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Saturday, February 3, 2024

Unveiling Xero’s dedication to small enterprise employers

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Working a small enterprise definitely isn’t straightforward — and the strain solely will increase with regards to managing workers. However they play a very crucial half in enabling the UK economic system. 

Do you know that in 2021, small and medium-sized companies within the UK had a mixed turnover of £2.3 trillion and employed 16.3 million individuals within the UK, which accounts for over 60% of all private-sector employment?

That’s enormous! And between rostering, payroll, recruitment, onboarding and the myriad of different ‘hats’ a small enterprise proprietor wears, it may be extremely hectic.

The truth is, analysis we not too long ago carried out in partnership with Lonergan Analysis revealed virtually half (49%) of UK small enterprise homeowners surveyed mentioned managing worker processes and compliance was taxing on their psychological well being.

We imagine we are able to play a very crucial position  in utilizing the facility of expertise to assist employers, and in doing so, play a job in stabilising the economic system and contributing to GDP.

That’s why at present at Xerocon London, we launched our Altering World of Work report, which examines the attitudes and behaviours of small enterprise employers and their workers 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 provide this complete report, we surveyed 344 small enterprise employers within the UK to realize an understanding of the problems that almost all impression them. Our report discovered:

  • Virtually half (49%) imagine managing worker processes and compliance is taxing their psychological well being
  • 56% mentioned that managing workers in an ever-changing regulatory atmosphere is hectic and complicated
  • One third (33%) fear their employees might be paid incorrectly resulting from complicated payroll laws.
  • 58% mentioned expertise that helps to forecast payroll prices would make them much less burdened about their enterprise
  • One- third (33%) say workforce shortages and retaining employees are one among their prime three challenges over the subsequent 12 months

We additionally surveyed 551 UK small enterprise workers, and located that workers are reassessing their values:

  • Work-life stability (56%) and private well being and well-being (54%) have been famous as prime work issues for the subsequent 12 months
  • 23% mentioned they’re planning to alter jobs inside 12 months
  • 77% ranked pay and bonuses as one among their prime three most vital components when contemplating a brand new position. Flexibility of hours was the subsequent most vital issue

The position of expertise in worker retention

The report additionally revealed that outdated expertise is enjoying a giant position within the points UK small companies face. It’s additionally the highest trigger (21%) of worker frustration with regards to 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 employees 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 go away, time and attendance (21%), and roster creation and administration (23%). 

Different findings embrace:

  • Almost 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 homeowners within the UK agree that expertise to assist forecast payroll prices would make them much less burdened about their enterprise
  • 68% imagine that permitting employees to finish people-related duties would free them as much as focus extra on working their enterprise

Our suite of worker administration instruments in Xero

The Altering world of labor report has bolstered how crucial it’s that small companies undertake expertise to assist ease stress and frustration, each for themselves and their workers. 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 vital these instruments are for enterprise homeowners and their workers, and what an important position you play in serving to them create an empowering and constructive expertise for workers, to assist them win the struggle 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.

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