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How to retain your talent in a challenging economy

We’re back at it again, but we promise you’ll thank us later. That’s right, more of the recession talk.

So, we’ve spoken about how to prepare and audit your business before the recession hits, dealing with those ever-so-awkward redundancy situations, and how to manage the remaining workload whilst continuing growth. But what’s next?

The next stage in this series is all about retention. It’s a tough world out there, but don’t let that fool you – people will still leave for better opportunities. Simply put, if your people are unhappy, they will always move on. So, what can you do to keep your best?


Learning goes a long way

We’ve said it before, and we’ll say it again, and again, and again…make learning a priority in the workplace!

Why do we keep repeating this, you ask?

Just over half of UK workers feel engaged in their work. That’s a large number of your workers that are, well, unengaged, which contributes to lower productivity levels and higher turnover rates. And in a challenging economy, this is not a risk you want to take.

The answer? Increase your engagement by making learning a priority!

Developing a culture of continuous learning throughout your organisation is a great way to motivate your people. Teams will develop a great sense of achievement and satisfaction within their role because they’re furthering their personal progression, as well as supporting a greater understanding of their work. By building confidence and increasing engagement, learning creates a productive workforce that is ready to face anything.

Learning doesn’t need to be complicated. Make workplace learning easy for you and your people with Learn LMS, and watch your engagement soar.


Performance management = reassurance

It’s a scary time, not just for you, but for your people too! And even if your role is categorised as ‘safe’, seeing cuts and redundancies within an organisation can cause a lot of stress because nothing feels, well, safe. As much as we try not to, this looming feeling can really affect your people’s day-to-day, whether it’s lower productivity or disengagement. So, what can you do to change this?

Invest in continuous performance management to provide reassurance!

Performance management means that you get to spend valuable time ensuring your people have clear goals and objectives that will enable them to develop and be more effective in their roles. Continuous performance management literally means you’re investing time into your people and their individual career plans within the business. This therefore creates a greater sense of security for your workforce, increasing productivity and improving morale. Happy people = committed people.

With Perform, your team’s performance is continuously monitored to ensure goals are met and opportunities are created. Allowing both you and your team to provide feedback, planning for growth and development has never been easier.


Utilise your talent

Planning for the future is always a good idea, recession or not. And planning for the future with your current talent is an even better idea.

We’ve talked about how Talent Management is there to help you throughout times of challenging economies when redundancies happen, and the remaining people need reshuffling. But what happens when you’re trying to retain your people? Being ‘kept on’ isn’t enough; your people need to know that you’re invested in them for the long term.

This is where Talent Management comes in handy, again.

Talent helps you to identify, track, and develop future leaders within your organisation, motivating them on their development journey. With all the data you need to map and analyse key talent and business-critical succession strategies, enhancing your HR capability. With Talent, you can optimise the visibility of your talent pool, protecting the growth of your organisation.


Outstanding onboarding

In a challenging economy, it’s great to be in a position of growth and expand your workforce. But remember: first impressions mean everything. And outstanding onboarding is what you need.


Great onboarding can improve employee retention by 82%. Yes, 82%! That’s a much lower turnover rate, and a lot more long-term committed people.

Okay, but what is ‘outstanding onboarding’? It’s not just about sending branded hoodies or desk plants for your new hire’s first day anymore. You need exceptional preboarding experiences to wow your new hires from before the very first day. And we have exactly what you’re looking for.

With our HRIS and onboarding tool, Sapling, your new hires are introduced to the company, culture, and team before their start date, making them feel welcome, and creating a sense of belonging before day one.

Sounds like a lot of work for you, right? Wrong!

Sapling takes care of those repetitive, manual HR tasks. Designed with onboarding in mind, its ability to automate and streamline core HR tasks means the onboarding process only takes minutes, freeing your people team up to look after your people!


Be there for the team

It’s a lot to take in, we know. And your people will definitely be feeling it. Even if the pressure at work has eased, it’s not always obvious to know who’s struggling in personal situations. But your people’s health and wellbeing should always be a priority, and we can help you.

Your teams can enjoy our wide range of engaging and interactive courses that are there to support them in managing stress, dealing with mental health, as well as understanding managing physical and financial wellbeing. With eLearning, your people can get the knowledge and support they need to get through difficult periods, making happier and healthier people.


It’s a difficult time for everyone, it’s a lot to take in and a lot to think about, but we’re here to help you thrive every single step of the way. If it’s auditing and preparing, or redundancies and resettling, or retaining your people, you can count on us.

Speak to one of our friendly experts today.

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Written by Claire Moloney

Claire is an enthusiastic and meticulous content writer whose passion is to support growth and continual learning for everyone.


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