Staff retention causing greater concerns than Brexit impacts
Training and retaining top quality talent is causing greater concern for business owners than the potential implications of Brexit, according to new research.
When looking at plans for the next six months, a survey of more than 3,000 HR professionals by Alexander Mann Solutions found that staff retention is a leading cause of anxiety.
Whereas 23% of businesses listed retention as their major concern, just 9% said that uncertainty around Brexit is a key challenge to address.
The findings support another study from PwC that revealed that four in five chief executives are planning to alter their people strategies.
Retention needs to form a key part of any business strategy as the implications around overcoming any hiring issues can be costly – both in terms of time and finances.
A link between Brexit and a focus on retention does exist though, especially among businesses that are reliant on a lot of talent from the EU.
Keeping these staff is therefore viewed as a priority, as it will likely influence any growth plans that businesses may have.
Any business with concerns over its future, or its finances, should consider its position and whether undertaking an independent business review may help.
Such approaches can help to overcome difficult cash flow circumstances, discover new ways of raising finance and even cover how to invest to secure a stronger future.
Given that concerns exist among many firms, employee engagement could become key, as firms are looking to hold onto staff without any heavy financial implications.
Alternative financial options also exist to help those facing difficulties and a range of providers can put a variety of solutions on the table.
The latest study found that flexibility, the chance to promote change and personal development all featured heavily among what the millennial workforce looks for in new opportunities.
By Phil Smith