There are two ways to think about the training and development of your staff.
- If you train them they might leave – worrying
- If you do not train them they might stay – even more worrying
A client mentioned the other day that organisations are getting smarter about what to do in an economic slowdown/slump/downturn – it’s difficult to know what to call it at the moment. He said that the board priority is to keep their high performers and not risk them going to their competitors.
One of the biggest costs for any business (and the most hidden) is staff turnover. There are many opinions out there about how much is costs to replace a member of staff but there is one consistent message – it is expensive. From one of the lowest (around £9k – CIPD) to the highest (12-18 months salary – Hay Group) businesses are realising that investing in the high performing staff is one of the best ways to make sure they stay with you in hard times.
Do you have an opinion? Leave a comment below.