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Investing In Your Workforce Could Provide A High ROI
By John Vinson
Expert Author
Article Date: 2011-12-06
While it seems beneficial to simply hire the brightest, most educated, and skilled employees from the beginning, many times this strategy is difficult to pull off. While the job market is dire, many of the most skilled employees are still difficult to obtain.
So why not simply invest in the employees you have now, through education, training, and developing skillets necessary to increase productivity? CorporateVoices.org has released a study which details companies which have focused on their entry-level and lower-skilled employees. They've looked at companies such as CVS/Caremark, Johns Hopkins Hospital, and Pacific Gas and Electric (PG&E), who have benefited from this strategy.
Here's some of their findings:
- There's a high ROI for readiness programs within the workplace. The programs in the report saw a first-year loss of 10 percent, but eventually turned into a net gain of at least 179 percent.
- Retention rates increased for companies who invested in their employees. For those who have low retention rates, you know how much it costs to bring someone brand new aboard.
Along with the findings, they provided recommendations for those who are looking into developing programs of their own:
- Be sure and outline the tangible benefits of these programs, providing greater incentives to join.
- Be sure and track the benefits of the programs being implemented, also devise a way to develop strategies for improvement.
It's not hard to see that investing in your employees could provide big payoffs in the future. The problem is seeing past the short-sided costs to see what profits can be reaped in the future. Just remember that if you make your employees feel important, and that they're worth the time then that feeling will be given back.
About the Author:
John is a staff writer for WebProNews.
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