How can leadership and management training ensure you retain your best people, and keep them engaged and motivated?
Difficulties with recruiting staff in the UK right now have risen to the top of the list of challenges for many businesses. High employment, a serious skills shortage, Brexit and an ageing population have all contributed to the decrease of suitable candidates for many positions.
Employers will need to be proactive and creative to retain their best people. It is a serious challenge and one that does not appear to be going away any time soon. It doesn’t take a genius to see that if you can slow down the rate at which your staff are leaving, the issue of recruitment becomes less of a headache.
Staff turnover is costly to a business too! According to research by Oxford Economics and Unum, the average cost of turnover per employee (earning £25,000 a year or more) is £30,614. Through hiring costs, onboarding and production decrease, you’ll spend £5,433 finding a replacement – possibly more in today’s climate.
So, how can we keep our best people engaged and motivated to stay with us?
There are several factors that contribute to a high staff retention rate, including:
- Competitive compensation and benefits
- Excellent opportunities for career development
- Recognition and reward for good practice
- Flexible working and good work-life balance
- Positive workplace culture
Whilst pay and benefit may feature at the top of this list here, it’s been shown they are not the only major factor in why employees choose to stay at a company.
A study by the Learning and Performance Institute (LPI) found that organisations that invested in leadership and management training had an average staff retention rate of 82%, compared to 65% for those that didn’t, suggesting that investment in management training has a positive impact on staff retention rates and can help organisations build a strong and engaged workforce.
Investment in your managers and staff training, therefore, is key to your success in the current environment. Good managers create a positive workplace environment and give employees the skills and knowledge they need to succeed in their roles. Specifically, retention rates are improved because, through leadership training, your managers:
Enhance their communication skills
Effective communication creates a positive workplace culture. Managers who are trained in communication skills can effectively communicate with their team members, understand their needs and concerns, and address any issues before they escalate.
Provide professional development opportunities
Employees are more likely to stay with a company that invest in their professional career development. Effective training can help managers identify and provide training opportunities for their team members, which can help employees feel more engaged and motivated.
Encourage employee feedback
Managers who are trained to listen and act on employee feedback can create a more inclusive and supportive workplace. When employees feel that their voices are heard, they are more likely to stay with the company.
Create a positive workplace culture
Managers who are trained to create a positive workplace culture can help foster a sense of belonging and community among team members. A positive workplace culture can help reduce stress and burnout, which can lead to higher employee retention rates.
Support work-life balance
Managers who are trained to support work-life balance can help employees maintain a healthy balance between work and personal life. When employees feel that they have the support they need to balance their work and personal responsibilities, they are more likely to stay with the company.
At Learnmore, we can help you achieve this. It’s what we do best and our Level 5 Leadership and Management Diploma programme consistently produces high skilled, high quality managers that make a difference to your business.
Contact us here for more information and we’ll help you meet the challenge in the best way we know how.