A new study carried out by Aldermore Bank suggests that a large number of UK small and medium-sized enterprises (SMEs) are struggling to retain top talent.
In a survey of some 1,008 SME bosses, 67 per cent of respondents told Aldermore that they found it difficult to either hire new, qualified members of staff or to retain existing talent.
On top of this, a further 29 per cent said that employee retention had become a greater concern for them over the past year – as more and more staff had begun moving on to pastures new.
Interestingly, more than three quarters (76 per cent) of SME decision-makers recognised that they needed to make more of an effort to retain top talent in their organisation.
When asked what they were doing in order to tackle the problem, 28 per cent of firms said that they were trying to help their employees to achieve a healthy work/life balance.
A further 26 per cent added that they had introduced flexible working opportunities in a bid to keep their staff happy, while 23 per cent said they had invested in relevant training in order to improve the skills of their existing workforce.
Carl D’Ammassa, of Aldemore Bank, said that competition among SMEs for “the best industry talent” was becoming increasingly “fierce.”
He said that business leaders needed to ensure they had “put measures in place to ensure their companies are attractive places to work for ambitious employees.”
“The best people can have a significant, positive impact on how that business performs, and the majority of SMEs acknowledge it’s important to make an effort to keep talented people,” he said.