Solving the recruitment challenge to unlock growth

British businesses are aiming for growth with 88 per cent of SMEs planning to expand their workforce in the next 12 months.

However, according to research from Intuit QuickBooks, many believe one of the main issues they face is recruitment, with 68 per cent of UK respondents saying they expect it to get harder to hire in the next 12 months.

The survey shows recruitment problems include:

• 83 per cent of applicants lack the relevant skills they need for the job
• 78 per cent of applicants are asking for too much pay
• Failure to show on the first day is cited by 62 per cent of small business respondents

As a result, many are turning to casual workers, contract staff or freelancers to meet the shortfall, but are still looking to increase benefits and pay as much as possible to retain staff.

In response to these pay increase requests, a large majority (88 per cent) of firms have increased pay this year, but three quarters now say they have increased pay as far as they can.

As you go for growth, your accountant can offer expert advice in key areas, including incentives to secure and retain the best talent. They can advise on benefits like:

• Lump sum payments
• Share schemes
• Perks through salary sacrifice
• Funding travel support

Need help with growing your business? Contact our team today.