Training…9 Numbers to Gnosh

Staff training is, at best, a challenge. Some practices don’t emphasize it, thinking, “If I train them too well, someone else will steal them.” Others, however, agree with Mario Gutierrez, OD, who asks, “Yes, but what if they stay?”

If you’re wondering just how important training really is, look at the 9 numbers below that address everything from turnover and payback to cost and longevity.

Tip: How important is training? Seven out of 10 people surveyed say training and development opportunities influence their decision to stay with a company

21%It costs an average of 21% of an employee’s annual salary to replace that worker.

#1

51%… In recent PentaVision research, 51% of respondents said staff training needs the most attention now (even more than managed care, social media, or practice management).

COST

21%… It costs an average of 21% of an employee’s annual salary to replace that worker. Source: Center for American Progress

TURNOVER

40%… More than 40% of turnover occurs in the first month, with another 10% leaving before their first anniversary. Source: Inc. Magazine

PAYBACK

218%… Companies that offer comprehensive training programs have 218% higher income per employee than companies without formalized training. Source: The Association for Talent Development

RETENTION

58%… Employees are 58% more likely to still be with an employer after three years if they went through a well-structured onboarding process as new hires. Source: Wynhurst Group

STAYING POWER

70%… 7 out of 0 people surveyed say training and development opportunities influence their decision to stay with a company. Source: PWC

MARGINS

24%… Those companies that train also have a 24% greater profit margin than those who spend less on training. Source: The Association for Talent Development

TICK TOCK

12 minutes… Companies with fewer than 100 employees gave only 12 minutes of manager training every six months. Larger ones only six minutes. Source: U.S. Bureau of Labor Statistics

FUN

33%… One third of employees report that a big barrier to learning is uninspiring training content. Source:  Trainingindustry.com

How do you train your staff? Regularly, at monthly meetings, or on an as-needed basis? Tell use and share in the conversation on Facebook here.

Erinn Morgan