Postscript
Anthony Vollmer Managing Director, Moorepay
One of these simple steps is employee benefits – an area where SMEs are lagging behind larger businesses. There are still too many SMEs either not providing any benefits, or not providing the right ones. Benefits programmes must be employee–focused. And while workers still want traditional financial perks such as bonuses and generous pension schemes, those offering additional flexibility and work–life balance are rapidly becoming a default expectation of many employees. But different employees want different things. Some want to be able to trade their holidays for pay, some want training and professional development, others want discounts in their favourite shops or to be able to take time off to work on a community project. Different age groups, genders, people working in different sectors, at different ages and life stages all want different things. Benefits need to be relevant to employees, of value to them, and simple to manage from both sides. They don’t necessarily have to be expensive for employers, and if well–conceived and executed, can generate great value for businesses from improved staff satisfaction and productivity to reduced churn and increased appeal to applicants. Furthermore, modern technology means many benefits can be easily implemented and managed without making unrealistic demands on the precious time of business owners or senior management. Indeed, the next generation of payroll and HR software will offer smartphone apps with the same user–friendliness as those now commonly used by consumers to manage their money, further improving the employee experience. The businesses who understand this and seek to be engaged employers that provide a great employee experience will ultimately benefit the most from happy, loyal and motivated workforces.
Attracting good staff and keeping hold of them is a huge challenge for small and medium–sized businesses. This is a significant problem because recruiting the right talent is not only difficult, it’s also very costly. In a job market where companies are fighting tooth and nail for top talent, businesses have their work cut out. So, alarm bells should be ringing when they hear that many workers don’t feel valued. Businesses simply can’t afford to be complacent about this disaffection in the ranks. They need to engage. The lack of awareness amongst SMEs of what their employees want is striking, and they must do more to find out if their employees are happy and what their expectations are. This increased awareness should form the starting point of a deeper relationship with employees. By understanding them, employers can adapt and build relationships with their people that are based on much deeper–seated foundations, and that recognise, reward and motivate staff across all levels. Of course, doing this properly requires a good deal of HR expertise that many SMEs simply don’t have. But that doesn’t mean they can ignore the problem; there are relatively simple steps they can take to start developing a more loyal and productive workforce.
Whitepaper – The Engaged Employer 26
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