LEVERAGE LEARNING AND TRAINING DIGITIZATION
For many businesses, especially those within the knowledge-based economy, existing employees are their greatest asset. Staff turnover is expensive for any business. Studies in the UK showed that the direct cost of replacement is over £30,000 on average to replace an employee earning over £25,000 per annum. However, more detrimental is often the indirect cost that comes with losing valuable knowledge and experience—something that is far harder to measure.
Facilitating and encouraging knowledge sharing across your organization can be an extremely effective way to both enhance productivity within your existing teams and mitigate the brain drain that comes with staff turnover.