If you are looking for a way to increase revenue and decrease expenses for your small business, look at training your self and employees. A lack of training can be costly; it can reduce motivation, business inefficiencies and, most detrimentally, result in staff turnover. A recent survey indicates that 40 per cent of employees who receive poor job training leave their positions within the first year. They cite the lack of skills training and development as the principal reason for moving on
Consider the cost of turnover. With one fewer worker, your company’s productivity slips. Sales decline. Your current staff members are required to work more hours. Morale may suffer. To find a replacement, you spend time screening and interviewing applicants. Once you hire someone, you need to train that person. The cost of staff turnover adds up. Figures vary, but it can cost as much as $2,500, depending on the position, to replace a frontline employee. That is a hefty price to pay for not training staff.
Training your staff provides employees with valuable knowledge they need to perform their duties proficiently. Your company will benefit from any kind of training you can offer employees. All tough training may sound expensive, you’d be surprised how reasonable it is and the number of ways to assist in subsidizing it.
Rule of Thumb Authors are not only small business owners who understand the value of a dollar, they are also experienced trainers. Our organization can help you put together training from Leadership to technology, and we may be able to help you find ways to off set the cost contact email@example.com or fill out our online form