What metrics can you use to evaluate your training program's impact on employee retention?

1 Turnover rate

Turnover rate is the percentage of employees who leave your organization within a specific time frame, such as a month, a quarter, or a year. It is calculated by dividing the number of employees who left by the average number of employees during that period. A high turnover rate indicates that your employees are dissatisfied, disengaged, or unproductive, which can negatively affect your customer service quality and your operational costs. To assess the impact of your training program on turnover rate, you can compare the turnover rate of trained and untrained employees, or the turnover rate before and after implementing your training program. You can also segment your turnover rate by different factors, such as tenure, performance, or reason for leaving, to identify the areas where your training program needs improvement.

2 Employee satisfaction

Employee satisfaction is the degree to which your employees are happy and fulfilled with their work environment, culture, and conditions. It is influenced by various factors, such as compensation, benefits, recognition, feedback, autonomy, and growth opportunities. Employee satisfaction is important for retaining your employees, as satisfied employees are more likely to stay loyal, motivated, and productive. To measure the impact of your training program on employee satisfaction, you can use surveys, interviews, or focus groups to collect feedback from your employees about their training experience, their learning outcomes, and their perception of your organization's support and commitment to their development. You can also use metrics such as net promoter score (NPS), which measures how likely your employees are to recommend your organization to others, or employee engagement score, which measures how involved and enthusiastic your employees are about their work.

3 Employee performance

Employee performance is the level of quality and quantity of work that your employees deliver to meet your organization's goals and standards. It is affected by various factors, such as skills, knowledge, attitude, behavior, and motivation. Employee performance is crucial for retaining your employees, as high-performing employees are more likely to feel valued, rewarded, and challenged by their work. To evaluate the impact of your training program on employee performance, you can use metrics such as customer satisfaction score (CSAT), which measures how satisfied your customers are with your service, or first call resolution (FCR), which measures how often your agents resolve customer issues on the first call. You can also use metrics such as average handle time (AHT), which measures how long it takes your agents to handle a customer interaction, or call quality score (CQS), which measures how well your agents follow the best practices and procedures for delivering customer service.

4 Employee retention cost

Employee retention cost is the amount of money that your organization spends to keep your employees from leaving. It includes the costs of training, development, recognition, incentives, and benefits that you offer to your employees to motivate and retain them. Employee retention cost is important for determining the return on investment (ROI) of your training program, as it shows how much you save or lose by retaining or losing your employees. To calculate the impact of your training program on employee retention cost, you can use the formula: employee retention cost = (number of employees retained x cost per employee) - (number of employees lost x cost of turnover). Cost per employee is the average amount of money that you spend on each employee for training and retention purposes, while cost of turnover is the average amount of money that you lose when an employee leaves, including the costs of recruitment, hiring, onboarding, and lost productivity.