As salaries, working hours and development opportunities are becoming more aligned from business to business, offering staff perks, benefits or incentives is a way of attracting, and retaining, talent.
Glassdoor, the career site, say that 57% of all workers rate perks and benefits as one of the top factors they consider when deciding whether to accept a job offer.
So what perks can your business offer to help you attract and retain staff, and what should you watch out for? (more…)
One of the first things new business owners often say to me is how bewildering it can be getting their heads around all the different aspects of running a business.
From marketing and IT to tax and finance, it’s a case of having to quickly get up to speed on a huge range of things. For many small businesses the only way to make sure that everything gets done right is to outsource some of the tasks.
The type of functions that are frequently outsourced by small businesses are ones that either don’t add any value, or require specialist skills and knowledge that are not viable to employ someone to conduct in-house.
The administration of the company’s payroll is one such function. With a variety of outsourcing options available, from large established payroll providers to smaller competitors, outsourcing your payroll can offer a number of short-term and long-term benefits.
In this article, we look at some of the benefits of outsourcing your business’s payroll function and when is the best time to take the plunge. (more…)
It is often noted that a business is nothing without its people, but how do small business leaders create a winning team when their time and resources are often taken up with getting the business up and running?
The key is to remember that a great team with an average plan will be far more successful than an average team with a great plan. A great team is one that shares a common goal, its members are engaged and work within an environment of support and trust. Employees who are engaged and feel supported are more likely to be loyal and motivated. (more…)
A recent survey by the Institute of Leadership and Management (iLM) suggested more than a third of UK workers (37%) were hoping to leave their current job inside 12 months, and that a quarter of people planning to change jobs were doing so because they felt underappreciated by their current employer.
Other studies have shown that many UK employees feel undervalued at work and often it’s the small things that count. Last year recruitment website monster.co.uk found 58% of British workers don’t believe employees are thanked enough in the workplace, with 54% saying this left them feeling unappreciated and 41% feeling demotivated as a result.
So what can small business owners do to help ensure staff are motivated to do a good job and want to stay with you for the long-term? (more…)
In an increasingly competitive business world, nurturing your existing staff can help you avoid a high turnover rate. If you’re constantly losing employees you find yourself spending a lot of valuable time training new staff, but not reaping the rewards down the line.
In any small or start-up business, one of the most important aspects is to find the right staff for the company. Employees need to be a good fit for any business, and in a start-up environment staff need to have the drive, innovation and determination to ensure that they make any venture a success.
While training may be a big upfront cost, it is vital to retaining new employees and ensure that the investment you make in recruitment and training are not drained from the business as employees leave the company.
So what staff benefits can you introduce to help you draw high-calibre employees to your start-up or small business? (more…)
As a small business owner you may not have lots of money sloshing around. You know your staff are your most important asset, but you may not be able to afford to give them a pay rise.
So how can you be an attractive company to work for, motivate and reward staff and promote loyalty without increasing your pay bill?
Believe it or not, introducing employee benefits may be the answer. There is a range of benefits which won’t be a cost to your company and will actually provide savings by reducing your tax liability. These are known as salary sacrifice arrangements.