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Here comes change: key dates and facts on IR35 and EU Settlement Status

Here comes change: key dates and facts on IR35 and EU Settlement Status

Change is coming: are you prepared? This April, the new financial year brings significant changes to the employer landscape – namely, IR35 and the EU settlement scheme. Read on for the key facts and dates you need to know to ensure your business is ready.

IR35

IR35 applies to people who work for a business in a self-employed capacity but are essentially employees. Clamping down on this practice, changes to UK law will see HMRC recover unpaid tax and National Insurance from businesses if they believe employers are guilty of using self-employment loopholes to avoid giving employees necessary rights and benefits.

From 1 April 2021, companies that employ more than 50 employees or have a turnover of over £10.2 million will need to pay tax or National Insurance for workers or contractors who are essentially employees.

What’s the difference between an employee and a contractor?

Employees have a contract, paid holidays, PAYE, pensions, and a host of employment rights. Meanwhile, self-employed freelancers, workers, and contractors submit invoices, aren’t entitled to holiday or sick pay, and don’t share the same rights as employees.

EU settled status

Another critical change coming to the world of employment is the EU settled status. This applies to businesses with EU citizens working for them, as the individuals will have to reapply for residency status.

Post-Brexit, EU workers can only remain in the UK if they arrived before 31 December 2020 and have applied for residency via the EU Settlement Scheme.

Once individuals have settled status, they’re free to remain in the UK indefinitely and may be eligible to apply for citizenship.

Pre-settled status is available to those who have been in the UK for less than five years. It permits them to stay for five years, after which they can choose to apply for full settled status if they wish to remain here.

The good news is, there’s still time to apply for EU settled status if you or your employees haven’t done it yet.

The deadline for employees to apply for EU settled status is 30 June 2021. It’s free, and you can do it here: https://www.gov.uk/settled-status-eu-citizens-families/applying-for-settled-status

If you’re unsure whether your employees have a legal right to work in the UK post-Brexit, you can check here: https://www.gov.uk/government/publications/right-to-work-checklist

Can I still employ someone from outside the UK post-Brexit?

Free movement between the UK and the EU ended on 31 December 2020, and a new points-based immigration system is in place in the UK.

So, while you can still employ people from the EU to work in your business following Brexit, they must score the necessary points and have a relevant work permit or status, and you must have a sponsor licence from the Home Office.

Skilled workers who have a job offer from an approved employer sponsor must have a skill level equivalent of RQF3 (equivalent to A level), speak English, score 70 points on the system, and earn at least £25,600 (or the “going rate” for the job).

Employees earning lower salaries may still apply by “trading” points, or if their job is on the shortage occupation list.

You may also transfer an employee from another part of your international business to work in the UK via an “intra-company transfer”, but certain stipulations apply.

Need help preparing for IR35 or post-Brexit employment?

Hopefully, this summary will help you work through the changes coming up in 2021.

If you still need any advice or support, we’re here to help. Call us on 0330 555 1139 or drop us a line at hello@crossehr.co.uk

You can also take a look at our webinar below, delivered for RIBA West London to share some insight on HR matters currently affecting their members.  After many interminable months of furlough doom and gloom, it was great to talk about how businesses can prepare for the future: 

  • Brexit and work permits 
  • IR35 and the impact on contracts 
  • Restructuring
  • And more 

 Check out the recording below and ensure you plan for the upcoming change.  

 

Can you force staff at your care home to have the Covid vaccine and is refusal a ground for dismissal?

Can you force staff at your care home to have the Covid vaccine and is refusal a ground for dismissal?

Our MD and experienced HR consultant, Olga Crosse, recently joined Fulcrum Care Consulting to discuss what your options are if your staff in care homes refuse to take the COVID-19 vaccine. Olga covers where you stand legally, what the best way to approach your staff is and a ‘last resort protocol’ if staff continuously refuse to take the vaccine. Read on to discover more.

 

Since the start of the Covid vaccine roll out we have been asked by a lot of our clients who operate in the Care Home space ‘what should we do with some staff who are refusing to have the vaccine, can we force them to?’.

According to Andrew Gregory of the Sunday Times it is expected that between 6% and 8% of the 1.5 million people who work in social care will refuse the vaccine. It has been reported that the National Care Association (NCA) is taking a legal opinion on whether or not care home staff can be ‘made’ to accept the vaccine as they are concerned that as many as 40% of care home staff may refuse the vaccine. On the plus side Nadra Ahmed Chairwoman of the NCA has said that between 50% and 60% of care home staff will definitely have the vaccine. So where does a care home provider stand legally?

 

Where do you stand legally with the Covid vaccine?

There is no simple answer to that, as a rule you cannot force anyone to accept the Covid vaccine if they do not want to and there is plenty of legislation that protects that right e.g. The Public Health (Control of Disease) Act 1984 specifically states that a member of the public should not be compelled to undergo any mandatory medical treatment, including vaccinations. An employer may fall foul of the Equalities Act 2010 if someone objects on religious or other grounds not to mention breaching Article 8 (right to family and a home life) of the Human Rights Act.

 

Is there anything else that you can do?

The Health & Safety at Work Act 1974 which states that employers have a duty of care to ensure a safe working environment might actually go some way in solving the Covid vaccine conundrum for care homes. Basically, employers have to ensure that the people they care for are not exposed to any risks. In that case, it could be deemed reasonable for a care home employer to insist that employees are vaccinated in a care home setting, in order to protect the residents that are being cared. Care Home employers could even make that a pre-condition of employment, which according to Lee Peart of CHP (Care Home Professional),  Barchester Healthcare have done just that, and said that they won’t hire anyone who refuses to take vaccination on non-medical grounds. They have made it a condition of employment for any new hires and that is acceptable in that context, however as always we urge employers to proceed with caution before they do anything like that and always take HR and legal advice.

 

Consultation and communication with care home staff

Persuasion is always better than mandating anyone to do anything they don’t want to do. As with most things, it’s the fear of the unknown, and lack of communication that scares people the most. Therefore, we recommend care home owners (and employers in general) consult with their staff, listen to any concerns, act on those concerns and put measures in place to protect them to try and persuade nervous or dissenting employees to actually take the vaccine.

 

What should you do as a last resort?

As a last resort, if consultation and persuasion doesn’t work, care home employers could then take the nuclear step and specifically ‘instruct’ the employees to take the vaccine (as the vaccine is there to protect the residents and the staff, this could be seen as a reasonable management instruction) and any refusal to do so would be seen as ‘refusing a reasonable management instruction’ which is a disciplinary offence, which could potentially lead to an employee’s dismissal. We would urge caution before taking this route and try as much as possible to get consensus and agreement first. It is always better to persuade than to impose and legally a lot safer.

Other employers outside of the care home sector need to be very careful in insisting employees take the vaccine (Pimlico Plumbers springs to mind) and making it a condition of employment. Insisting might not be seen as reasonable in any other context and again might be in breach of a number of pieces of legislation, and you could be sued, so if you are a care home owner be sure to proceed with caution and to take HR and legal advice before you take any actions outlined above.

Fulcrum Care Ltd is a dedicated management support consultancy for care homes. Whatever the nature of your query, whether relating to help with a CQC inspection, improvement programmes, care compliance activities, best practice advice or management support, please get in touch for an initial discussion on finding the right solution for you and your care home.

 

 

10 Questions for Business Owners Heading into 2021 – by Helen Fleet

10 Questions for Business Owners Heading into 2021 – by Helen Fleet

How can you prepare for the weeks and months ahead? Right now, it’s difficult. That’s why, Finance Director, Helen Fleet, joined us to share 10 questions that business owners should be asking themselves as they head into 2021.

 

1. What do you want from your business?

Time out or a slowing down of work last year has given some business owners time to really think about what they want. How many hours do you want to spend working, how much income do you need and what really drives you? This has sparked thoughts with our clients on succession planning and personal work life balance.

 

2. How long do you want to run your business for?

With little spare cash around, pension payments may be something you have had to pause in 2020. Think about when you want to finish work and speak to an IFA about your plans. Financial advisors have some great tools to map out current pension payments and projected retirement income. Even if you can’t meet those payments now you know what you need to work towards.

 

3. Growth or Maintenance?

After twelve months of uncertainty, what do you want moving forward: – a return to where you were, a smaller leaner business or growth on your pre-pandemic position.

 

4. What will your business do?

2020 may have meant a change in your product or service offering- is this temporary or has this put your business on a more stable footing with a broader offering. Think about your service and client mix how this has changed and how you want to build from here.

 

5. How will your business be structured- office or home workers?

I think the office is crucial for team building, knowledge sharing and employee development. We all accept a hybrid model is probably more likely moving forward so how will you structure this – hot-desking, a permanent but smaller office space.

 

6. How will your employees be supported if they are home-working?

Do they have the space and the right equipment to be homeworking? Not everyone has space for a home office and how long will the lack of commute outweigh working from a bedroom. Consider how you will ensure team working continues, how knowledge will be shared and how any new employees will be onboarded.

 

7. Is your business profitable?

Given any changes in product offerings, is this work more or less profitable? Have the changes above had an impact on how you deliver your product or service? Do you have visibility of which work or client is more profitable?

 

8. How are you managing cashflow?

Chris Whitty said there may be further restrictions next Winter – what would this mean for your business. Cash reserves took a massive hit last year so do you have anything left for a bad month? Can you restrict spending for the next few months to build up reserves?

 

9. Do you know your cash position?

There are still some government support packages in existence and decisions to be made over the next few months. Do you need to use the flexible furlough scheme between now and the end of April? Did you defer your Vat last year and are you going to repay this in one go pre-March or take advantage of the ability to pay by instalments? If you took out a CBILS or a Bounce Back Loan are you going to repay over the next five years or take advantage of the extension available and repay over 9 years.

 

10. What are the non-work things you have enjoyed about 2020- can you make time for more of them?

I hope that it hasn’t been all bad. For all the grimness that we have lived through there have been moments of joy; – extra time with family, time for walks, new hobbies maybe, zoom quizzes. Give some thought to the things you never usually have time to do but have done last year. Life is not all about work and if we can all find more time to do something joyful then we can at least take something good away from 2020.

 

Need help with your finances?

Helen Fleet of HF Financial Strategy works as a finance director and guides companies to delivering their financial and business objectives which can include cashflow planning, pricing reviews and ways to improve profitability.

If you’d like to know more about Helen, visit her website here or follow her on LinkedIn.

 

 

How to take your business into 2021 with confidence

How to take your business into 2021 with confidence

With the (dare we say it?) unprecedented events of 2020 behind us, it’s time to look ahead to 2021. January is the ideal time to reflect on lessons learned in the previous year and prepare for a successful 12 months.

Now, more than ever, it’s vital to tackle the year head-on armed with as much information and foresight as possible.

Read on to see what we gleaned from the challenges of 2020, and how you can set your business up for a fruitful 2021.

 

How did we support you through 2020?

Hopefully, we were able to support you and your business during the trials of 2020, whether as a client or simply by reading our blogs for HR advice and suggestions on navigating the many issues the year threw at us.

In a rapidly changing landscape of furlough, redundancies and working from home, we sought to be your HR helpline and respond to your shifting needs. As well as providing plenty of free advice, we also created useful resources to address topical challenges happening in your business.

Finding the positives in 2020, we posted a guest blog full of insightful advice on maximising efficiency, income and budget, as well as encouraging you to recognise your strengths and congratulate yourself on surviving what was undoubtedly one of the most challenging years in business.

Appreciating your positive qualities is a fantastic way to grow, both personally and professionally.

 

Restructuring toolkit

In July, we created a free restructuring toolkit to help you work through the changes in your business from an HR perspective. The kit featured advice on redundancy, a business plan template, meeting record templates, at-risk employee communications and a redundancy notice period template.

Aimed at maximising your reduced budget and limited time, the kit is still available for free on our website – download it here.

 

Return to work toolkit

Bringing your employees back to work after lockdowns and furlough periods was another task to overcome in 2020. To ease the transition, we created a free HR return to work guide. This pack included risk assessments, Covid-safe workplace advice, office hours tips, flexible working support and wellbeing guidance.

Now we’re in our third lockdown, this pack will once again prove useful when your team returns to the office. Download yours here.

 

Why is HR important to your business in 2021?

With constant changes occurring in the world of work, HR is the cornerstone of your business and can enable you to support your teams through the pandemic’s everyday challenges.

As HR specialists, we understand your employees’ needs and can help you implement processes and procedures that will support your teams and safeguard your business.

Plus, we stay on top of HR trends, technology and challenges to communicate the critical takeaways to you in a simple, digestible format with clear advice on how you can keep your business protected and productive.

 

Why you need to start planning your year

Forget diets and detoxes: top of your list of new year’s resolutions should be business planning!

Plotting out your objectives and targets for the year may seem tricky at such a confusing time, but it will provide you with a roadmap through which to steer your business through the coming months.

Setting targets helps you prepare for all eventualities, meaning no nasty surprises. Plus, it can encourage positive changes in behaviour which spark higher retention rates, less pressure and increased productivity among your team.

What’s more, planning the year will enable you to react fast to industry or nationwide changes, understand your budget and funding options better and manage staffing levels successfully.

A crucial part of your planning for the year should include your appraisal schedule. As every business tries to perform to its potential during challenging circumstances, appraisals can help you assess what’s working and what’s not. In doing so, you can carve out a clear action plan to ensure your business maximises its resources to hit key targets.

Find out more about appraisals and download your free guide here.

 

HR changes post-Brexit

January 2021 sees a new points-based immigration system implemented in the UK, so employers who wish to recruit or retain non-UK citizens must follow specific processes to stay compliant. Plus, employees themselves may have the reapply for residency status.

If you’re unsure about these issues and how they might affect your team, check out our blog on the subject here.

Keep following our blog and social media channels to stay updated on all the latest post-Brexit HR news as it develops over this year.

 

Preparing for IR35

Originally scheduled to be introduced in April 2020, the IR35 tax legislation will now come into play this April.

For a full explanation of the changes due to be implemented – and how you can prepare for them – check out our blog on IR35 here.

 

Here to support you

As you take your business into 2021, we want to reassure you that we’ll be here with you every step of the way.

HR is a critical element in the smooth running of your business, especially during challenging periods. So, we will be providing advice, support and guidance at every turn.

Whether you’re a client or you use our free HR resources – like the restructuring toolkit, the return to work toolkit or the appraisals toolkit, for example – we will be working hard for you throughout 2021 and beyond.

Remember, we’re always available for a chat, advice or support – please contact us if we can help your business with any kind of HR guidance.

 

 

A Guide to Appraisals

A Guide to Appraisals

Recently, people have found people management particularly hard – with HR departments spread thin, furlough and just getting out of the routine. It’s been a hard year with priorities all over the place. But, as we head into 2021, we’re here to help you get back on with your appraisals and objective setting.

Download our free guide here.

Why should I bother? 

You may be wondering what the point is. Since March, you’ve kept moving and your employees clearly know what they’re doing. But, with the distance between much of the workforce, appraisals are more important than ever – offering opportunities to touch base, ensure your employees are happy and they’re receiving all the support that they require to thrive.

Equally, in difficult times, it’s important to be lean. Appraisals can help you:

  • Identify what’s working well
  • Uncover what’s not working
  • Create an action plan to address this

 

Looking forward

So, now is the time to set your objectives for the year – determining how you’ll drive forward; make your business more efficient and support your workforce with a full and proper appraisal process.

With that said, we’ve taken the time to collate everything you need to implement a thorough and efficient appraisals process – with plenty of support on how you can set SMART objectives.

 

A free guide to appraisals

Our free guide to appraisals is a handy download, including:

  • Appraisal training workshops for employees and managers
  • Formal appraisal policy
  • Appraisal and PDP pro forma
  • Monthly 1-2-1 progress tracking document
  • Appraisals and you – employee support
  • Appraiser’s checklist
  • A guide to setting SMART objectives
  • Setting objectives – a template
  • Expert HR support

 

  • This field is for validation purposes and should be left unchanged.

 

Can we take away any positives from 2020? By Helen Fleet

Can we take away any positives from 2020? By Helen Fleet

2020 …WHAT….A ….YEAR!! It’s unlikely that anyone will walk away from this year without feeling bruised in some way. With positive news on the vaccine and the real hope of normality in 2021, it’s time to think about the positives we can take away from what was a year like no other.

What did our clients learn?

No denying those initial weeks back in March were hard but our clients shook themselves down and battled on. During those dark months, they learnt the following…

 

Client Mix

Some clients found they were too reliant on a small number of clients. They had always known this was a risk, but they believed good service in normal times would keep that work secure. The pandemic took this out of their control and one lost client had a significant impact on their business.

Lesson Learnt

Build a wider client base and monitor reliance on larger clients.

 

Efficiency

With staff furloughed they found new and more efficient ways of working. For some clients that has meant making redundancies but, in the knowledge, they can build a stronger more efficient business as they grow again.

Lesson Learnt

Regularly review how we deliver our service and if we could do it better.

 

Overheads

It’s easy for overheads to build as you grow your business without checking if you still need them, what level is needed and if you are getting value for money. Of course, property costs are the most obvious with people moving from large offices to hybrid homeworking and smaller spaces. Our clients reviewed everything from marketing spend to IT support to ensure they were as lean as possible.

Lesson Learnt

Set a regular timescale to review overheads and ensure we are getting value for money.

 

Cashflow

No-one foresaw the significant loss of business in such a short space of time that we did. Whilst some clients had reserves others did not. The various government initiatives helped several clients through this period, but it has focussed their mind on what they feel is a minimum cash balance.

Lesson Learnt

Know your monthly income required to remain cash neutral. Build a plan to retain three (or your choice) months’ worth of overheads in cash.

Personal Traits

Several our clients recognized new traits in themselves. Personally, I realized I was calm in a crisis and through all our updates had an ability to make the complex simple.

We can all take this new awareness and build on it to help us personally and professionally.

 

What are your positives?

Reflecting on this, think about the following questions. What can you do with the answers to make your business perform better in 2021?

Consider:

  • What do you know about your business that you didn’t before?
  • Do you know what doesn’t work for your business?
  • Have you seen any efficiency improvements?
  • Do you need to expand your service offering?
  • Do you need to build a broader client base?
  • What positives can you take away from how you personally reacted to this year?

 

More about Helen Fleet

Helen Fleet of HF Financial Strategy works as a finance director and guides companies to delivering their financial and business objectives which can include cashflow planning, pricing reviews and ways to improve profitability.

If you’d like to know more about Helen, visit her website here or follow her on LinkedIn.

End of Year Reviews

End of Year Reviews

What a year 2020 has been. It’s put a strain on us all: mentally, physically, personally and professionally. So, as we come to our end of year reviews, how should we approach them?

We take a look at the importance of regular appraisals, emotional intelligence, setting targets for 2021 and how to assess personnel that may have been furloughed or missed a significant chunk of time due to the coronavirus pandemic.

Read on to discover more…

 

End of Year Reviews

End of year reviews are annual meetings held to evaluate performance and identify any causes of concern or improvement. They provide an important opportunity to:

  • Identify areas of weakness and create a plan to address this
  • Refine responsibilities – referencing priorities and workload
  • Identify opportunities for development – with reference to training or next steps
  • Agree measurable targets and next steps

However, as well as being an opportunity for examination and assessment, end of year reviews also act as a great time for employees to celebrate their achievements. By reflecting back on the year, both parties can recognise the progress made by the employee and explore exciting next steps.

Remember, the review process is the ideal opportunity for employees to share how you can help them perform better!

However, it’s fair to say that this year is a bit different. With many employees absent from the business, forced into new homeworking conditions and mass uncertainty about what the future holds, it’s important to adapt accordingly.

In the next section of this blog, we will advise how you can lead a suitable review in the current climate.

 

Acting with Empathy

Research shows that empathy is one of the key drivers of overall performance and that teams with more empathetic bosses produce better results. Therefore, with a difficult year under our belts, we urge you to actively act with empathy.

Whilst we’re not suggesting that you simply let employees off the hook for the year, now more than ever, managers must apply an appropriate dose of context with their judgements, rather than viewing performance as just black or white.

Employees are facing a multitude of toils and trouble – with fears of job loss, stress and concerns for health having a significant effect on the workforce as a whole. Therefore, having the emotional intelligence and sensitivity to navigate a successful appraisal in the current circumstances could prove more difficult than anticipated.

When assessing your employees, consider:

  • How can I reassure and support the employee?
  • Has the pandemic impacted results?
  • Would I expect leniency if I missed my targets?
  • How can I fairly judge performance?

Whilst analysing progress is key to a successful appraisal, ensure that this is well-balanced with time to check in with the employee, their wellbeing and their plans for the future. Remember, it wasn’t the choice of some to work from home and it could have uprooted feelings of great difficulty or isolation.

Discuss how you can better support them – considering how you can help nurture growth and development. Whilst it’s understandable that many employers wont’ be in a financial position to fund training, pay rises or even promise job security, it may be possible for personnel to utilise this quieter period to undertake free training to further their skills.

It may be useful to point your employees in the direction of The Skills Toolkit for free digital courses that can help teach new skills, recap fundamentals or further knowledge.

 

Looking to the Future

One aspect of reviews this year that will prove to be especially difficult is setting attainable targets for 2021. Whilst the economy is unstable and uncertain, it’s very difficult to predict how businesses will fare. Therefore, this needs to be reflected in targets and the usual increase in performance or productivity may need be reviewed.

It’s important to:

  • Set SMART objectives
  • Be realistic – recognise that targets may need to digress from previous years
  • Focus on what is attainable in the current circumstances
  • Set targets that asses the quality of work produced, not just quantity
  • Consider reviewing targets quarterly

Finally, when making plans for the future and discussing next steps, consider how this will look in the coming weeks and months. Will home working be permanent? How will this affect how employees are measured? Do you need to increase the frequency of reviews or touch-base more? These are all questions that must be answered when putting plans in place for 2021.

 

How to Assess Furloughed Staff:

This year is like no other. Shocks to the economy have meant that much of the workforce have experienced reduced hours, furlough or been absent from the business for weeks or months at a time. So, how should you assess your furloughed staff?

An Employer’s Standpoint:

As an employer, there is no issue in carrying out appraisals whilst your employees are furloughed, since taking part in the appraisal would not count as work.

However, the person who is leading the appraisal (ie, the manager), could not be furloughed whilst appraisals are being conducted. This is because the appraisals are counted as work for the manager or company representative leading the meeting.

Considerations:

Just because an employee hasn’t been present for the whole year, it doesn’t mean that you should skip your end of year appraisal.

This meeting is greatly beneficial for both the employer and employee to check in, refocus and identify how to progress. Failure to do so may result in:

  • Employee confusion, upset and anxiety
  • Uncertainty for the future
  • Outdated or inappropriate goals or targets

How do you measure new starters? Or those that have returned from maternity leave? Measuring employees on a part-time basis isn’t a new concept. As with most plans this year, it just needs a little adapting.

 

More Support – For Them and For You:

Feedback shouldn’t just be provided once a year in an annual review. In fact, most employees respond best to continual feedback from their managers. To discover more about continual feedback, read our blog here. It’s a great way to provide more support for your employees, especially as many businesses continue with remote working.

For more support and information on how to conduct your staff appraisals, contact us today! We’re experts in supporting you with even the most complicated people-management headaches, so that you can rest easy knowing that you’re doing best by your business and employees.

 

Setting Targets for 2021

Setting Targets for 2021

Setting targets for a business right now feels like an impossible task.

It’s been said before this year that forecasts are pointless because they are so soon out of date. As a result, people assume they don’t achieve anything. Even more so this year, people feel that setting targets when the world changes so much from week to week is a fruitless exercise.

It will not come as a surprise that I disagree.

 

 

Why set targets now?

From experience, it seems that forecasts are prepared and targets are set for two main reasons:

  • To prepare for differing scenarios of business performance
  • To drive a change in behaviour

In 2020 especially, preparing for differing scenarios is key to survival. It enables you to react quickly to changing conditions.

 

Preparation for changes in business performance

Even before the pandemic, clients looked to a forecast to help them prepare for the what-ifs. It helped them to understand the impact – both good and bad – ahead of time.

The most common priorities have been:

  • Planning growth and the related costs – Think recruitment, management investment time, marketing strategy or increased overheads
  • Funding – Understanding what funding might be required to grow the business or alternatively needed to fund any reduction in income
  • Capacity – Do you have the right level of staffing, how can you manage ebbs and flows
  • Scenarios – What would 10% more or less income mean for your profits and cashflow

Once the targets are set, vulnerabilities can be identified and plans to deal with them accordingly.

The next step is to set the detailed objectives required to deliver the targets set.

 

Driving Behavioural change

Our clients are self-motivated and know what they want from their business. They don’t look to a forecast to drive a change in their own behaviour. However, in cascading those targets to employees, they see it as driving behavioural change throughout the business. This goes far wider than the simplest example where sales targets are linked to remuneration.

Sharing the objectives of the business with staff results in:

  • Greater staff retention – Staff are bought into the aims of the business for the year ahead and motivated to help achieve them.
  • Reduced pressure – Sharing the objectives of what you want to achieve and the actions to achieve it with staff doesn’t leave all the tasks at your door.
  • Quicker results – Shared objectives are achieved more quickly and not bottle-necked with you as the business owner
  • Innovative ideas – Openness encourages ideas and staff will contribute new ways of thinking all working to achieve your targets
  • Staff objectives – The sometimes-onerous task of writing staff objectives happens organically with the forecast aims cascaded down into the detailed requirements which can be more easily allocated across the workforce

So, with all this uncertainty around – the reason to forecast is to help businesses cope. It enables businesses to plan for the worst and the best and understand the impacts now. Setting detailed targets for you and your staff follows on from the high-level forecast and will help you to achieve your aims.

 

Get your finances on track with Helen Fleet:

Helen Fleet of HF Financial Strategy works as a finance director and guides companies to delivering their financial and business objectives which can include cash flow planning, pricing reviews and ways to improve profitability.

If you’d like to know more about Helen, visit her website here or follow her on LinkedIn.