Employee’s Request for Knowledge
It isn’t enough to give bonuses, stock options and plush offices to keep senior level key employees. Employees wnat to be educated! Companies are responding by creating Corporate Universities. Unlike management training programs, these universities offer employee choices on skill based leaning such as finance accounting, risk management, human resources, tax planning, engineering, qulaity control and masters degree level instruction.
It is a win win situation for employers. They fortify their position for recruiting talent and increase profit margins by improving retention of key talent. There is stroing evidence that if you have a well designed and managemed learing program, it will increase customer satisfaction and employee retention creating a competetive advantage. With the advent of online learning, such programs are more convenient and cost effective than ever before.
Companies have found that in house programs are much more effective than tuition reimbursement programs. Less than 10% of those eligible for reimbursement programs utilize the benefit. Surveys have found that after work programs fail because of the demands of family responsibilities and such programs are too restrictive. Research also suggests that increased spending on training means more revenue on the bottom line. Companies in the top quartile, spend an average of $1,595 per year for employee training. Companies who invest in employee training experience lower turnover, higher perfomrance and higher job satisfaction, surveys show.