Tag: SMEs

The roar of the war on talent continues as employees are switching jobs at record numbers and workforces continue to shrink. Together, these events have created an environment in which business and HR leaders are having to play catch-up. Today’s labor market, regardless of business type or location, is now faced with more job openings than available workers.

These market pressures are creating never-before-seen urgency around talent.

And for now, most businesses are reacting with the one tool that they can easily access: money. While wages in general haven’t skyrocketed as much as they have in hospitality and retail, a high salary remains one solid way to entice key employees to stay and to lure employees to their organization. And once you change that, there’s no going back. Unfortunately, the money bucket is not bottomless and SMEs don’t have access to the funds to support such high increases. The current cycle in the market can only go on for so long and leaders will need to act for the future in addition to reacting in the present. Here are three things to help drive retention in your organization.

Here are three key ways to attract and retain talent in the current marker:

  1. Ensure pay equity.
  2. Increase workplace flexibility
  3. Create a high-attention culture.

In the short-term, many organizations will continue to address talent shortages by increasing wages. At some time in the not-so-far-off future, the organizational tolerance for digging into the checkbook will wane. We don’t need to wonder what to do next. We know we also need to invest in proactive, long-term solutions that keep people from even entertaining leaving. It doesn’t have to be overly complicated. Start with embedding the practice of check-ins into your organization. Check-ins aren’t the only thing, but they are the fastest thing when it comes to creating a culture where people feel connected and less compelled to leave.

 

Photo courtesy of Canva.com

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2.5% of businesses in manufacturing anticipating permanent closure in 12 months

A new report by global expenses app, ExpenseOnDemand, revealed that more than half of small businesses (54%) are expecting to grow in 2022 as optimism rises to highest level since 2019.

The report showed that at a regional basis, growth aspirations were highest in London with 57% of businesses expecting growth, compared to the lowest figure of 29% in the combined Northeast/Yorkshire regional cluster. In terms of business sectors, manufacturing was the most pessimistic about 2022 with a mere 36% expecting growth, and 2.5% of businesses in this sector anticipating that they will permanently close at some point in the next twelve months.

Sunil Nigam, Founder at ExpenseOnDemand, commented: “It is great to see so many small business owners and directors feeling so positive about 2022. This growth is being driven by economic demand and the increase in tech solutions available to help seamlessly manage many aspects of running a business.”

 

 

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