It Costs You to Replace Employees, but It Pays to Train
What are you getting back from your investment in Training? How much are you spending on constantly replacing staff? The CTHRC has the tools to provide the answers
Having well trained, professional employees is important for any business, but determining the actual cost and value of training can be difficult. The Canadian Tourism Human Resource Council (CTHRC) is pleased to offer a Return on Training Investment tool (ROTI) that provides businesses with the means to identify the costs and benefits of training in real dollar values. Available for free online at Employers of Choice, ROTI calculates the cost of training, return on training investment, and the number of weeks required to recover the cost of training by comparing six performance measures before and after training: sales, upselling, staff turnover, customer satisfaction, employee competence, and cost savings.
Investing in training is proven to reduce employee turnover, the “expense without an invoice”. The free online Employee Turnover Cost Calculator allows businesses to measure this expense and compare it to the cost of retention strategies that reduce turnover and increase profits. Employers who use the Employee Turnover Cost Calculator and the Return on Training Investment tool together will develop a clear understanding of how effective training programs affect their bottom line, and how investing in their employees can keep their business competitive in the face of labour shortages and other human resource challenges.
For more information on ROTI, the Employee Turnover Cost Calculator, and other HR and business planning tools offered by the CTHRC, please visit Employers of Choice.
® - There is Profit in People.