One of the interesting results to come out of the Grow, Scale, Succeed survey was the high retention rates of employees who work for small businesses with 90% retaining employees for three or more years. Out of that figure, 27% retain employees for 10 or more years. |
These high retention rates can be seen through other survey data such as the Ibec employee turnover rates which shows that businesses with less than 50 employees have on average a turnover rate of 6% compared with larger companies who have turnover rates of between 6.53% right up to 8.40% for businesses with 250+ employees.
Our survey details some of those reasons including a high rate of internal promotion and career progression as well as strong investment in training and career development. Also employees who work in a small business will naturally have more direct access to senior management and are in a culture that is friendly and more inclusive. The two case videos that we share give testimony to this.
The survey enabled us to look at what guidance, tools and resources we should create in order to assist small businesses and we have a number of podcasts that you can listen to whilst on the move. The topics include how you can co-create a culture with your employees and get the best from them, ways to effectively communicate with them right through to managing difficult conversations and bullying in the workplace.
SFA Grow Scale Succeed Survey on employee engagement.pdf