Having the right team of employees who align with your goals and values is key to the success of your business.
However, many sectors are currently facing a skills and staffing shortage. Government data shows that over one-third of vacancies were related to skills-shortages, with around a quarter of all employers having at least one vacancy within their organisation.
Addressing skills and staffing shortages
Chronic shortages of skilled staff can lead to issues for your business that include:
- A high cost of recruitment and training
- Lost or inefficient productivity
- Slower growth
- Poor team morale, which can worsen staff shortages.
It is important to actively engage skilled staff, both prospective and current, with your business and to optimise the efficiency of your existing skills base. This might include:
- Flexible working – It is increasingly common for employees to prioritise work-life balance, which can be supported by flexible hours or hybrid working
- Upskilling – Offering training to existing staff can eliminate the need to recruit. It can also provide progression opportunities to boost job satisfaction
- Compensation – Highly skilled staff will look for appropriate compensation, including salary and benefits
- Streamlining recruitment – If you work with a recruiter, make sure they are right for your sector and business needs
- Outsourcing – You may consider outsourcing a process or service in your business to a specialist external provider
Your ultimate goal is to create a productive, collaborative and happy working environment that minimises employee turnover rates – reducing recruitment costs and disruptions.
Is your accountant working for you?
Did you know that your accountant can help to minimise the impact of staffing shortages on your business?
As well as support with reporting, tax returns and your business strategy, accountants can advise you on implementing technology and cloud systems, which can provide automations and a more streamlined workflow to ease the burden of skills shortages.
For further advice on staffing your business, please contact our team today.
