Your HR Health Check for 2023 – Tips for SMEs (Guest Blog)

Just as businesses were beginning to rebuild following the pandemic, and we thought we were over the worst of it, along comes a looming recession and cost-of-living crisis to add to the pressure that has been felt over the last couple of years.

With soaring energy costs and rising inflation, small business owners have been hit particularly hard, as rising prices are hitting both their personal and business budgets. Then there’s the worry that trade could drop off if people stop spending – quite often seen in times of high inflation.  

Worry and uncertainty seem to be the overriding feelings for small business owners, with many feeling that the current crisis could have long-term consequences for their business.

So how as a small business owner can you help your employees in these challenging times? Xpert HR, who provide expert insight and practical tools to help organisations achieve greater efficiency, reduce risk and increase employee engagement. ran a survey at the end of 2022 to get an overview of what businesses are looking for and what they are needing to look at for 2023.  They identified 4 key areas:

  • Employee Wellbeing – wellbeing in businesses in under the main spotlight for 2023. Workplace wellness has been a hot topic of conversation due to the detrimental effects of the pandemic. Whether your workforce has returned to the office or you have adapted a new style of remote working. It is now a main priority for companies to look after their employees and take care of their own wellbeing and their families. 

Tips for Wellbeing: 

  • Take a temperature check, identify possible drivers of stress. A coffee and a chat can go a long way
  • Communicate effectively – talk/ask good questions about the teams you’re working with and see if they need any support
  • Give employees a voice
  • Conduct a survey and/or focus groups to understand their needs
  • Raise the profile of employee well being
  • Financial Wellbeing – Cost of living crisis is everywhere, and everyone is affected by it somehow. Whether it’s reading your morning newspaper, scrolling through social media or watching the evening news all the main topics are about the cost of living.  Everyone is talking about it whether its with family, friends or work colleagues. Many staff are taking on second jobs (side-hustles) to enable them to be support themselves and their families. With the crisis not looking like it will pass any time soon employers have a more important role to play than ever before in supporting their employee’s financial wellbeing

Tips to consider: 

  • Understand the financial issues your employees face
  • Provide professional financial education resources
  • Give staff access to financial advisors, often these can be sourced free of charge
  • Remember families when it comes to cost of living increases (explain additional cost to business)
  • Give cost of living bonuses (where possible) to show support to employees in difficult times
  • Keep the conversation going and be open to feedback
  • Retaining your key workforce – there is term being used called ‘Quiet Hiring’ which is happening despite the impending recession. Businesses are looking at restructures/redundancies. The market in 2023 in hugely competitive and lots of businesses are reviewing salaries and having benchmarking exercises generated for their workforces to ensure that they are either in line with the current level or above it. 

Tips to consider: 

  • Managers will need to manager up & down to balance their own requirements and support their workforce 
  • Employee engagement, keep teams motivated with away days, social outings
  • Provide a clear roadmap for employees and identify career opportunities 
  • Learning & development – focus on multi-skilling and upskilling your workforce
  • Pay & Benefits – on 1st April 2023 National Minimum Wage for 23-year-olds+ is going up to £10.42 per hour and for 21–22 year olds the band will go up to £10.18 per hour. On April 10th, there will be an increase in statutory sick pay, maternity pay, paternity pay, bereavement, and adoption leave. 

Tips to consider: 

  • Some companies may be fortunate enough to provide Dental/Healthcare cash plans that may reduce costs for many employees 
  • Have an Employee Assistance Programme in place to ensure your staff have support for themselves and their families 
  • Consider salary increases however, be mindful that you will need to consider National Insurance increases as well
  • Pension contributions increases may be more attractive to employees, so these should also be considered

If you would like help and advice around any of these areas, don’t hesitate to get in touch with us at 01296325720 or why not come along to our HR Clinic for local SMEs:

INVITATION TO OUR HR CLINIC: Get your free HR Health Check

Date: Thursday 2nd March

Time: 9am – 11.30am

Location: 64 Akeman Street, Tring HP23 6AF

Email: marketing@hr-inspire.com to book your place today.