You have an underperforming employee – one that’s typically hard-working – and aren’t totally sure about what to do. You don’t want to fire them, but they’re just not cutting it in the department they’re in. If this sounds familiar, consider retraining them instead. Here’s why:
They have the right soft skills.
Soft skills are often innate, while hard skills can be learned. That’s why if you have someone who’s a great fit in terms of culture, but needs some additional job skills, you should consider retraining them. You already know they mesh well within the company and with co-workers. So once they become stronger in terms of their technical skills, they’ll develop into a more valuable asset.
You’ll save on hiring costs.
There are many cost savings when it comes to retraining employees, rather than firing them. Hiring comes with a lot of steps – from job postings to resume screening to interviewing and background checks – and is therefore expensive. Not only that, but there’s never a guarantee that you’re going to find the right person for the job.
Retraining, on the other hand, simply means you need to invest in your existing employee, providing the tools necessary to help them gain new skills. Down the line, they’ll add more value to your company, offering an excellent return on your investment.
You’ll improve loyalty.
When your employees see that you’re willing to invest in your team, they’re more apt to remain at your company. In fact, one study reported in InfoWorld showed that seven out of 10 employees say that training and development opportunities impact their decision to stay at a company. This improves retention, so high turnover doesn’t hinder productivity and profits.
You’ll retain social capital.
One Wharton management professor studied why some organizations hire new employees and others retrain existing ones. Specifically, he looked at how this impacted workplace relationships and collaboration. He found that when employers fired instead of retrained, they disrupted social networks among employees and destroyed valuable social capital.
With all that said, not every effort to retrain an employee will be successful. Sometimes firing is simply inevitable, especially when the employee has a questionable work ethic or a bad attitude.
When this happens and you have to fill the gap, fast, turn to the Kansas City recruitment experts at Morgan Hunter. We know where to look to find top talent and can help you recruit and hire the qualified people you need, where and when you need them. Contact us today to learn more.