#talent - Consensus HR

#talent

20 10 2023

Small businesses struggle to compete for talent | Consensus HR – Herts, Beds

Matthew Chilcott Blog, General, Recruitment #bedfordshirebusinesses, #hertfordshirebusinesses, #outsourcedhumanresources, #outsourcing, #talent, bedfordshire, Business, Business Owners, hertfordshire, HR, HR Advice, HR Consultant, HR Consultants, HR Support, outsourcedHR, Recruitment, Small Business, SME, SME's, stevenage

Small and medium-sized enterprises (SMEs) in Britain are struggling to compete for talent, with the cost of recruitment soaring, a new study suggests. According to research from talent platform Employment Hero, 89% of SMEs are struggling to match salaries offered by bigger organisations in the UK. The study of 514 small businesses found that multinationals present a threat to 69% of firms. The average cost of hiring has risen by 68% to £3,089 over the last year. SMEs, particularly those employing less than 10 workers, are also facing the highest advertising costs and turnover rates. Ben Thompson, CEO and co-founder of Employment Hero, said, “Recruitment isn’t working for SMEs. They are the backbone of our economy but can’t keep up with a hiring environment of increasing complexity and cost, where huge multinational companies can easily outspend them in the race for top talent.”

Daily Mail

Our HR comment: – Small businesses struggle to compete for talent | Consensus HR – Herts, Beds

Matthew P Chilcott, FCIPC, ACEL, Owner of Consensus HR comments: “This is a very interesting and worrying article for SME’s which is the core of Consensus HR’s business and is why we like to work with businesses to find the best recruitment & HR strategy for them. We have recruited for a range of roles in the past and have agreed, when necessary, some great rates with local recruitment providers. Businesses, however, need to realise that it is not just the recruitment that costs but ensuring that when you have recruited that they develop the new employee into the business and help them to grow into the organisation and its culture. This is why we offer all our client a three-month probationary workbook for new employees that I wrote many years ago which puts the emphasis on the new employee and business / manager to spend time with the new employee with emphasis on the recruit to play an active part.”

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29 03 2023

Finding and Keeping Talent

Matthew Chilcott Blog, General, Recruitment, Rewards & Benefits #outsourcedhumanresources, #talent, Business, Business Owners, HR, HR Advice, HR Consultant, HR Consultants, HR Support, outsourcedHR, Recruitment, Small Business, SME, SME's

Recruiting and developing employees can be time consuming for companies. In addition, businesses spend an average of £10,000 per employee. So – it’s important to make the most of your employees, helping the business and individuals alike.

Matthew from Consensus HR says “When we talk to businesses we are always highlighting the importance of looking after one of their main assets within business: their team.”

Organisations need to protect their ‘investment’ and retain valued employees.

Here are three tips for finding and retaining the right staff from Consensus HR:

Tip 1: Offer incentives to employees who refer friends

Cash or vouchers for employees who refer successful candidates can be a powerful incentive. Vouchers can be bought individually or via a reward scheme. Employees can use the vouchers for holidays, shopping or clothes with reputable suppliers.

Rewarding those who refer candidates can also take place at various intervals. For example, incentives can be offered when the applicant is recruited or after successful completion of their probationary period. Some employers choose to pay an additional sum should the successful applicant stay with the company for twelve months.

Consensus HR has successfully help client organisations to implement incentive schemes. One client has significantly reduced recruitment costs as a result.

Tip 2: Foster diversity

Allow your team to diversify within their roles and try working in different areas of the business. This could be achieved via internal transfers or promotions. Continual employee development helps retain the talent you have invested in.

“Allowing your team to diversify within the business and continually gain new skills ensures that they remain motivated and productive,” explains Matthew from Consensus HR. “Employees then remain an asset instead of becoming a ‘clone’ to the business and potentially unfulfilled in their role.”

Tip 3: Company benefits

What do you offer your employees in relation to other employers within the same sector? What could make you unique, attracting and retaining your personnel? How about:

Sending birthday cards to employees
Agreeing a discount scheme for employees with local retailers
Introducing a reward scheme for achieving objectives or exceeding expectations

It doesn’t have to be expensive and huge benefits can be gained.

Some of Consensus HR’s clients reward their teams as part of their quarterly performance review process. Team members can obtain financial rewards for achieving set objectives or KPI’s. These are paid through a voucher scheme that can be redeemed with a number of well-known retailers quarterly. Or – they can save the rewards until they wish to spend them. “We’ve seen people save their rewards and use them to purchase wedding rings, a holiday to Las Vegas and their Christmas shopping” explains Matthew.

To summarise…

Following these three tips will help your business to:

Increase sales
Reduce costs
Provide a culture in which people wish to work

“We must remember that this is only one area of retaining the right talent within the business. Another is management,” adds Matthew. “If people are not managed correctly then, even if these three tips are carried out, you still lose them – and their talent.”

Would you like to know more? The team at Consensus HR is happy to offer advice and examples of how to retain employees and become a preferred employer. Contact us for an informal discussion.

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If you want to always keep up with employment law and wish to know more please get in contact now.

YOUR OUTSOURCED HUMAN RESOURCES DEPARTMENT.

For further information on any of the HR subjects we provide, please click the heading below:

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