When it comes to building your team, investments need to be made in both the recruitment and retention of staff. Smart companies understand the consequences of high employee turnover rates and place value in the creation of strong corporate learning and development (L&D) programs.
The Expense of Hiring and Onboarding
After all, finding, hiring, and onboarding your next employee is expensive. According to Jörgen Sundberg, CEO of London-based Link Humans, the recruitment of a new worker can cost as much as $240,000, which factors in both the money spent on recruitment efforts, as well as the time invested in screening and interviewing potential candidates. And when the new hire doesn’t work out in the end, you’re looking at additional, unforeseen costs.
The effects of a poorly structured or non-existent L&D program on current employees can’t be ignored either. Feelings of underappreciation can lead to poor job performance and negative team morale. IBM has completed extensive research into the benefits derived from well-developed skills training programs and has found that employees who feel there is no room for career growth at a company are more than 12 times more likely to leave it, but new employees are 42% more likely to stay when they undergo robust onboarding. And it’s not just retention that is impacted. Companies who fail to provide their employees with proper training could be putting their entire company at risk by facing regulatory consequences, litigation fees, charges of negligence, potential safety hazards, and public relations disasters.
Investment in Professional Development Has Positive Effects on Business
Offering professional development opportunities is a sure way to show your employees you value their career growth, which in turn will increase employee job satisfaction, reduce staff turnover, and improve your bottom line. According to Cornerstone OnDemand, companies that prioritize L&D programs make more than double the amount of revenue per employee than those that neglect to develop a program. IBM studies show similar correlations between training programs and overall business value; when teams are well-trained, their productivity increases by 10% and they can save their company around $70,000 annually.
But even when the positive impacts of a well-executed L&D program are known, companies still fall short. A survey issued by Open University Business School recorded that of L&D decision makers, only 20% say their companies deliver consistent global learning programs and 50% believe their company doesn’t have the capability to respond to the demand for a better program.
Businesses looking to attract better-quality talent, improve overall retention, enhance organizational performance, and serve their highly diverse workforces (which may include a generational mix, employees with language challenges, and remote workers) would be smart to invest in ReadSpeaker technologies.
Our text-to-speech solutions support the unique learning needs of employees by converting digital content into lifelike audio. We help to make L&D programs more engaging and easier to access so your employees can better understand and retain your training and learning materials.
With ReadSpeaker, L&D professionals can:
- Create an inclusive environment by delivering courses and content to employees that may have varying technology skill sets, reading abilities, or learning preferences through our text to speech online product portfolio.
- Cater to a multicultural workforce that speaks multiple languages with our speech production tools. Generate audio files on-demand, whenever needed, in a multitude of languages and embed them into your e-learning materials and presentations for online or offline usage.
- Effortlessly embed engaging, lifelike voices into mobile applications, installed software applications, or hardware devices with our embedded solutions.