As a recruiter or employer, you will be aware that finding and keeping the right staff members is vital for any business. With so many businesses looking to improve their staff retention rates, British Chambers of Commerce and Indeed conducted a study to find just how businesses can do this.
Surveying over 1000 business people, the results showed that investments into training and providing a more flexible working structure for existing teams will dramatically improve staff retention rates.
However, the survey also found that only 42% of businesses would invest in training and development of their staff and surprisingly, there was just 38% of employers that would consider introducing more flexible working opportunities for their teams.
Skill shortages are at record lows
Rather than improve staff retention rates, business owners are looking into other strategies to bridge skill gaps and shortages that they are facing.
For instance, 30% of businesses use self-employed freelancers or contractors to carry out work that cannot be done by their inhouse team. Other methods of addressing skill gaps are investing in recruitment and training (25%) and developing relationships with local schools (22%).
Overall the survey does show that businesses are making positive progress in improving staff retention however, it could be considered that employers need to do more in terms of providing flexible working to all employees.
Jane Gratton, Head of Business Environment and Skills Policy at the British Chambers of Commerce (BCC), said:
“Access to people and skills is a top priority for employers and firms are doing everything they can to recruit, retain and upskill their workforce.
“Increasingly, employers are embracing flexible working practices as a sensible way to retain staff who need to balance work with family and other commitments. Amid rising upfront costs for businesses, it is crucial that innovative ways are found to motivate staff.
“Flexible access to the Apprenticeship Levy funds would enable more firms to boost productivity by training and developing their teams, and we urge the government to consider this as soon as possible.”
What do you think?
Are you an employee, recruiter or business owner? We’d be keen to hear what you think on how businesses are improving staff retention and whether you feel more can be done to resolve skill shortages that UK employers are experiencing.