Investing in training: key to staff retention

In today’s workplace employees have a wealth of choice. When looking for a role and staying in a job, workers look for companies that can support their future and invest in their training and development. A recent survey found that 45% of employees are more likely to stay in a job if they are offered training and development opportunities.

This is especially true when it comes to middle management. A CMI research found that 82% of employees are promoted into management roles without any formal training for the role. This continues to deepen the skills gap that is so pervasive within middle management that impacts organisations and employees across industries.

The cost saving aspect of staff retention

Recruiting new talent can be a costly process. According to Talent Insight Group the average cost of filling a vacancy is £6,125, while the cost of filling a vacancy at manager level is £19,000.

However, this cost can be saved by supporting employees and growing talent from within, helping staff to move up the levels into management positions and training them to become successful managers. Surveys have found that employees are 76% more likely to stay in a company that offers them continuous training opportunities.

Funded training programmes

Apprenticeships, or funded training, are the secret weapon of employee training. These programmes are government funded through the apprenticeship levy and allow employers to upskill their staff through discounted or free qualifications. These programmes are available for a variety of sectors and roles including business and finance.

LMP Education, the UK top apprenticeship training provider, offers a range of apprenticeships for businesses for upskilling staff or hiring new talent through funded training programmes.

Future Leaders programme

LMP Education has recently launched a new Future Leaders programme which aims to address the skills gap that is found within middle management. Learners on the programme can choose between a Level 3 Team Leader qualification or a Level 5 Operations Manager qualification. Both courses include modules from the CMI, and learners can apply for Foundation Chartered Manager status upon completion of this programme.

Learn more about the Future Leaders programme.

Case study: Atlas Hotels

Atlas Hotels has over 60 hotels across Europe operating some of the biggest hotel brands including Holiday Inn Express, Holiday Inn, and Hampton by Hilton. To support their staff development programme Atlas Hotels embarked on a upskill project with existing staff. Last year they enrolled their middle managers and team leaders onto a Level 3 Team Leader apprenticeship programme through LMP Education.  

By doing this Atlas Hotels benefited from higher staff retention rates and enhanced employee engagement. They have also seen an increase in new talent attraction as new recruits began to recognise Atlas’s commitment to staff development. Read more about Atlas Hotels’ uspkilling journey. 

If you’re interested in upskilling your team through LMP’s Future Leaders programme book a discovery call with a member of the team. 

To find out more email info@lmpeducation.org