Reduce turnover through management training

With companies experiencing high turnover rates – 11 to 40 percent, according to a 2005 survey reported by Workforce Management, they must take steps to avoid it. Not only does turnover result in the loss of talented employees, but it’s incredibly expensive with the cost of replacing employees ranging from $5,000 to $20,000.

Most companies have traditionally relied on pay and benefits as the primary drivers of retention. But pay and benefits alone are not effective, with trust in leaders one of the biggest reasons employees stay.
Since employees value relations with their leaders, training managers on trust-building skills such as keeping commitments and accepting responsibility for company policies is the first step to take to create a culture of trust that retains employees.

Leadership development programs create employee engagement through trust-building, providing mentors and a systematic approach to feedback that helps leaders connect with employees, which encourages them to stay.
If companies invest in developing their leaders, they can maintain their staff and reduce turnover.