Did you know that the unemployment rate is the lowest it has been in 50 years?
Did you know that the UK’s unemployment rate is
at its lowest since 1974? Let that sink in. With an
unemployment rate of just 3.6%*, more people
are in work now than they have been for the last
50 years. So, what does this mean for employers?
In short, it means recruitment today is much more
difficult, and filling vacant roles is no easy task. As
vacancies remain high, and with businesses facing
rising costs, the opportunity for businesses to grow
is being limited. Jane Gratton, head of people
policy at the British Chambers of Commerce,
states that, “As rising costs force businesses to
put investment plans on hold, budgets for people
training and development are taking a hit”.**
If business choose to save costs by not investing
in their staff, through training and development,
then they are exposing themselves to a greater
risk: if employees are not fulfilled in their roles
and choose to leave to seek development and
progression elsewhere, then the business will need
to recruit in an increasingly difficult labour market.
What’s more, they’re actually exposing themselves
to more costs, as they’d no doubt have to instruct
and pay the fees of a recruitment agency to try
and attract replacement employees, as well as
dealing with a huge drop in productivity if they
don’t have the staff to work, losing time and
money.
Now more than ever, it is so important for employers to retain their staff. Having an effective performance management system in place is an ideal way to identify training needs of your staff, as well as creating the perfect opportunity to allow employees to open dialogue about progression.
Invest in the staff you have, develop and retain them.
If you’d like to talk to us about how to develop your employees and maximise your staff retention, please contact us on:
0151 268 0088
hello@liiift.co.uk
www.liiift.co.uk
Dawn Tolcher
