Evaluation of Individual Training as a Means of Increasing Employee Retention

Abstract

The negative effects of a high rate of employee attrition include increased recruiting costs, increased employee training costs, reduced production as well as potential reduction of innovation, organizational growth, and long-term succession planning. Conversely, high rates of employee satisfaction increase organizational profitably, productivity, employee loyalty and retention rates. Employees who have access to professional development programs that include traditional and non-traditional education opportunities increase their workplace satisfaction ratings and organizational loyalty. By offering non-traditional education opportunities that allow employees to pursue education of a personal interest, such as industry certifications, Massive Open Online Courses (MOOCs), and non-degree related college courses employers can potentially increase retention rates, reduce overall operating costs, and increase profitability.