Can Your Organization Save Money by Investing in Employee Retention?

It’s a job seeker’s market right now. The economy is doing well, and job seekers seemingly have their pick of the litter when it comes to finding a job that not only fits with their expertise but meets their personal and family needs as well. There are mounds of data that prove that retraining and upskilling existing employees (instead of making an external hire) is significantly less expensive, but going beyond that, how can an organization ensure that they’re keeping the best talent available within their organization? 

Here are a few ways your organization can save money by reskilling and retaining the best employees. 

  • Recognize professional development efforts. According to a survey done by SurveyMonkey, 63% of employees who are recognized at work are unlikely to look for a new job. Recognition is simple with digital credentials. Your employees will have a chance to learn new skills and your organization will have verified data that demonstrates that an employee is motivated and enthusiastic about working at your organization. It’s a win-win.
  • Promote employees who work hard. After an employee has taken the initiative to learn a new skill and has earned a digital credential for that new skill, it’s time to put that knowledge to work by promoting from within. In fact, according to LinkedIn, employees who are promoted within three years of joining the organization are 70% more likely to stay. That means you’ll have employees who are dedicated to the mission, culture, products, and services your organization offers, without needing to retrain a new hire. 
  • Create a culture of recognition. Lack of recognition is the number one reason employees leave their current roles, according to Achievers. By implementing a digital credentialing program, not only is your organization allowing employees to own their records of achievement, but you’re also giving your hiring managers and HR department a clear view into who’s capable of doing what. Celebrate the wins with digital credentials, and recognize those who are dedicated to working hard.

If you’re interested in learning more about how your organization can benefit from creating a digital credentialing program, fill out the form below and we’ll be in touch with you shortly. 

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Topics: Hiring, Professional Development

By  Patricia Diaz