Question: What if you train your people and they leave in a year?
Answer: What if you don’t train them and they never leave?
Human capital: Not only are your employees your most important asset, but they are also a depreciating one that needs continuing investment to achieve its maximum potential.
Productivity: If you don’t continually educate your staff, where do you expect increases in productively to come from?
Duplication of effort: Correcting mistakes or solving problems come at the cost of time better spent in positive pursuits.
Retention: According to a study done by Louis Harris & Associates, companies that fail to train their employees are more than three times as likely to lose them. Moreover, if a current team member decides to leave, it costs an average of US $15,000 to replace that employee, according to The Employment Policy Foundation, especially when considering the need to rehire and retrain someone to take his/her place.
Bottom line: According to the American Society for Training and Development (ASTD), companies that offer comprehensive training have 218% higher revenue per employee than those with less comprehensive training.