Watch our short video on succession planning for more detail
The average employee stays for 5 years
95% of businesses in the UK employ less than 10 people
Limited room for progression makes people move on
Back in the good old days, people started work at 16 and they worked their way up through the ranks, often up to retirement.
Today’s working environment is very different. In fact, the average time a UK employee stays at the same job is 5 years, and in some industries, like technology and advertising, job hopping is considered necessary to stay on top of changes.
In part, the decline of the job for life is down to the rise of smaller businesses. About 95% of all UK businesses are now micro-businesses with less than 10 employees. That doesn’t leave much room for progression or promotion, or developing new skills.
Take a look at your staff turnover, how long on average do people stay with you?
You might not be able to offer grand promotions, but if you use your appraisal you can still help your employees develop.
L. Frank Baum, the author of “Wizard of Oz” among other things, said “the more one knows, the luckier he is, for knowledge is the greatest gift in life.” So why not give your employees something far more valuable than money, and you might just motivate them to stay longer, that way you will have less need for succession planning!
Do you have questions about succession planning?
Give us a call at CUBE HR, we’ll be happy to advise you and we have policies and templates available to meet every HR need.
Why not check out our other blog on the same topic Career Ladders and Other Employee Investments
You can also watch a range of other videos on our YouTube channel