our booth (#363) to learn about our recruiting and training management solutions that integrate with Microsoft Dynamics® GP and other HR systems to automate and streamline the entire recruiting, hiring, onboarding and training management process.

Artwork commissioned for you

To celebrate the inspiring Nashville location, along with the inspirational Dynamics community, Dynamic Communities commissioned a remarkable piece of custom art. Over the next few months, they will be revealing parts of this unique artwork until it’s fully unveiled at GPUG Summit. Learn more and don’t miss out on the reveal. 

So giddy-up, grab your boots, and join Visibility Software in Nashville!

 

5 Tips to Launching an Effective Learning Management & Employee Development Program

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Are you considering implementing a formalized employee development program? It is an investment that’s likely to pay off. Organizations with a career development program in place enjoy up to 250 percent higher productivity. And the benefits don’t stop there. Reduced turnover, higher employee engagement levels, increased innovation and improved risk management are some of the additional benefits companies realize when they implement a formal training and career development program. Training also serves as a recruiting tool – you’re more likely to attract and keep good employees if you offer them development opportunities. 

If your company doesn’t have a training and development program in place, it may seem daunting to get started. But it doesn’t have to be. Here are five basics to keep in mind as you work to implement an effective and efficient employee training and development solution in your organization. 

1. Consider it an investment

There is a tendency among business owners and executives to view employee training as an optional expense — and that mindset can prove very costly to your organization in the long run. The moment you think of employee development and training as just another expenditure, you’ll neglect it. Instead, think of it as an investment that can prove extremely valuable for the long-term success and growth of your organization.  

2. Remember you’re planning a program, not an event

A training program is more than just a series of unrelated courses or workshops. It should reflect your organization’s goals, as well as the needs of your staff. What’s important is that your staff training program has some reason behind its structure. An unrelated series of presentations or activities might have some value, but it will benefit neither the staff nor the organization as much as a training program that forms a coherent whole. Spend the time to outline and flesh-out your course offering, aligning it with your business needs and goals. Document the desired outcomes of each course and determine how you will measure and track those outcomes. 

3. Involve your staff

Make a point to involve staff members in the planning and implementation of your training program. The people who actually do the work are usually in the best position to figure out what their needs are. Ask questions, gather input, and structure training opportunities that meet employees where they are and take them where they want or need to go. Training breeds commitment, and committed employees are happier and more productive. 

4. Incorporate the basics – but don’t stop there

Companies often decide to implement a training program to address compliance matters (think OSHA or Department of Labor), manage risk ((think sexual harassment and diversity training), and/or professional certification or credential tracking (think nurses, teachers or commercial truck drivers) – and these are certainly areas that benefit from a formalized approach to training. Job function training is another common (and worthy) goal of an employee training program.  

As you plan your training program, consider broadening it into a full-fledged employee development program. Think of training as a retention tool, helping to instill loyalty and commitment from employees. One idea would be to offer career development courses, enabling employees to prepare themselves for promotion. Staff will be more likely to stay if you offer them ways to learn and grow while at your company. Don’t give them a reason to move on letting them stagnate once they’ve mastered initial tasks.  

5. Leverage technology

A training and development initiative won’t succeed if it isn’t easy to maintain. Companies often rely on spreadsheets, Word documents and calendar reminders to track employee training. Usually these programs were initiated when the company was much smaller, or was training fewer individuals. A disjointed system like this requires administrators to enter data in multiple locations, making reporting, analytics and data sharing virtually impossible. While this may work when your training needs are minimal, as you grow this system becomes overly labor intensive. 

Employee training, with the myriad of details to be tracked, is an ideal candidate for automation. Not long ago, learning management software was only within financial reach of the largest companies. But now, there are affordable learning management solutions accessible to small and mid-sized companies. Give your initiative the best chance of succeeding establishing an easy to manage infrastructure that’s both scalable and accessible. 

Interested in more? Check out our Best Practices Guide – 

3 Steps to Achieve Talent Development that Drives Organizational Success 

 

4 Reasons Why You Need to Invest in Employee Development

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According to Training Mag, the average amount a midsize company dedicated to the training budget was $1.5 million.

Companies of every size are shelling out the big bucks to train their new employees. Why? Because new employees are an investment and the future and they need to be molded into the common practices and company culture of the workforce in which they are placed. Communication is key in order to keep those new nuggets of talent and in case you hadn’t heard the cost of replacing an employee is through the roof these days. It costs 50-60% of an employee’s annual salary. 

So why should you revamp your employee development program?

 

1. Engaging with your employees leads to SUCCESS

This one’s a no-brainer, but is often seriously overlooked. Engage with your employees, especially your new ones. The more your employees participate in company culture and are associated with the company’s goals and interests the more they can support all those pieces.

 “Employee development is a way that you can keep your employees engaged at work to prevent that kind of boredom from setting in. Interesting training programs, and future development events that are fun or challenging to look forward to — this removes the plodding daily feel to a job that leads to that dreaded boredom.”

Chad Halvorson, When I Work

 

Unsurprisingly, 70% of employees who don’t have confidence in the abilities of senior leadership are not fully engaged. Engagement is easy when tackled from a conscious standpoint.

Tweet This: See what happens when employees don’t believe in the abilities of senior leadership:

 

2. The fiscal and emotional costs of replacing an employee

The stresses that come with replacing an employee can sometimes outweigh the fiscal costs of replacing said employee. Our advice? Avoid it all together with a streamlined, simple, informative and productive employee development process. For example, companies are re-engineering their talent development and learning management systems. 

In need of some help in this department? Check out Visibility’s learning management resources to help aid in the assistance of employee development.

 

3. HR Professionals are constantly looking for ways to improve their processes

Keep up on your employee development processes. Setting up a good platform in which an employee can learn paves the way for successful training and continual development in the future. 80% of companies believe HR skills are an issue and 39% rate this as an outright issue. 

 “Highly-structured, one-size-fits-all learning programs don’t work anymore. Individuals must own, self-direct, and control their learning futures. Yet they can’t do it alone, nor do you want them to. The development and growth of your talent is vital to your ongoing success, ability to innovate, and overall productivity.”

Keith Ferrazzi, Entrepreneur

 

4. Informal learning, while great, should not be your main vessel of training

Who doesn’t love inadvertent learning? That special kind of learning sharp witted new employees simply pick up from observing and inferring from other employees? While this type of “off the cuff” training is great, it should NOT be a company’s only means for knowledge sharing. An astounding 87% of companies rate “retention, engagement, and culture” as an important imperative and 50% rate it “urgent.”

Leaving too much for an employee to infer can lead to major communication problems in the long run. Misinterpretation is the essence of all workplace issues! Be nothing if not overly clear about what you expect from your employees.

Now you have your reasons, but here comes the real work. Check out the many solutions Visibility Software has to offer to enhance employee development if you don’t know where to start. You might be surprised at just how easy employee development can really be and the postive impact it will have!

For more check out our best practices guide – 

Best Practices Guide – 3 Steps To Achieve Talent Development That Drives Organizational Success

 

How the Right Applicant Tracking System Improves Candidate Experience

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According to a recent report from Software Advice, nearly 26% of recruiters said using an applicant tracking system is one of the top contributing factors for applicants having a good candidate experience. A good applicant tracking system allows your company to guide every candidate through your hiring process from beginning to end with ease. Unfortunately, not every company can take advantage of this streamlining, and it costs them money and candidates. And of course, some systems are better than others. So as always, it’s important to ask the right questions about your applicant tracking system to see if it’s your process or your software that’s making your organization’s candidate experience terrible.

 Is your ATS simple?

A good ATS is simple and to the point. It helps guide applicants through the process, and makes it as easy as possible. At its best, an applicant tracking system is invisible. The last thing you want your ATS to do is to be overcomplicated, confusing and an extremely long process for the candidate, making applicants focus on the how of application process rather than the why. A recent study showed that almost 49% of candidates think extremely long applications were a major deterrent to applying for the position. If your applicant tracking system makes applying more complicated than it should be, drop it. A great ATS should be as easy to navigate as a consumer website, why isn’t yours?

Tweet This: 49% of candidates think extremely long applications were a major deterrent.

Is it Effective?

In order to have the best candidate experience, your ATS needs to do what it sets out to. For your applicant tracking system to be effective, here’s what it needs to have: requisition management, automated workflow, applicant-facing tools, pre-screening, scoring and compliance. Analyzing your current situation, your job posts, and how your ATS feeds into the rest of your hiring process can allow you to improve every part of hiring, but only if your ATS can deliver on its part of the bargain. If you feel like you have to work around your applicant tracking system instead of with it, it’s not effective. Once every element of your hiring (including your ATS) works in harmony, every part of your hiring will end up benefiting. Ask your new hires how they feel about your applicant tracking system and be ready to process their honest answers.

Tweet This: For your applicant tracking system to be effective, here’s what it needs to have:

Is it convenient?

Have you ever been to the hospital, reached the front desk to tell someone your emergency, then, once you finally reach the emergency room, the nurse asks you what’s wrong? And then, once the doctor finally comes to check on you, they also ask you what’s wrong? It’s frustrating to have to repeat yourself, especially when you’re in need of dire care. When something like this happens, all you can think to yourself is, “are these people even talking to each other?” It’s incredibly frustrating annoying, and while hospitals may have their reasons for the lack of communication, the amount of time they waste in treating a patient is all the same. 

Why treat your candidates the same way? After being questioned so many times about who they are and what they do and having to fill in the same information over and over, it shouldn’t come as a surprise that your candidates are dropping out. A recent study showed that companies saw a drop out rate as high as 48% because of a complicated applicant process. Don’t do this to your candidates. It will decrease your talent pool and give you bad reputation as an employer. You need every advantage you can get as an employer looking for talent, and anything keeping you from top talent needs to go.

Tweet This: Companies saw drop out rates as high as 48% because of complicated ATS processes. 

If your current ATS isn’t your company’s standards for hiring and it doesn’t make anything easier for the candidate it may be time to look into a new solution. Your ATS is a key part of your hiring process, so don’t let your current one cost you candidates and your company money. Instead, a good applicant tracking system should expand your talent pool giving your candidates the most optimal experience. Not sure where to look? Visibility Software’s applicant tracking system is a great place to start.

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The Real Value of an Employee Development and Training Strategy

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The Real Value of an Employee Development and Training Strategy

Many organizations that we speak with tell us that while they understand the value of employee training and development, they aren’t certain they need a formal learning management program to deliver, track and manage that training. Many of these organizations track the training they do provide in spreadsheets or even with paper files. While we can agree that any approach is better than no approach, learning management programs are ideal candidates for automation. There are big benefits to be realized from standardizing processes and automating the workflow surrounding employee training, and here we take a look at just a few of those benefits. 

Aids retention

Studies tell us that 40 percent of employees who receive poor job training leave their positions within the first year, citing the lack of skills training and development as the principal reason for moving on. Employee development and training programs help employees feel invested in their jobs and in their organizations. A well-established program ensures that employees continue to feel motivated to advance their own careers within the company, as well as to advance the company’s mission, rather than turning elsewhere for new opportunities. 

Attracts job seekers

An organization that has a standardized employee development plan reassures job seekers that the company is invested in their long-term success and advancement within the organization. Applicants are less likely to invest themselves in a company that doesn’t show the same commitment in return. A recent Bersin study noted, “Companies with career management programs are better able to attract and retain top talent, leading to higher employee engagement and, in turn, a positive impact on the bottom line.” 

Automates manual processes

If your training requirements are modest, it may be tempting to continue to use the collection of spreadsheets to track course offerings, registrations and certification renewals, but deploying a smart learning management solution, you can dramatically reduce the overhead involved, saving money and driving efficiency. From automatic reminders to employees and their supervisors, to enrollment tracking and training reimbursement request handling, through an automated approval workflow, a dedicated learning management solution can generate a rapid and significant return on investment.   

Promotes consistency

With formalized training, you can be certain that vital functions and tasks are taught in a consistent, precise manner, ensuring that all employees receive the same information. You can of course develop your own training in house, but most organizations rely at least in part, on professionally-produced training courses. Depending upon the specific training provided, the value of such consistency may vary from improved productivity to reduced liability for the company. 

Streamlines compliance

From sexual harassment awareness training, OSHA-mandated safety training, through business ethics – it’s not just that proper training is the right thing to do, training protects your company from potentially devastating law suits and fines. A learning management solution helps ensure employees (and you as the employer) are in compliance with job requirements and the law. The software can track certification expirations, courses due, and notifications and accreditation requirements, helping maintain strict compliance and protecting both you and your employees. 

It makes financial sense

Increased revenue is a common goal across many organizations, and investing in employee training to support that goal makes financial sense. For example: 

  • The Cheesecake Factory invests an average of $2000 annually per employee on training. The chain enjoys sales of $1000 per square foot, almost double the restaurant industry average. 
  • Payroll provider ADP coaches some sales associates on managing virtual teams and time management. Those that participate had an average of seven percent growth in sales. 
  • Motorola has found that every dollar invested on training can yield as much as a 30 percent gain in productivity within three years, which has helped them cut costs $3 billion and increase profits 47 percent. 

For more in-depth tips on taking employee learning and development to the next level, check out our Best Practices Guide – 3 Steps to Achieve Talent Development that Drives Organizational Success