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Companies who invest in excellent training programmes for their people are rewarded with more productive, committed workers. Failing to invest in training can be an expensive mistake creating unhappy, disengaged staff and leads to poor retention and high recruitment costs.
Check out the hidden costs of failing to invest...
Keep your heroes
For each employee lost, the cost to your company could be 50 to 250% of his/her annual salary. (*SHRM) Example employee: annual salary + benefits = $60,000.
Cost to replace emloyee $60,000 x 50% = $30,000
According to Oxford Economics research, 28 weeks is the average time it takes for a new employee to reach optimum productivity, at an average cost (in wages) of $32,308. Other costs include recruitment agency fees and advertising fees. The average cost for these two combined is $7,500.
Training drives engagement
Gallup estimates 17.2% of the US workforce is actively disengaged.
Example headcount 87 Disengagement rate of 17.2% = 15 disengaged employees
Gallup estimates disengagement costs 34% of annual salary!
Annual salary = $60,000 Cost of each disengaged employee = $20,400
Total cost of disengagement = $306,000
Download our pdf to explore some of the real costs occurred when companies fail to invest in their staff. We do the math and illustrate the costs of repeat analysis, employee retention and staff disengagement.
Invest in training, invest in your company.pdf »
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