15.4 C
Lancashire
Tuesday, July 23, 2024

Small Businesses Struggling to Meet Employee Benefit Demands

The challenges of recruiting and retaining employees have reached a critical point for small businesses, as they grapple with the need to align their benefits packages with employee expectations. This shift is not solely a response to the pandemic; it represents the new normal in the working world. In order to remain competitive and ensure long-term sustainability, SMEs must embrace flexible working models, enhance their benefits offerings, and emphasize non-financial perks that enhance work-life balance.

Flexible Benefits through Flexible Working:

Emma Cromarty, an independent Human Resource Specialist and director of ECHR Ltd, emphasises the importance of providing enticing benefits packages that outweigh the allure of higher wages. She explains that small businesses can attract top talent without straining their budgets. Emma notes an increase in requests from businesses seeking support in recruitment and employee retention, showcasing a growing trend beyond traditional recruitment agencies.

According to a study conducted by Aviva, a significant 41 percent of employees were drawn to their current positions due to the work-life balance they offered. Surprisingly, this figure surpasses those who prioritize salary as the primary factor.

Enhanced Benefits to Counter the Cost of Living Crisis:

SMEs face additional pressure due to the rising costs of living and increased demands for higher wages. Balancing affordability becomes challenging, especially considering recent minimum wage hikes. Emma aids employers in exploring alternative solutions such as bonuses and benefits packages, enabling them to supplement wages without exceeding salary budgets. These strategies foster job satisfaction, ultimately retaining employees’ commitment to the company.

The burden of resisting modern work practices weighs heavily on small businesses. Failure to adapt can result in recruitment difficulties, decreased productivity, and talent retention challenges. Companies that cling to traditional models risk falling behind their more forward-thinking counterparts, missing out on valuable opportunities for growth and success.

“To remain competitive and sustainable in the long run, SMEs must adapt to these changes,” states Emma. “This involves exploring flexible working models, enhancing benefits packages, and highlighting non-financial perks that improve employees’ work-life balance. The paradigm shift we are witnessing is not merely a response to the pandemic; it represents the new reality of the working world.”

Sam Allcock
Sam Allcockhttps://businesslancashire.co.uk/
Sam Allcock is a highly regarded digital entrepreneur with over 20 years’ experience in online marketing for some of the World’s biggest brands. He has extensive knowledge and experience in SEO and digital marketing. He is based in Cheshire but has an interest in all things going on in the North West and enjoys contributing local news to the site.
spot_imgspot_img

Latest

Lancashire launches new business board to grow local economy

An independent board has been formed with heads of...

Self-storage for home-based businesses: Expanding without the overhead

Running a home-based business offers numerous advantages, including flexibility,...

Mums who lost children to brain cancer launch heartfelt podcast

They may live 100 miles apart but Karen Kinsella...

Colne man pleads guilty to murdering housemate

A man has admitted to murdering his housemate in...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Bury author scoops Lancashire’s Book of the Year Award for third year running

A talented author from Bury has been handed a...

Securing Web3 Development: Guide to ISO 27001

Web3 development is revolutionizing the internet by leading it...

Gareth Southgate steps down as England manager

England boss Gareth Southgate has announced it's "time for...

Mums who lost children to brain cancer launch heartfelt podcast

They may live 100 miles apart but Karen Kinsella...

More News

Bespoke wins Wiserr lead generation contract

Digital marketing agency Bespoke has won a digital marketing contract with Wiserr to help customers across the country to find care services in their area. Chorley-based Wiserr was launched...

GO Blackpool app launches to boost local businesses

Blackpool Business Improvement Districts (BIDs) has launched GO Blackpool, a groundbreaking mobile app designed to enhance local business engagement and improve the visitor experience. GO...

UK Home Appliance Factory Contents Go Up for Auction

NCM Auctions, a specialist auctioneer and asset management firm, is auctioning the contents of a Merseyside-based factory on behalf of Glen Dimplex, a home...