More than one in three employees are expected to voluntarily quit their jobs each year by 2023. This is a worrying prediction, given the cost of employee turnover. In 2018 alone, companies lost $617 billion due to employee attrition in the United States. Employee turnover costs business not just in terms of hiring, onboarding and training costs, it also means losses due to decreased productivity, lower morale and lost institutional knowledge.
On the other hand, research reveals that companies could have retained more than 3 of every 4 employees who quit voluntarily. What this translates to is $469 billion in preventable turnover costs, according to the 2019 Retention Report by Work Institute. In fact, preventing turnover by a mere 10% can save $47 billion each year.
Turnover is Preventable
Turnover can be prevented to a large extent if businesses know what employees seek and can offer just that. The Pew Research Center says that “more than one-in-three American labor force participants (35%) are Millennials, making them the largest generation in the US labor force.” On the other hand, a Gallup survey revealed that the most important factor for millennials to choose a workplace and to remain at their job was the opportunities to learn and grow that the company offered.
The reason millennials value learning and development is based on their view of work. For them, a job isn’t just the work, it is a reflection of the self. This is why they not only lay emphasis on the role that their job plays in their overall sense of identity. They seek purpose and fulfillment through work and seek professional growth, not just in terms of promotions but also skill development.
All this only highlights the need for businesses to invest in employee learning and development. However, not any old training program can offer the benefits that companies seek in terms of employee retention. Today’s employees seek personalized experiences, which also includes learning through a personalized program.
What Personalized Online Training Offers Employees
The one-size-fits-all approach doesn’t work anymore. Traditional training modules mean tedious scheduling of classes, coordinating across roles and departments, lost productivity and bored learners.
Personalized learning paths get to proceed at their own pace, choose what interests them more and even seek out related information. With personalized training, employees can even choose to go as much in-depth on a topic as they wish to. With a robust AI-driven learning experience platform, the learner can choose to complete training on the device of their choice, anywhere, anytime.
Here’s a look at some more ways in which personalized learning can help.
1. Flexible Training
The employees today do not want their training process to be confined to a particular physical space. Personalized online training gives them the flexibility to choose the time and place of learning, whether at home, while traveling or in the cafeteria. They also have the flexibility to proceed at their own pace and learning style.
2. Improved Engagement
A recent research by Gallup shows that a more engaged workforce leads to lower employee turnover. A personalized online learning platform like Kea can work wonders on employee engagement with its AI-powered personal learning facilitator. Employee can ask questions to the facilitator, ask for help, set reminders, get personalized content recommendations and much more. The AI-driven learning facilitator constantly learns from the responses of the employee to interact better and offer a more personalized experience.
3. Fast Track Development
With personalized online training, there is also the advantage of a wide range of analytics that can offer employees instant feedback. This helps them in identifying areas that need improvement, leading to faster development. With the help of robust analytics, L&D departments can also fine tune training programs for maximum impact.
4. Stimulating Learning Experiences
With interactive content and an AI-powered learning facilitator, the entire learning experience becomes much more stimulating. This motivates employees to proceed with the training. In fact, content can be presented in microlearning formats to enhance content consumption and understanding. Interactive elements, such as videos, puzzles, games and infographics, can be added to make learning more fun.
5. Choice of Content Types
Not everyone learns as effectively through text-based training. However, with an online platform, organizations have the freedom to integrate multiple content formats, including audio, video, gamification and more. This not only enhances engagement but also improves learning outcomes. Millennials value such personalization, in terms of learning formats, since it offers them greater ease of learning.
6. Enables Short Yet Frequent Training
This is possibly the biggest advantage of personalized online training platforms. Organizations can ensure continued learning, while employees benefit from on-demand information and faster pace of learning. In fact, multiple short modules have been found to be much more effective than long format training that can only be held once in a while.
With organizations struggling to attract and retain the best talent, the time is ripe to invest in employee learning and development. Today’s employees value a learning environment and mentoring. This is exactly what companies can offer through a personalized online learning platform and gain a competitive edge.
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- 6 Ways Personalized Online Training Paths Reduce Employee Turnover
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- 5 Ways How Corporate LXP Improves Productivity
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