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As Economies Improve, Retention Becomes More Difficult

Wednesday, February 25, 2015

In the United Kingdom, unemployment is at its lowest level in six years, and is predicted to fall even more in 2015. While this is good news for businesses, it’s also good news for employees who want to change jobs and move to new organizations. In this environment, it’s not just dissatisfied workers looking to leave. According to recent studies, 61 percent of employees intend to change positions by the end of the year. Obviously, organizations need to be concerned with retaining their top talent. But old strategies and tactics are no longer applicable—the talent marketplace is evolving. No longer is retention strictly about benefits. Studies are indicating employees are increasingly seeking positions with organizations committed to development—both personally and professionally. Businesses that are neglecting this important aspect of the employee retention picture may inadvertently be driving away top talent, or at the very least, not convincing their current talent to stay. Studies have shown that employees who are happy with their company’s current training and development programs are almost 50 percent more likely to stay at their current position than the general population.

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