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How your accountant can help you with staff retention

For any firm, retention of staff is an important issue, and it’s always better for a company to hang onto good people. These employees understand the business, and provided you continue to train and develop them, are a huge asset.

The problem is that when you are based in a big city like Liverpool, successfully retaining staff is not easy, as it’s likely to be hard for your staff to find a similar job in the area. This is especially the case if you are involved in the manufacturing, retail or healthcare sectors. These are the city´s three biggest areas of economic activity. In total, 10.4k, 7.8k and 7.4k people respectively work in these sectors in the city of Liverpool, so there are plenty of job opportunities.

Ask your accountant for help

Fortunately, there are lots of ways to encourage your staff to stay. However, it is something that you need to focus on. Perhaps surprisingly, this is something that your Liverpool accountant can help you with.

In many cases, they work with other firms that are involved in your sector. This means that they are already familiar with strategies that have helped other firms to retain staff. In many cases, they are running those schemes, so are well placed to help you to do something similar.

Put together a good bonus scheme

Putting together a bonus scheme can be enough to motivate staff to stay with you. If the scheme is a good one, it will help each person to feel that their individual efforts are appreciated and valued.

Help you to be able to pay better wages

Naturally, people are not going to stay with you if they cannot earn enough. In most cases, if they can make more money elsewhere, they will move jobs.

This is especially the case when unemployment levels fall, something that has certainly been happening in the city, over the past few years. In mid-June 2014, unemployment in Liverpool was running at 7.5%. As of March 2017, levels had fallen to 5.5%. Interestingly, this downward trend is expected to continue if the fabled Northern Powerhouse actually becomes a reality.

Therefore, you absolutely have to compete effectively on wages to be able to retain staff. A good Liverpool accountancy firm will be very aware of this and help you to do exactly that.

At the very least, they will provide you with a good suite of tailored profit and loss and cash flow reports. Armed with these, you will be able to turn a bigger profit, which in turn will allow you to provide secure and well-paid employment.

Ensure everyone is paid on time

Naturally, people will not want to stay with a firm that pays their wages late. It only has to happen once for an employee to start to feel insecure and want to look elsewhere for work. Your accountant will make sure that payroll tasks are done on time so that nobody gets paid late.

Help you to investigate running a company pension scheme

People are strongly attracted to firms that offer good pension schemes. Once they get a job that offers one, the chances are they will stay with that company for the long-term. If you do not currently offer a company pension, your accountant will be able to help you to explore the cost of doing so.

Posted by Peter
October 2, 2017
Accountants

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