UK firms struggle to retain key staff

Almost
a third of UK firms have problems retaining key staff, research released today
reveals.

The
study by Reed Personnel Services, based on a survey of 439 organisations, also
found that 52 per cent of employers report that staff retention problems
increase stress levels within their organisation.

Nearly
40 per cent of respondents believe retention problems lead to an increase in
workloads and paid and unpaid overtime.

More
than 40 per cent of employers suffering from staff retention problems use
agency staff to fill in the gaps.

Higher
pay was identified as the most effective approach to tackling high staff
turnover, highlighted by 58 per cent of employers, followed by flexible working
arrangements (39 per cent) and improved training and career development (44 per
cent).

Richard
Post, managing director of Reed Personnel Services, said: "There are some
key issues for specific industries to draw upon here: the high concentration of
retention issues in the North, and the propensity for insurance and financial
services companies to experience staff retention problems top the list. 

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“However,
companies can rectify and prevent the issues with simple, inexpensive tactics
without resorting to salary increases. This is especially true of private
sector companies, who can perhaps learn from the public sector and offer more
flexible working hours."

By Ben Willmott