Staff training and development strategy is an organisational strategy that improves the workforce capabilities, skills or competencies to ensure a sustainable and successful organisation.
This strategy sets out the means of developing these capabilities to underpin organisational effectiveness. In reality, many companies,especially small and medium size enterprises,are upgrading their human capabilities at the back burner.
Their focus is to stay afloat in the survival of the fittest in this challenging and mean economic environment.
Hiring an employee is only the first step.Retaining a positive, motivated staff and achieving overall high employee retention is vital for business success.
The costs associated with high employee turnover can include loss of customers and business as well as damaged workforce morale. In addition, there are costs incurred in advertisement, pre-screening, verifying credentials and references, interviewing, hiring, and employee training.
The direct and indirect costs associated with employee turnover can be as high as 200-250 per cent of salary. Not including the intangible cost associated with the replacement which include OJT, supervisor’s time, administrative, loss of team morale, quality, and customer’s dissatisfaction.