The Business Exchange Bath & Somerset Issue 11: Spring 2019 | Page 14

INVEST IN BATH The Future Bright team with participants, WECA Mayor Tim Bowles and Bath & North East Somerset Council leader Tim Warren INVESTING IN YOUR EMPLOYEES FOR BUSINESS GROWTH WHAT IS FUTURE BRIGHT? Future Bright works with local businesses to build and retain the skilled workforce they need to prosper. Our work with businesses to: • Identify skills and training needs in your business • Provide personal career coaching and funded training opportunities for eligible employees • Develop your HR processes • Access business support programmes including Ways2Work and Disability Confident A £4M skills programme funded by the Department for Work and Pensions, Future Bright is managed by the West of England Combined Authority and delivered locally by Bath & North East Somerset, Bristol and South Gloucestershire councils. WHY DOES MY BUSINESS NEED FUTURE BRIGHT? UK unemployment is at a historic low making it harder for employers to fill vacancies. Retaining and developing good employees is key to business success. Effective employee engagement and development drives business productivity and improves customer service. Future Bright works with employers to identify the skills their business needs and supports them to develop their employees. Future Bright will support your business to: • Recruit, retain and develop the best staff in a competitive employment market • Improve staff morale and productivity by showing that you value and invest in your staff • Position your business as an employer of choice, committed your workforce and community WHAT ARE THE BENEFITS OF INVESTING IN MY EMPLOYEES? Studies show the potential benefits for employers who invest in staff development, including: • Higher productivity - employees who are under-productive due to poor wellbeing cost the UK economy £15bn each year (Centre for Mental Health, 2011) • More innovative - organisations promoting employee wellbeing are seen as 3.5 times more likely to be innovative and creative (World Economic Forum, 2010) • Reduced staff turnover - the average cost of replacing an employee is over £30,000, including recruitment costs and loss of productivity (Oxford Economics, 2014) • Reduced costs - the average cost of absence and under- performance due to ill health is around 8% of a company’s wage bill per year (Britain’s Healthiest Companies Survey, 2015) To find out more visit: www.futurebright.org.uk or contact the team on: 01225 395555 / [email protected] 14 THE BUSINESS EXCHANGE 2019