Working a small enterprise actually isn’t straightforward — and the stress solely will increase in the case of managing staff. However they play a extremely important half in enabling the UK financial system.
Do you know that in 2021, small and medium-sized companies within the UK had a mixed turnover of £2.three trillion and employed 16.three million individuals within the UK, which accounts for over 60% of all private-sector employment?
That’s large! And between rostering, payroll, recruitment, onboarding and the myriad of different ‘hats’ a small enterprise proprietor wears, it may be extremely demanding.
Actually, analysis we not too long ago carried out in partnership with Lonergan Analysis revealed virtually half (49%) of UK small enterprise house owners surveyed mentioned managing worker processes and compliance was taxing on their psychological well being.
We consider we are able to play a extremely important function in utilizing the facility of know-how to assist employers, and in doing so, play a task in stabilising the financial system and contributing to GDP.
That’s why right this moment at Xerocon London, we launched our Altering World of Work report, which examines the attitudes and behaviours of small enterprise employers and their staff within the UK within the midst of one of many greatest office disruptions we’ve skilled in latest historical past.
I used to be additionally delighted to additionally showcase our suite of worker administration instruments in Xero, to assist small enterprise employers navigate these challenges.
The altering world of labor
To supply this complete report, we surveyed 344 small enterprise employers within the UK to achieve an understanding of the problems that the majority influence them. Our report discovered:
- Nearly half (49%) consider managing worker processes and compliance is taxing their psychological well being
- 56% mentioned that managing staff in an ever-changing regulatory setting is demanding and complicated
- One third (33%) fear their workers might be paid incorrectly resulting from complicated payroll laws.
- 58% mentioned know-how that helps to forecast payroll prices would make them much less harassed about their enterprise
- One- third (33%) say workforce shortages and retaining workers are one among their high three challenges over the following 12 months
We additionally surveyed 551 UK small enterprise staff, and located that staff are reassessing their values:
- Work-life stability (56%) and private well being and well-being (54%) have been famous as high work issues for the following 12 months
- 23% mentioned they’re planning to alter jobs inside 12 months
- 77% ranked pay and bonuses as one among their high three most necessary components when contemplating a brand new function. Flexibility of hours was the following most necessary issue
The function of know-how in worker retention
The report additionally revealed that outdated know-how is enjoying an enormous function within the points UK small companies face. It’s additionally the highest trigger (21%) of worker frustration in the case of admin duties.
Whereas many companies embraced a fast shift to digital processes throughout COVID-19, our analysis discovered that one third of small enterprise employers nonetheless use spreadsheets for forecasting workers prices and money movement (36%), managing worker attendance (32%), processing payroll (30%), and managing employee-initiated bills (33%).
One fifth use pen and paper for managing duties like worker depart, time and attendance (21%), and roster creation and administration (23%).
Different findings embrace:
- Practically half of small enterprise employers utilizing cloud software program discovered it helped with eliminating guide paperwork (45%) and making processes extra environment friendly (45%)
- Greater than half (58%) of small enterprise house owners within the UK agree that know-how to assist forecast payroll prices would make them much less harassed about their enterprise
- 68% consider that permitting workers to finish people-related duties would free them as much as focus extra on operating their enterprise
Our suite of worker administration instruments in Xero
The Altering world of labor report has bolstered how important it’s that small companies undertake know-how to assist ease stress and frustration, each for themselves and their staff. This has bolstered the significance of our objective — to make life higher for individuals in small enterprise — and the worth of instruments that assist them handle their workforce.
At Xerocon London, we showcased our suite of worker administration instruments that assist small companies handle their workforces extra successfully and effectively. These embrace Xero Payroll, XeroMe, Xero Bills, and Planday — the workforce administration resolution Xero acquired final 12 months that automates roster creation.
The analysis has proven us simply how necessary these instruments are for enterprise house owners and their staff, and what a significant function you play in serving to them create an empowering and constructive expertise for workers, to assist them win the warfare for expertise.
Obtain the total Altering world of labor report now and profit from the insights accessible — it’s packed filled with small enterprise employer and worker insights from the UK.