The difficulty of retaining staff
Posted on 23rd May 2019 at 19:33
Keeping staff can be difficult. One recent report found that workers in the UK change employer, on average, every five years – and that millennials could have been through four different jobs by the time they are 31.
All of this can spell tough times for employers. High employee turnover means increased recruitment costs. Then there’s the unavoidable disruption as new workers bed in, going through the induction and training they need before they’re effective new members of your team. There can also be knock-on consequences for morale among staff ‘survivors’, who can find constant change unsettling.
Research shows that possibly as many as 40% of employees are under financial stress. This can lead to lower productivity, absence and poor relationships with colleagues. It can also impact mental health. A new and increasingly popular move to help here is staff financial education. Providing skilled advice on budgeting, savings and planning for retirement can make a valuable staff incentive package. We should be delighted to assist in this important area.
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