In our 25 years of consulting and training experience, one thing that stands out to us as a concern is employee turnover and staff retention rates within organisations. The Great Resignation of 2020 may feel like a thing of the past, the world has moved on… or has it? The truth is employees are still leaving their jobs at record rates, in fact the average turnover rate in the UK is 35%. The industry with the highest turnover rate is hospitality, which may come as no surprise, however still high on that list is admin and support services (29.4%) and manufacturing (26.6%). The question has to be asked, why are people leaving their jobs and organisations? How can we overcome this obstacle for the success of our organisations?
Let’s look at the facts and figures
Creating fulfilling careers
The pandemic in 2020 saw a complete shift in the way people worked, with remote working soaring to an all time high, many people re-evaluated what was important in their lives. Naturally, this saw people embrace career changes. Something that was highlighted in peoples reasoning for a change was the realisation that they lacked fulfilment and purpose in what they did.
This desire for fulfilment and purpose didn’t necessarily mean these individuals were in the wrong jobs, rather some organisations failed to account for employees’ personal career aspirations and growth. People’s careers shouldn’t feel stagnant, and opportunities for development should be made available to everyone.
Key Lessons in Developing Staff
So, we’ve established that staff development is a key factor in retaining top talent. With that in mind, let’s take a deeper look into DCo’s key lessons in developing staff:
- Personalised development plans: By tailoring development initiatives to individual needs, organisations foster higher levels of engagement and commitment among staff. These plans align with employees’ career aspirations, providing them with opportunities to enhance relevant skills and advance within the company. Such personalised attention communicates value and recognition to employees, reinforcing their loyalty and reducing turnover.
- Development for fulfilment: As employees grow and develop, they are more likely to experience a sense of fulfillment in their roles, knowing that they are continually progressing and reaching their potential. Additionally, staff development fosters a supportive and growth-oriented work environment, where individuals feel valued and motivated to contribute their best efforts. Ultimately, by prioritising staff development, organisations not only cultivate a skilled and engaged workforce but also contribute to the long-term career fulfillment and satisfaction of their employees.
- Leveraging coaching and mentoring: Coaching and mentoring programmes enhance staff retention by providing specialised support for employees’ professional growth. These initiatives offer guidance, feedback, and skill development opportunities, fostering strong bonds between mentors and mentees. Employees who feel supported and valued are more likely to stay committed to their roles and the organisation, leading to higher retention rates. Overall, investing in coaching and mentoring demonstrates a commitment to employee development and well-being, creating a nurturing environment where employees feel empowered to succeed.
At DCo, we understand the importance of addressing staff retention comprehensively. That’s why we offer a range of resources and bespoke programmes to help organisations navigate these challenges effectively. From exploring the significance of culture and psychological safety to insights on managing feedback, PDR’s and personal development plans, our training programmes provide valuable tools and knowledge for retaining top talent. Our key message here is invest in your talent, and they will invest in your organisation.