April 13, 2018
Lack of effort by UK employers to retain staff is increasing talent turnover
UK employers are facing increasing levels of staff turnover with one in seven (14 percent), or roughly 4.5 million employees predicted to seek a new job in near future, according to research carried out by Robert Half UK. Employers have registered this shift with almost three in five (61 percent) reporting an increase in voluntary employee turnover in the last three years. The research also showed that over half (51 percent) expect employee turnover to increase in the next three years. Yet many businesses still fail to employ basic retention initiatives. Only half (47 percent) 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 percent) failing to undertake exit interviews.
“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.”
“Employees are a company’s most important resource, regardless of its size or sector. Failing to keep them happy and motivated has a direct impact on retention and business performance. Businesses need to develop a strategy that incorporates staff wellbeing initiatives alongside career pathing whilst creating a positive company culture and clear sense of purpose.”
|Employee retention initiatives*||percent of UK businesses|
|Training and professional development programmes||47 percent|
|Employee wellness programmes||42 percent|
|Employee appreciation initiatives||39 percent|
|Regular performance reviews/feedback||38 percent|
|Regular salary reviews||36 percent|
|Flexible and/or remote working opportunities||36 percent|
|Clear communication of company purpose/goals||32 percent|
|Employee engagement initiatives||30 percent|
|Exit interviews||17 percent|
*Multiple responses permitted.