5 Workforce Strategies for Business Growth

In short:

• Now that employment law makes the hiring of new recruits riskier, it pays to invest in your current staff
• Studies show that happier employees are more productive and take less time off
• Outsourcing jobs like payroll and accounts can free up employees to focus on more productive tasks

When it comes to looking for more business growth opportunities, one of the most overlooked tools at our disposal is our staff.

Effective workforce strategies can make a huge difference and often prove to be among the most cost-effective changes you can make. With recent changes announced to employment laws, maximising the use of your current workforce has become more crucial than ever. While the added changes to National Insurance contributions make a substantial difference, new hires are also allotted full unfair dismissal rights from day one, making the letting go of those who are a bad fit very difficult indeed.

We looked at some of the workforce strategies that have proven most effective with our clients, and shared some of the easiest to implement below.

Continuous development

Making sure that your employees have access to relevant, good quality training is a superb way of future-proofing your business. Not only do your staff grow into well-rounded employees, but you can also negate the need of looking to external hires for skilled positions.

Certain industries can find the sourcing of skilled staff extremely difficult, and can end up paying recruitment agencies astronomical sums to find somebody who still may not be up to scratch. Investing in your best workers can pay dividends in the long run. Those needing skilled staff can reap the rewards of paying for the studies of diligent employees looking to move up the career ladder.

Ensure staff are compliant with payroll regulations

Payroll compliance can be trickier than many would expect. The constantly changing rules and regulations have the ability to catch out even the most conscientious of employees. As such, a simple mistake can result in fines, penalties, and legal issues, putting your company’s growth plans back significantly.

Unless you have an employee that’s suitably qualified and focuses almost exclusively on the company’s finances, it can often be worth looking at outsourcing your accounts. This allows you access to professional payroll accountants and software without the need for hiring somebody yourself.

By outsourcing tasks such as payroll, you free up your staff to concentrate on areas of the business that they’re more proficient in.

Don’t underestimate employee engagement

Given the employment law reforms in the UK, hiring a new recruit has never been riskier for small businesses. Employees will soon be afforded the same rights from day one as they would if they’d been at a business for a year. This marks the end of the probationary period for new hires, and will make business owners a lot more hesitant of bringing in new talent

As such, it’s a good idea for businesses to keep their current staff happy. This reduces the risk of them leaving and a replacement having to be sourced, but that’s not the only benefit. A University of Oxford study has shown that workers are 13% more productive when happy. Professor Jan-Emmanuel De Neve, who was part of the study,  commented that they found “when workers are happier, they work faster by making more calls per hour worked and, importantly, convert more calls to sales”.

On top of this, a Gallup research poll found that engaged staff members take a huge 41% fewer sick days off.

The upsides of an engaged workforce then are clear to see. Make sure that employees feel valued and are praised for a job well done to enjoy the same benefits for your business. Staff perks such as a pizza Friday or after-work drinks work well and have the added bonus of fostering team spirit, but even a few kind words can make the difference. While staff outings and gifts are sure to be appreciated, those without the budget to do so will find that praise can go a long way in changing somebody’s view of their workplace.

Look to the future when recruiting

Because holding on to your current staff is so important, it’s crucial that you get the right people in the door initially.

When you do hire for a position though, try to think about future vacancies that you might need filling as well as the current role. As we’ve already established, training up your current workforce is a great growth strategy, and the best way to ensure success with this is to get the best talent you can into your company early on.

Forbes Burton MD and growth specialist, Rick Smith says that

“while you might be looking for a customer service assistant right now, it’s worth thinking ahead to that sales manager role you’ve been toying with implementing for some time. Does this candidate look like they could take the step up and show the appropriate attributes to move into sales or management a few years down the line? If so, it might be more prudent to hire this person even if there’s another that seems slightly better at the immediate job available.”

Look for diamonds in the rough that you can eventually mould into the ideal employee for your business.

Focus on flexibility

Humans are creatures of habit, and as such, staff aren’t always keen to provide flexibility in terms of work.

Flexibility in the workplace is key to retaining the agility needed to drive growth over time. However, employees can get used to certain shift patterns and start to plan their life around them. Because of this, it’s understandable how changing that routine can be awkward for some employers.

Try to offer up some incentives to work less attractive shifts, such as an early finish or extended lunch elsewhere in the week. Where possible, allowing occasional remote days can also appeal to employees who are looking for work-from-home opportunities, helping to offset less desirable scheduling changes. Ideally, you’ll have a mix of workers that suit different shifts, but illnesses and holidays will no doubt necessitate the occasional shift switch that doesn’t appeal to the employees in question.

Speak to our growth advisers to find growth solutions tailored to your company

Talking to one of Forbes Burton’s small business growth specialists can provide you with many more bespoke solutions that can supercharge your company, no matter how niche its industry. Our experts have helped countless businesses to reach the next level by helping to implement innovative changes that drive growth.

We provide free consultations that allow business owners to sample our service without commitment. Call us on 0800 060 8505, or email advice@forbesburton.com to find out how we can help your business achieve tangible success.