News

Facing a skills shortage? Here’s how to solve it
09 September 2024

Having the right team that aligns with your goals and values is key to the success of your business.

However, many sectors are currently facing a skills and staffing shortage. Government data shows that over one-third of vacancies were skills-shortage related, with around a quarter of all employers having at least one vacancy within their organisation.

Addressing skills and staffing shortages

Chronic shortages of skilled staff can lead to issues for your business that include:

• A high cost of recruitment and training
• Lost or inefficient productivity
• Slower growth
• Poor team morale, which can worsen staff shortages.

It is important to actively engage skilled staff, both prospective and current, with your business and to optimise the efficiency of your existing skills base. This might include:

• Flexible working – It is increasingly common for employees to prioritise work-life balance, which can be supported by flexible hours or hybrid working
• Upskilling – Offering training to existing staff can eliminate the need to recruit and provide progression opportunities to boost job satisfaction
• Compensation – Highly skilled staff will look for appropriate compensation, including salary and benefits, making this a potentially high-reward investment for employers
• Streamlining recruitment – If you work with a recruiter, make sure they are right for your sector and needs
• Outsourcing – You may consider outsourcing a process or service in your business to a specialist external provider, provided they are reliable and gel with your company’s values and goals.

Your ultimate goal is to create a productive, collaborative and happy working environment that minimises turnover rates – reducing recruitment cost and disruptions.

Is your accountant working for you?

Did you know that your accountant can help you to minimise the impact of staffing shortages on your business?

Most obviously, we can support you with your finances, your reporting, tax returns and your business strategy – with input along the way from you, to ensure that your business is moving in the right direction.

Beyond that, we can also advise you on implementing technology and cloud architecture into your business processes, allowing automations and streamlined workflows to ease the burden of skills shortages.

For further advice on staffing your business, please contact our team today.