Many UK businesses could see an increase in employee turnover if retention initiatives aren’t put in place
UK businesses are set to see an increase in staff turnover due to oversights in basic employee retention initiatives. New research from Robert Half UK has revealed that one in seven (14%) or roughly 4.5 million workers are likely to move on to pastures new.
”Employee turnover has significant consequences on workplace productivity and growth,” said Matt Weston, Managing Director at Robert Half UK. “This means retention strategies are now business critical. With a hyper-competitive job market, organisations must put staff first by constantly considering workplace happiness and well-being.”
Even with the threat of an increase in the war for talent amongst UK business, many fail to employ basic retention initiatives. Only half (47%) of organisations run training and development programmes to help build employees’ skills and support career development, while most don’t have any programmes in place to support employee wellbeing or reward performance. Organisations are also missing out on valuable insight from their departing employees, with more than four in five (83%) failing to undertake exit interviews.
Steve Wainwright, Managing Director, EMEA, Skillsoft says “Modern employees see learning opportunities and career development as real benefits – above and beyond salary and novelty ‘perks’. Having a structured learning and development programme in place demonstrates to employees that the company values their personal development. In turn, this increases employee loyalty and helps companies attract and retain the best possible talent. Businesses with a strong learning culture enjoy employee engagement and retention rates around 30-50% higher than those that don’t.”
With Brexit less than a year away, companies need to take heed of this and introduce initiatives that promote retention. However, it’s not just about training and benefits programmes as Wainright points out stating, ”It’s about creating a culture of inclusion, from the CEO down. A company’s leadership needs to communicate the vision, mission, strategy and goals of the business so that every single person feels that they matter. People are much happier when they know that coming to work every day has a genuine impact on the success of the company. When employees know they are making a real difference, it gives them the motivation to continuously learn and grow. The key is to provide context into how the work employees are doing on a day-to-day basis helps the business achieve its wider goals, as well as delivering the training and development opportunities to help them succeed.”