UK SMEs losing talent by undervaluing employees

A new survey has revealed that as many as 1.3 million UK SMEs have lost talent this year – all because they’ve undervalued their staff.

The Prezzee research shows that these figures coincide with the ongoing ‘Great Resignation’ situation, which has seen employees leaving their jobs at the highest rate in 13 years.

James Malia, UK MD of Prezzee, commented on the findings, “When times are tough, as they undoubtedly have been over the past two years, reward and incentive strategies are more important than ever. They’re a clear way to showcase how highly a company values its staff and as our data reveals, when not done well it directly results in people leaving for greener pastures.

“It’s therefore important that businesses are doing everything they can to support employees during the cost of living crisis. It doesn’t need to be a huge change in strategy either, the trick is to offer personalised rewards and incentives regularly – rather than making people wait a year for bonuses.”

Malia added, “It’s then that people will realise quite how highly businesses value them, especially when these incentives come at a time when money is tight, as it is for many during the current cost of living crisis.

“Times of financial difficulties can be hard to open-up about, especially within the place of work, so HR and line managers need to be one step ahead of their employees.

“Indeed, the future of loyalty incentives should revolve around personalised, thoughtful rewards that highlight how much businesses care about their employees. Those companies which change their ways now will find themselves in a much stronger position come 2023.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.