Workers are quitting at an alarming rate, according to a recent report from the Bureau of Labor Statistics. In March 2022, the number of quits rose to 4.5 million.[1]
High turnover rates put a lot of stress on organizations, not to mention the fact that replacing an employee can be twice as expensive as keeping one.
Typical retention strategies include learning and development (L&D) programs that focus on career goals such as upskilling employees or providing leadership and management training.
But, according to LinkedIn, L&D experts are now “…also confronting bigger, meatier problems — like future-proofing their organizations.”[2]
"If a company invests in employees' careers, 94% said they would stay at the company longer."[1]
As companies revisit their retention strategies, they need to address the root causes of turnover – one of which is financial instability. And at the root of financial instability is a lack of education and the ability to pay for continuing education.
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- Unexpected costs
- Pay for education
- Buy a home
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It’s a flexible solution designed to help your members become financially stable. Please contact a representative to discuss pricing for your organization.
Sources:
- 27 Surprising Employee Development Statistics You Haven’t Heard Of
ClearCo. Blog | Accessed: 12-05-23 & 01-30-25 - The Transformation of L&D
2022 Workplace Learning Report, Chapter 2, Linkedin Learning
Accessed: 01-30-25
