Businesses are having difficulty finding the right talent
According to a recent survey by Clarus Consulting, 19% of business leaders explain that finding the right talent is the number one issue for business.
Skills shortages are becoming a major reality for businesses as they look to progress and grow but are unable to do so due to a shortage of the right talent needed for their business.
It was also found that the four main issues of increasing turnover, finding the right talent, improving performance and increasing profitability are the top issues for 79% of the respondents to the survey.
In contrast to this, online and digital media were named as a top three challenge by only 9% of businesses surveyed.
This indicates that this isn't posed as a top issue for UK leaders currently. Mark Croft, managing partner at the company that undertook the research explained:
'This seems surprising, but is a reflection perhaps of the extent to which businesses want to focus on the fundamentals of performance while the going is good.
'Maybe digital is just over-hyped; maybe business leaders are still under-estimating it. Either way, it is not making it onto their top list of concerns at the moment. They are more concerned with the tangibles, the ‘bricks and mortar’ of the business, than its virtual footprint.'
Skills shortages could increase as time goes on. With the increases to university fees likely to come in line with inflation as well as the government's new initiative to scrap the means-tested maintenance grants and replace them with loans. This could see those from lower income backgrounds be put off by university.
One of the best ways that you can increase your profitability as well as cutting down on costs is to ensure that your payroll process is as streamlined as possible. Software that can handle your auto enrolment assessment and communications within your payroll will ultimately save you a vast amount of time.
Preparing early and allowing for the smooth implementation of auto enrolment is a great way to make your business more attractive to potential talent. Contributing early to workplace pensions will mean that your business is looking after the long term well-being and future of employees.
The IRIS AE Suite™ automatically assesses your employee's eligibility for auto enrolment with every run of your payroll. In addition to this, it also distributes payslips, P60s and pension communications electronically. This saves you the time and money that it costs to print, sort, package and post to your employees and frees up more time for other areas of your business.
The software also keeps you compliant by ensuring you meet your auto enrolment responsibilities such as enrolling your employees to eligible workplace pensions, sending the legally required pension letters and also keeping these records on file for the necessary 6 year period for auditing purposes.
Take a walkthrough of the IRIS AE Suite™ and find out how it can help you increase your profitability and reduce costs.