Keeping those skilled workers is key for 2021.
A recent article in The Independent reports that ‘…new figures show that almost two-thirds
of small businesses expect performance to improve this quarter.*’ However, in the same breath ‘One in seven small firms expecting redundancies as economy reopens after lockdown.’ Is this a contradiction? No, not really. The last twelve months have seen many employers shed staff. Those employees who are left are likely key employees in one way or another. Experienced people, skilled people – people who are needed in the recovery phase.
Now is not the time to be taking your key staff for granted. And whilst you may not be
ready to be awarding pay rises, you would do well to take this time to review what benefits
you offer your employees.
Of course, different pay grades perceive benefits differently. Executives, board members
and senior managers may appreciate private health cover. More junior staff or those with
young families may find more value in some death in service or a slightly more generous
pension contribution.
One thing’s for sure, there’s no one size fits all.
You may wish to engage your HR team and certainly when it comes to implementing
benefits you may want to talk to your financial adviser as many such benefits are linked to
insurers or pension providers.
Speak to someone you trust to ensure you continue to attract and retain the best talent in
your business to keep you ahead of the competition.
*https://www.independent.co.uk/news/uk/politics/lockdown-redundancies-small-businessconfidence-b1829811.html
(This link is not managed by Quilter or any of its affiliates, therefore we cannot guarantee its safety)