Managing Change - Executive Coaching and Leadership Development
  • Home
  • Development
    • Executive Coaching
    • Leadership Coaching & Development
    • Psychometrics and 360 Feedback
    • Programmes >
      • Leadership Development Programmes
  • Transitions
    • Career Coaching
    • Parental Leave Coaching >
      • Maternity Coaching
      • Paternity Coaching
    • Outplacement >
      • The Programmes
  • Well-being
  • About Us
  • Our Clients
    • Testimonials
  • Contact Us
  • Our Posts

Tackling the Retention Crisis

21/10/2021

0 Comments

 
Picture
Employee turnover continues to rise in the UK in 2021 as the post-pandemic job market becomes more competitive and wages rise. Many employers are reported to be concerned about employee retention especially for their hard to find and replace people. Should they be concerned? For companies relying mainly on pay and other ‘hygiene’ rewards, yes.

Many pundits are currently recommending that employers should now increase their pay and associated benefits packages to offset the risk of staff leaving. However, as has long been established, where pay levels are already equitable in the market, simply paying more isn’t effective in retaining people in post.

Why do people stay with their employer? In the main because they are committed to the work they are doing and to their employer – they enjoy and find meaning in the work, the culture and their sense of being valued and continually developing. Where these are missing, those staff staying simply for the money are rarely the most engaged and productive employees. Equally, for employees in this position, this rarely represents an optimal work experience. In a recent survey 21% of employees claimed that inadequate career development was their reason for leaving for another company.

​The impact of losing people can be significant. McKinsey research indicates that high performing staff are 400% more productive than average performers. In the summer, the CIPD reported that 36% of business services companies (i.e. law, consultancy, science, technology and marketing) have hard to fill vacancies. 44% plan to respond to this issue by upskilling existing staff.

In an increasingly competitive job market, efforts to retain valued people are especially important. Employees who feel they are developing, are valued by their employers and are able to flourish on a personal level are more likely to stay. It is better business sense to deepen the mutual value employers and employees invest in each other than simply to throw more money into the salaries pot. 

The CIPD’s Labour Market Outlook Summer 2021 recommends that employers should raise the quality of work they offer to attract and retain the best people. Providing development and career opportunities, upskilling managers, and boosting job quality are essential components.

What is your company’s strategy for developing and retaining high performers?
 
Managing Change provide executive and career development programmes including our highly regarded retention and development Potential! programme. Do get in touch if you'd like to know more about we can help you and your teams. Email us on enquiries@managingchange.org.uk or call 01223 655667.

Potential! Download Programme Details
0 Comments

    Categories

    All
    Anxiety
    Appraisal
    Authentic Leadership
    Breaking Through
    Career Coaching
    Careers
    Coaching Psychology
    Communication
    CVs
    Diversity And Inclusion
    Emotional Intelligence
    Employee Engagement
    EQ
    Executive Coaching
    Feedback
    Feedback Culture
    Imposter Syndrome
    Job Interviews
    Job Search
    Lawyer Survey
    Leadership
    Leadership Development
    Leadership Development Programme Model
    Learning And Development
    Management Development
    Managing Change
    Maternity Coaching
    Meetings
    Motivation
    Parental Leave
    Performance
    Positive Psychology
    Psychometrics
    Redundancy
    Resilience
    Returning To Work
    Strengths
    Stress
    Transactional Analysis
    Women Leaders
    Working Mums

    Archives

    May 2022
    February 2022
    October 2021
    July 2021
    June 2021
    March 2021
    October 2020
    September 2020
    June 2020
    May 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    October 2018
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    November 2017
    October 2017
    August 2017
    July 2017
    June 2017
    May 2017
    March 2017
    February 2017
    January 2017
    October 2016
    July 2016
    June 2016
    May 2016
    April 2016
    February 2016
    November 2015
    September 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    February 2014
    January 2014
    November 2013
    October 2013
    September 2013

    RSS Feed

Picture


Managing Change (Cambridge) Limited

t: 07711 503382      e: enquiries@managingchange.org.uk

Copyright © 2016 - 2022 Managing Change (Cambridge) Limited. All Rights Reserved.

GDPR Privacy Policy
  • Home
  • Development
    • Executive Coaching
    • Leadership Coaching & Development
    • Psychometrics and 360 Feedback
    • Programmes >
      • Leadership Development Programmes
  • Transitions
    • Career Coaching
    • Parental Leave Coaching >
      • Maternity Coaching
      • Paternity Coaching
    • Outplacement >
      • The Programmes
  • Well-being
  • About Us
  • Our Clients
    • Testimonials
  • Contact Us
  • Our Posts