Feeling The Squeeze: Why You Should Rethink Cutting Off New Employees
Feeling The Squeeze: Why You Should Rethink Cutting Off New Employees
It is easy to see the rocky path ahead for businesses in the UK. With the cost of living taking a grip and many starting to struggle – according to recent government figures, 2,000 registered businesses closed in England and Wales in August alone, which is an increase of 43% from last year – businesses have a difficult dilemma when it comes to where they should be cutting costs and focusing their plans in order to survive.
One of the ways some businesses are tightening their budget is through the employees themselves. In a recent survey, it was found that 28% of small UK businesses would not be hiring any new staff in the next 12 months. While this may seem like an effective way to cut back on expenses – hiring new employees can typically cost up to £3,500 – there is a lot that can be said for attaining new staff members and building upon the team that you already have.
2023 Brings New Challenges
It is undeniable that 2023 is going to bring fresh challenges, so new talents and skills may be required in order to navigate it properly.
To give an example, for b2b companies, there could be a number of changes to both your circumstances and the other businesses, which means you need to find a way of keeping their loyalty and upping b2b communication if required. In this way, it might be best to hire a new employee who possesses these unique traits and can aid the business in holding on to its clientele.
Alleviate Overworking
While it can be tempting to stick with the team you have got, the last thing you want to do is overwork them. According to a recent HR poll, as much as one-third of surveyed employees said they had left a job due to being overworked, with 49% citing increased stress, 42% citing emotional fatigue and 77% citing that it affected their work/life balance.
It is important, therefore, that you alleviate the pressures on your team and hiring new employees to spread the workload might help with that. Remember, 2023 is likely going to be a tough year, so while they may not be overworked now, you have to prepare for that eventuality in the future.
Grow Your Business
If you are a small business in the start-up phase, then hiring more people can be essential to not only surviving but to growing your business into something bigger than it is now. Remember, you did not start this business simply to survive the financial landscape. You did it to make a profit and build a company that can compete in the big leagues.
A good sign to know if you should be growing your staff base is by looking at your revenue from the last five months – if it has been steadily increasing, then you will need to build a larger workforce in order to keep pace. If you do not do this, then you can risk overworking your employees and failing to meet the targets you should be setting for yourself to grow your revenue and level up.
