The ongoing “Great Resignation” has led experts to urge businesses to enhance their learning and development (L&D) opportunities for employees to reduce staff turnover and retain crucial talent.
As real wages continue to decline due to rising inflation, businesses must consider expanding their L&D initiatives to maintain staff morale and prevent further resignations.
The UK Job Market in 2023
Office of National Statistics (ONS) data shows that job-to-job moves in 2022 reached a record average of 946,000, driven primarily by resignations.
Investing in workplace education programmes can help businesses tackle high staff turnover rates and address the emerging skills shortage that threatens small business growth in 2023.
The aftermath of the COVID-19 pandemic has left recruiters with a limited pool of applicants, leading to a scarcity of in-demand skills.
By allocating funds to L&D initiatives, businesses can save on recruitment costs and develop the skills of their existing workforce.
The British Business Bank estimates the cost of hiring someone on the UK average salary to be £3,000, making L&D investments an appealing option for business owners.
In today’s remote working environment, employees are increasingly seeking soft skills training in areas such as communication, resilience, and problem-solving.
By investing in L&D courses that focus on these skills, businesses can enhance collaboration and reduce workplace conflict, ultimately improving overall company growth.
Small businesses access unsecured, fast funding from Got Capital. As an alternative lender, Got Capital offers financing solutions specifically designed for and catered to the needs of SMEs.
