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How your Liverpool accountant can help you with employee retention

To be able to function and make a profit, every company needs a good workforce. Without the right workers, any firm will struggle. Understandably, a lot of Liverpool-based firms are worried about how they are going to be able to hire and retain the right people in the future.

The impact of record high employment rates and Brexit uncertainty

In Jan 2018, the unemployment rate reached its lowest point in four decades. It is now only 4.2%. Even in Liverpool, where unemployment rates tend to be considerably higher, only 4.9% of the working-age population is unemployed.

Firms are also very conscious of the fact that Brexit is nearly upon us. When the UK actually leaves Europe, most employers expect the pool of available immigrant workers to shrink, at least initially.

Hanging on to good employees is essential

In a climate like this, nobody wants to lose good workers. Therefore, for many Liverpool-based companies, improving employee retention has become a key business goal. So, today, we’re going to take a look at how your accountant can help you with this.

Improve profitability

To be able to retain employees, companies have to be able to compete on wages, something that can only be done if they are profitable. The higher a firm´s profit margins are, the more funds are available to pay reasonable wages. A good Liverpool accountancy firm will produce the reports you need to identify which products and services are making you the most profit, so you can focus on those areas.

Put together bonus schemes

Offering your staff bonuses and perks such as discounts on your products are great ways to reward your employees. They also instill loyalty and can even help to improve productivity.

However, before starting this type of scheme you need to understand the true cost of running it. Suddenly having to take a perk away from your staff is a surefire way to dishearten them.

A good accountant will be able to help you to analysis the various staff bonus schemes. That way, you can be sure that the scheme you introduce is a good one that benefits both you and your staff.

Secure funding for training

Training your staff is highly beneficial. Your employees will be able to use what they learn to work more efficiently. Well-trained staff will help you to take your business in new directions.

Being able to progress is very important to people, so offering your workers training is a great way to improve your staff retention.

However, there is a problem – training can be expensive. One of the best ways to keep costs down is to take advantage of the various funding schemes on offer. A great example is the £42m that The Liverpool City Region Combined Authority made available for training young people late last year.

A good accountant will be able to help you to understand the true cost of these types of schemes. In most cases, you will still have to contribute to the cost of the training in some way. They can also provide you with the financial reports you need to improve your chances of securing the funding you apply for.

Posted by Peter
April 26, 2018
Accountants

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