Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Two-thirds of SMEs find it difficult to retain valued employees

by October 24, 2023
October 24, 2023
Two-thirds of SMEs find it difficult to retain valued employees

Nearly two thirds of SMEs are finding it increasingly difficult to retain valued staff in the current economic climate.

Chief Executives and Managing Directors are feeling this most acutely, with three quarters of the C-Suite finding valuable staff members harder to hold on to.

When it comes to retaining key members of staff competitive salaries and benefits packages are still the most widely used method to keep employees satisfied, with 44 per cent of SME employers using this as their main tool in their armoury. However, this is closely followed by hybrid & flexible working with 41 per cent offering these working patterns, as it is widely considered a key factor when employees decide whether to stay with a firm or move. A positive and inclusive culture is also cited by 40 per cent as being key to retaining staff.

Providing professional development opportunities, such as training and upskilling, is another mechanism SMEs use to keep employees engaged, with 39 per cent offering this as a form of talent retention.

However, nearly half of SME employers are finding it harder to allocate budget to upskilling and training the workforce in the current economic environment.

It is not just retention that is a challenge. On average, 16 per cent of SMEs are finding it difficult to recruit the right people with this number rising to almost one in five for firms between 10 and 249 people. The current economic uncertainty is prohibiting SMEs from growing their business operations, through hiring more staff, with 39 per cent citing this as being harder.

Alison Traboulsi, Product Manager at Direct Line business insurance commented: “Attracting and retaining skilled employees can be challenging no matter what size your business is. Competition for highly skilled talent is fierce and aligning to the needs and demands of a constantly evolving workforce can be tricky. Employers need to balance their recruitment strategy to enable them to attract the top talent alongside their retention strategy to ensure they keep their best employees. To do this they need to make sure their staff are engaged, motivated and committed to the organisation. The areas to focus on that have the most employee appeal are salary and benefits packages, flexible working, a positive work culture, career development opportunities and a desirable work environment.”

Read more:
Two-thirds of SMEs find it difficult to retain valued employees

0
FacebookTwitterGoogle +Pinterest
previous post
Thousands across England and Wales join £2bn claim against rogue energy brokers
next post
Less than 100 days until tax return is due: self-employed and those with side hustles told

You may also like

Returners to work set to be allowed to...

January 12, 2023

Keter’s Curver Brand Celebrates 75 Years of Bringing...

April 4, 2024

Unveiling the Top-Tier Education: The Big 5 Universities...

August 15, 2023

Rail and postal strikes ‘decimated’ festive trade with...

February 15, 2023

Rachel Reeves champions benefits of China trade as...

July 19, 2024

How Knowledge Base Software Functions as Standard Operating...

February 3, 2025

How Important Is Business Insurance When You’re Just...

September 7, 2022

UK’s 1.6m temp workers to receive pay boost...

November 8, 2023

Tesco and Shell to power stores and EV...

October 17, 2024

Trends That Shaped Clinical Trials in 2022!

October 12, 2022

Returners to work set to be allowed to...

January 12, 2023

Keter’s Curver Brand Celebrates 75 Years of Bringing...

April 4, 2024

Unveiling the Top-Tier Education: The Big 5 Universities...

August 15, 2023

Rail and postal strikes ‘decimated’ festive trade with...

February 15, 2023

Rachel Reeves champions benefits of China trade as...

July 19, 2024

How Knowledge Base Software Functions as Standard Operating...

February 3, 2025

How Important Is Business Insurance When You’re Just...

September 7, 2022

UK’s 1.6m temp workers to receive pay boost...

November 8, 2023

Tesco and Shell to power stores and EV...

October 17, 2024

Trends That Shaped Clinical Trials in 2022!

October 12, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Supreme Court lets Trump’s ‘wrecking ball’ federal job cuts proceed while legal fight continues

      July 8, 2025
    • TikToker knocks Harris’ ‘weird’ take on never released interview: ‘Not good’

      July 8, 2025
    • ‘Who wouldn’t want it?’: Netanyahu open to receiving stealth bombers, bunker-busters from US

      July 8, 2025
    • Iran says it can strike the US and Israel for two years. Does it really have that power?

      July 8, 2025
    • New book reveals what top ex-Biden aide was thinking during disastrous debate

      July 8, 2025
    • TSA expected to end shoes-off policy at many airports across US

      July 8, 2025

    Categories

    • Business (8,421)
    • Investing (2,106)
    • Politics (15,975)
    • Stocks (3,193)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved