Companies not ready to keep top talent, study finds
More than 70 per cent of senior management are worried about retaining staff when the economy picks up, new research finds.
A study commissioned by integrated training services provider Thales Training and Consultancy reveals that only 41 per cent have a clear strategy in place to account for top talent moving onto other jobs.
The study acknowledged three areas as critical to retaining staff: clear communication, more flexible working hours and investment in learning and development courses.
When asked specifically about investment and commitment to L&D courses nearly two-thirds(61 per cent) of respondents highlighted that their organisation is placing a greater emphasis on learning programmes as a way of keeping top talent, and a staggering 85 per cent of those asked stated that investment in L&D influences attracting and retaining new staff. Others complained that economic recovery could lead to staff moving on to competitors (80 per cent) and with recruitment costs as a premium this highlighted a worrying trend.
Rachel Kay, business development director of Thales Training and Consultancy, said: "These figures clearly show that in the current economic climate learning and development has become a powerful tool to retain and attract top talent.
"The study also revealed that despite the clear call for action, nearly half of respondents claimed that L&D investment is not supported at board level.
"In times of economic uncertainty it comes as no surprise that budgets will be squeezed and finance diverted to other parts of the business, but these findings should drive the industry into ensuring L&D is fully supported at all levels. After all, 71 per cent of directors asked believe it is fundamental to business success."