Tag Archives: training

Idaho Employers Grapple with Rising Turnover Costs

One sign of an improving economy is that voluntary separations from employment increase. As unemployment rate drops, workers feel more confident that they can find work, so they leave  current jobs. The result is increasing turnover for businesses, requiring employers to spend more effort on both recruiting and retaining workers.

Turnover costs are high. The Society for Human Resource Management estimates it costs $3,341 to hire a new employee. For some high-skilled workers, the costs of recruiting a replacement may be as high as two years’ salary. Turnover costs not only include the cost of recruiting new workers but also training and orientation. It also includes the cost of lost business because new workers don’t know how to provide good customer service or accidentally break equipment or products.

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Idaho Forest Group: Using Workforce Training Funds to Help Employees Grow

After the recession forced Idaho Forest Group to curtail operations and layoff workers, the company received $378,400 in Idaho Workforce Development Training Funds to recover 126 of skilled workers lost during the downturn, at an average wage of $13.68 per hour. Idaho Forest Group

Idaho Forest Group employees received training in safety, quality monitoring, time management, work organization, teamwork, communications, problem solving and lean manufacturing and processes.

“Although some are industry-specific, all of these skills are valued by the majority of employers,” said Beti Becker, vice president of human resources for Idaho Forest Group. “Some employees are novices with little experience. These skills are a foundation to build on for their careers.”

Today, newly hired entry level employees at Idaho Forest Group advance from $12 to $14 within 90 days, and from there, continue to advance to an average wage of $18. Employees who pursue additional skills such as industrial mechanics and electricians can earn $25 to $32 per hour.

“Although the economy has recovered, state workforce training funds allowed for industry specific training in technical, electrical, mechanical and industrial equipment operation that would not have otherwise been feasible due to costs,” Becker said. “It also allowed us to train a broader segment of our workforce in the principles of lean manufacturing.”

 

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Investing in Education and Training is Still a Great Deal

A lifetime of big returns.

With the burgeoning costs of education, many students and families are wondering whether this investment will pay off in the long run and just how much of a return they will see.

According the data collected by the Idaho Department of Labor and the National Center for Education Statistics, investing in education still just might be the best deal on the block, and it may be a necessity for Idahoans who want to acquire wealth to improve their quality of life.

While the costs of a college education will often burden both students and their families with hefty student loans, over a lifetime the investment in a college education can return millions of dollars to their bank accounts.  Bachelor’s degrees can cost on average $127,000 if you include tuition, living expenses and interest on student loans. A Ph.D will cost around $307,000 on average. Sometimes these heavy price tags cause many to delay their education or simply avoid college altogether.

But the statistics also show that on average, workers with bachelor’s degrees who gain jobs in fields that require bachelor’s degrees will make an additional $1.1 million in their lifetimes for their $127,000 investment. For occupations requiring a Ph.D, workers will earn an additional $2.7 million over a lifetime from their $307,000 investment. In today’s competitive labor market an education is vital when competing for a job, acquiring wealth and improving the economic well-being of Idahoans.
college education

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