Employee Retention Strategies: Why L&D Platforms Matter

How to Retain Employees?

Employees aspire to do their job well. Therefore, they pursue different ways to enhance their skills and abilities to better themselves at what they do.

But what avenues do companies offer their employees to achieve their goals? 

Falling employee engagement and rising employee turnover point to the fact that companies are not doing enough, resulting in a drop in employee productivity. Furthermore, you are left with fewer employees to get things done, causing work overload. Above all, the time and expenses of hiring replacements will soar.

A few reasons for this setback are the lack of proper employee retention programs and innovative employee retention strategies. In addition, conventional training can be unyielding most of the time, summarizing the worries of companies regarding employee retention.

Unlocking Success: Effective Employee Retention Strategies

Your company’s success and longevity are reliant on retaining top talent. 

What are the factors that threaten your ability to keep employees from leaving? 

Salary? Poor management? 

Although these could be a few reasons, we say the lack of adequate training is one factor that is commonly overlooked. 

Employees become different when they have not been properly trained. For your employees to represent the organization at the best level possible, efficient training is vital. In addition, the organization must ensure that employees are confident in their ability to undertake responsibilities and engage them with the best employee retention strategies.

Are you facing dire straits with employee turnover? If yes, to straighten things out, we can help you get started with the following retention strategies:

1. Lower recruitment expenses
2. Boost employee productivity
3. Level out workflows
4. Build and maintain team strength
5. Secure trained talents, keep them in-house
6. Power up employee satisfaction levels

Keeping all these in mind, let us look at how L&D platforms boost employee retention programs in the long run.

How L&D Empowers Your Employee Retention Strategies

A recent study shows that employee retention attempts will be the topmost priority for 87% of human resource leaders in the next few years. However, the study also revealed that 20% of these HR leaders struggle with keeping employee retention as their top priority, as it consumes the lion’s share of their attention and budget.

Employing a clever learning and development (L&D) platform is the solution to retaining employees with minimal effort and cost-effectiveness.

Are your employee retention activities progressing at a snail’s pace? 

An L&D platform can simplify things for you. Here is how.

1. Onboard right talents

“Train people well enough so they can leave. Treat them well enough so they don’t want to.” – Sir Richard Branson

Focus on your people, not on KPIs or profit margins. A company struggling for business success without focusing on its people is like a boat without a rudder. The key is to focus on people right from their onboarding and ensure you invest enough time in them.

DO NOT HURRY! 

Make sure you are interviewing the right candidate. Next, conduct assessments on the candidate’s behavioral and situational quotient and ensure an expert manager handles them. Lastly, ensure that the employees you are onboarding are a good cultural fit for your company. 

If you feel this can be painstaking, leverage the smooth onboarding features of an L&D platform and see how automation can change onboarding for your company.

2. Develop a good feedback mechanism

Unless acted upon by a mentor, employees will never realize what they are doing or how to improve their skills. Therefore, develop a feedback mechanism that happens more often, not just during performance reviews.

Honest feedback is expected, but don’t burden the other employee with negative comments. ‘Constructive criticism might be best in such situations, and it can show employees ways to improve themselves. Train underperforming employees or, if required, place them in a position where they can give their best. 

3. Appreciate your employees’ efforts 

Saying ‘You are doing a great job’ to your employees is not enough!

When employees do a good job, it benefits the company in some way. Give a part of that benefit to the performers as a reward—not just a pat on the back or a public acknowledgment, but rewards like salary hikes, gift coupons, bonuses, or promotions. Through promotions, make your employees realize that the company trusts their abilities, and hence, they are assigned new responsibilities. 

An L&D platform can be a convenient tool to facilitate employee-oriented training, reskilling, and upskilling. 

4. Set the seal on your employees’ professional development

The development of your employees and making them multitaskers are things that your company needs more than the employees themselves.

Learning is a continuous process, and growing professionally is rewarding to both parties, which is why an L&D platform is befitting for your company. With an L&D platform, you can offer customized learning paths to every single employee and develop their work skills, whether in remote or hybrid working mode. 

An ideal L&D solution helps you create and upload custom-made courses. eLearning has had a greater impact on employees’ professional development than traditional approaches due to its ease of access at any time and on any device. 

Training is a cost-effective option, and companies often misunderstand that an L&D platform is expensive. A scalable L&D platform offers different affordable plans, and as the company grows, you can switch from one plan to another.

How to Retain Employees with Skill Lake?

Companies practicing employee retention programs send positive signals to employees, signaling a great potential to learn. L&D platform like Skill Lake offers a unique learning experience for employees and companies looking forward to upscaling the learning journey of employees. 

Constant learning is becoming exponentially more relevant in today’s competitive world. More importantly, it is a win-win for both employees and companies.

Skill Lake is a comprehensive L&D platform that extends beyond a regular LMS and helps you execute all the required employee retention strategies. In addition, Skill Lake helps in creating a work culture that nurtures employee growth and makes them want to stay in your organization.

1. Help implement the best employee engagement strategies
2. Support internal mobility to boost professional motives
3. Improve team collaboration and togetherness 
4. Provide learning from anywhere, at any time, from any device
5. Track employee performance and suggest personalized training

That’s not all!

To learn more about Skill Lake’s exclusive features and how it can work for your organization, contact our team or schedule a quick demo.