A few years ago, the UK surpassed France in terms of monetary strength and Gross Domestic Product, meaning that our nation’s economy is currently ranked as the fifth-largest on Earth. In this regard, the United Kingdom’s cumulative GDP stands at roughly £3 trillion but this figure is expected to continue growing for the next several years, which implies that the UK may very well overtake Germany as the fourth-largest economy within the upcoming decade.
However, it’s worth mentioning that business owners have been struggling with an obfuscated, largely unnoticed issue over the past few fiscal cycles – a decreasing employee retention rate.
So if you’d like to reenergise your workforce and preserve a sense of operational dependability, you have to pay close attention to your retention strategies and ensure a prosperous, thriving environment for all of your staff members.
Analysing the Cold, Hard Facts
Far too many proprietors, administrators, and commissioners continue to neglect and ignore the talent that they already have as evidenced by the facts and figures highlighted below:
- Based on in-depth reports and investigative write-ups, the turnover rate in the United Kingdom has increased by nearly 9% over the past decade and the cumulative staff renewal rate is now at almost 21%.
- This irksome trend can be largely attributed to the declining tenure of today’s target workforce, those aged between 24 and This key demographic spends approximately 30 to 40 months in a given position before resigning or shifting to a different organisation.
- Although the level of higher education participation has reached a record high of almost 50%, it’s important to note that university graduates leave their first official vocational position in less than 15 months. Companies simply cannot retain their young, ambitious talent.
- To make matters worse, roughly 47% of companies in the United Kingdom have boosted their recruiting expenditures every single year since 2009 without earmarking any extra capital for internal training seminars, coaching initiatives, or developmental strategies.
In light of these findings, it’s plain to see that we have to begin directing far more attention to our existing workforce and current in-house personnel, particularly if we’d like to flip the script on the diminishing national retention rate.
The Best Way to Improve Your Turnover Rate and Enhance Performance
If you contact an esteemed consulting organisation and line up a personalised management course in the UK, you’ll be able to effect momentous, near-immediate refinements:
- Roughly 68% of the UK companies that decided to facilitate at least five or six management seminars during the past 12 months were able to considerably heighten employee satisfaction while decreasing their turnover rate by upwards of 22%.
- Three out of every five managers and administrators who underwent a two-week training course stated that they learned new strategies, concepts, skills, and proficiencies that could be implemented instantaneously.
- Nearly 61% of departmental supervisors attested to experiencing a noticeable improvement with regard to communication, day-to-day efficiency, and constructive collaboration following a training seminar.
Thus, the onus is on you to apportion a slice of your recruitment budget towards modernised coaching and instructional guidance so be sure to arrange a meeting with your local consulting agency sooner rather than later.