With the UK facing rising living costs and the evolving new workplace trend of ‘quiet quitting’, it’s important, more now than ever, to invest in your employees to retain them.
While Prime Minister Liz Truss has recently announced the capping of energy bills across the country, further inflations such as groceries have reached its highest level since 2008 – seeing the average UK food bill increase by £454 a year*.
During these difficult times, many employees are questioning whether their needs are being met within the workplace and what benefits they want from business owners. The recruitment market continues to be particularly difficult but investing in your staff through training could help retain employees and attract new talent.
Nicki Robson, managing director at Breedon Consulting , said: “We’ve advised many businesses throughout the year on how to navigate through these difficult circumstances, as financial concern rises in employees who are considering quitting in search of higher salaries, flexibility and better benefits.
“At Breedon Consulting, we are uniquely positioned to support and advise SMEs, providing tailored packages to suit the needs of businesses spanning many industries. Our HR experts have highlighted three ways employers can support their employee’s development and wellbeing during this uncertain period.”
Upskilling and reskilling
Nearly a fifth of managers said the most prominent hiring challenge they currently face is a lack of technical skills and knowledge, according to research from ECI Partners, emphasising the growing concern over the UK’s skills gap.**
Nicki said: “Investing in upskilling and reskilling is an excellent way for businesses to develop and progress employees. During the pandemic, the level of preparation and training for managers was not always feasible, therefore many had to adjust their leadership style when managing their teams remotely without any training or guidance.”
Data from Virgin Media O2 Business and Censuswide found that 47% of employees would be happier in their roles if digital training were provided. While 42% would be less likely to change jobs – highlighting that investing in upskilling and development is a valuable retention tool and imperative for businesses. ***
Outsourcing an external assessor, to conduct a skills gap analysis, can also help businesses analyse teamwide and companywide skills gaps and assist with interventions to bridge those gaps.
Incentives
Nicki said: “While businesses face internal rising costs, it’s vital to support your staff wherever possible, with incentives, bonuses and re-evaluating salaries through performance reviews, to help with the cost of living. It’s also time to be a bit more creative on how your budget is spent, considering tax efficient ways of ‘giving more for less’, such as vouchers or discount schemes.”
Around 5% of businesses with 250 or more employees have offered a one-off cost-of-living payment to their workers in the last three months, according to the Office for National Statistics’ Business Insights report.****
Incentives like this can help employees with some breathing space between their rising bills.
Work-life balance and wellbeing
Nicki said: “Finding the balance between a healthy, positive workplace and lifestyle for employees has never been more critical for business owners. Open communication in the workplace is an excellent way to ensure employees feel supported and heard.”
According to Glassdoor, nearly three quarters of workers thought that annual leave was an effective way to reduce burnout but only three in five employees used their full holiday entitlement.*****
Nicki added: “Identifying employees needs and supporting them wherever possible, by offering flexible or hybrid working, and providing training and development opportunities can help to retain your workforce but also attract new candidates.”
Breedon Consulting is offering free 15-minute consultations to talk about challenges that business owners may be facing at the current time.
