How SME’s & startups can retain top talent without spending more
A recent study showed that two thirds of UK SME bosses face recruitment and retention problems, finding it difficult to attract and hire qualified staff members or keep existing talent in the company.
Recruitment and retention issues can be caused by a number of factors with the most common rooted in funds.
SMEs are not only struggling to secure funding through the traditional routes but are also facing pre-Brexit conditions causing uncertainty for investors. A limit on funds can mean a limit on personnel for SMEs with the best in the business lured to larger organisations able to offer more robust payment packages and incentives for staff.
As a result, SMEs are becoming more innovative when it comes to recruitment and retention and finding workable solutions that aren’t cash focussed.
Many SMEs are turning to bartering as a way of utilising their spare capacity as John Attridge, Founder and CEO of BBX explains: “As a small business owner myself I realised that there must be a way to utilise spare capacity within a business in order to gain benefits for the business such as reducing cash flow issues and rewarding staff. BBX is a great way for business owners to still be able to reward and incentivise staff without affecting their bottom-line.”
John Attridge explains some top tips on how businesses can retain top talent with out spending more:
Offset Your Overheads to Pay Top Wages
Wages are the number one reason staff leave their jobs, with a survey by Investors in People showing that 51% of job seekers say money is their main reason for leaving, and this certainly doesn’t help small businesses that are strapped for cash to retain their staff.
Small business owners can utilise bartering platforms as a solution to offset some of their overheads by sourcing business essential services, such as supplies and marketing which means business owners are able to allocate an increased spend on employees’ wages.
Incentivise Your Staff
Business incentives shouldn’t be overlooked by small businesses due to cash flow. Incentives can help persuade staff to join your business, retain existing staff and increase productivity in the workplace.
Sourcing unique opportunities to reward staff for reaching goals boosts staff motivation in the process. Recognition of a job well done goes a long way to creating good will and loyalty. Employees can be rewarded with luxury dinners, hotel stays away and spa days.
Build Strong Team Morale
Offer Training and Development Opportunities
Provide a Stable Environment
Employees who feel as though they are in a financially unstable environment at work can feel the need to leave. If managers or business owners are stressed and worried about the financial state of the business, it can reflect badly on employees who think their job may be at risk. By utilising the company’s spare capacity to acquire goods and services business owners can keep their financial worries to a minimum.
