Learning. Empathy. Advancement. Purpose (LEAP). The key to retaining employees, especially in times of low unemployment, lies in building a company culture based on these four words. Low unemployment means that employees are in the driver's seat, choosing the jobs they want and jumping ship for better opportunities when they come along. Job openings are plentiful and employees have a lot of choice in front of them.
It's a great situation for employees, but what does it mean for businesses? Retaining your top talent has become more difficult and more important than ever. Filling a vacant role by an employee who jumps ship can cost up to 150x that employee' annual salary to find, onboard, and get new talent up to speed.
To hold onto your employees, your business needs to LEAP. Take a look at our infographic to get a breakdown on how to get started.
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Leading the next generation of employees
As labour markets strive to rebound from the impact of the pandemic, a historic talent shortage has emerged. Three out of every four companies globally have reported talent shortages and difficulty hiring – a 16-year high. Compounding this is “The Great Resignation”, driven by Gen Zs and millennials’ changing priorities, in many cases fuelled by the conditions of the lockdowns.
The fully integrated virtual learning solution
Today’s workforce is more dispersed than ever before, making the need to learn and communicate across different locations critical to business success. So your organisation needs to support your employees with learning and collaboration capabilities wherever, whenever.
How SMBs can embrace Digital Transformation to Revolutionise Talent Management
Small to mid-size businesses (SMBs) are the lifeblood of the British economy. They generate over £2 trillion each year – around half of the private sector turnover – and represent a staggering 61% of the country’s workforce, equivalent to 16.3 million people. SMBs are more than just a melting pot for innovation – they also promote sustainable improvement, and foster organic growth. The key to unlocking new success for these mid-market companies lies in talent management and investment, whether that be in attracting new talent, or in retaining and enhancing the current workforce.