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1Developing a Training ProgramLeah C GilbertCapella University-BUS-FPX4047Assessment 3June 29th, 2021
2An Organization's Strategic Plan for TrainingA robust and profitable company is influenced by the most vital employees' knowledge andexpertise. Therefore, to maintain these highly valued assets, employee retention is crucial. Nomatter how large a small a company is, one thing is clear: a successful employee retention rate isessential to the company's revenue, stability, and growth. Think of employee retention like amarriage, something to be consistently worked on with continual attention, consideration, andcare; the resulting relationship is worth the time and effort. The benefits of improving andmaintaining employee retention are genuinely endless.Why is this training needed? Cash is king, well that's the saying anyhow. However, healthyretention rates will save a bundle in turnover costs. When employee turnover is high, it increasescosts in many sectors such as resources, time, and when replacing open positions. According toForbes, it costs between 30% and 50% of an individual's annual salary to replace entry-level,150% for mid-level, and upward of 400% for high-level. Seeking out a replacement, interviewthe job pool, training, loss of morale, and customer loss via employee loyalty are just a handfulof obvious costs of replacing an employee.The Society for Human Resource Management SHRM (2004) generated a report stating that75% of employees actively seek a different job. This high percentage alone would alert anyproactive employers who are dependent on employee productivity. Interestingly enough, thesurvey states that of those seeking a new position,43% are looking for a new job to receive
3better compensation, 32% for better career opportunities, and 22% are dissatisfied with optionsat their current position (SHRM, 2004).

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