With rising employee National Insurance contributions and an increase in the minimum wage, businesses across the UK are feeling the financial strain.
Many companies are looking for ways to cut costs and training and development budgets are often among the first to go. But while reducing investment in people might seem like a quick fix, it can have damaging long-term consequences.
Now, more than ever, businesses must focus on retaining talent, maximising productivity and engaging the workforce and that starts with managing the employee journey. Cutting back on people development may save money in the short term, but the cost of high attrition, disengaged employees and low productivity will far outweigh any immediate savings.
Why investing in the employee journey is more crucial than ever
With operational costs rising, companies need a high-performing, motivated and loyal workforce to succeed. Yet, many businesses are struggling with retention as employees look for better opportunities when things are tight.
Here’s why we believe that prioritising the employee experience is not just the right thing to do, it’s a business necessity:
1. Retention is more cost-effective than recruitment.
Replacing an employee can cost up to twice their salary in recruitment, training and lost productivity. In a time when every penny counts, businesses should focus on keeping their best people rather than continuously replacing them.
2. Engaged employees drive productivity.
Research by Gallup shows that “Engaged employees are, on average, 22% more productive, innovative and committed to business success”. Investing in onboarding, training and career development can unlock greater performance without increasing headcount.
3. Employees expect growth opportunities.
Rising costs mean many businesses can’t afford to offer significant pay increases right now. However, development opportunities, career progression and being part of something bigger is just as important in keeping employees motivated. When businesses invest in their people, they foster loyalty, even in tough times.
At Rise Learning Group, we know that business leaders want to continue to develop and retain their people, even during challenging economic times.
That’s why we’ve launched our live, interactive series of webinars, focusing on supporting your people through each stage of the colleague journey.
These sessions will provide practical, effective strategies to retain talent, boost engagement and drive productivity without breaking the bank.
What you’ll get from the webinars:
Strategies to retain employees and reduce costly turnover.
Practical ways to boost engagement without increasing salaries.
Insights on creating a workplace culture that attracts and retains top talent.
Cost-effective training and development solutions for businesses with limited budgets.
Webinar Series Schedule:
Webinar 1: Transforming Onboarding – From Offer Stage to Long-term Success
Webinar 2: Transforming Customer Conversations – Communication Skills
Webinar 3: Transforming Leadership – Leading with Confidence
Webinar 4: Transforming Training – Essential Skills for Workplace Trainers
Webinar 5: Supporting Bereaved Colleagues – A Compassionate Approach
Webinar 6: Neurodiversity – Creating an Inclusive Colleague Journey
Don’t miss the opportunity to future-proof your workforce
riselearninggroup.com