Brexit will have a huge impact on the hospitality sector. There’s no escaping the possibility of staff shortages – especially considering that there will be an increase in new roles created.
Many businesses within the sector are already trying to tackle it. So, we’re highlighting how to combat the issue and which techniques can be utilised…
Retain current staff
The hospitality sector isn’t known for retention – in fact, it’s quite the opposite. However, some enterprises are managing to hold onto their staff by reducing the number of hours they are required to work. Whilst this may mean less money for employees, it does allow them to have a work-life balance.
Another effective method for retaining staff is to treat them well. If there are good working conditions in place, employees are much more likely to stay, rather than want to switch roles. With many other appealing industries out there, hospitality businesses can’t afford to mistreat their teams.
Attract future team members
When searching for a new job, the first thing candidates will look at is pay, so a higher starter pay will instantly entice. The hospitality industry is often recognised as being low-paid. A pleasing offering will mean that businesses will be able to stand out against competitors.
A distinct career path will also attract employees. Many don’t see hospitality as a sector they will grow and develop in. Highlight the ways candidates can both professionally and personally evolve – there’s even the option to offer apprenticeships, and take advantage of the apprenticeship levy in the process.
Manage finances effectively
Another, less direct, way of battling the staff shortage is to keep on top of finances. Whether Brexit goes ahead on 31st October 2019 or not, businesses need to be in the best position – and managing their numbers will allow them to be.
This is because it ensures that they know their current financial picture and can act on any issues. Plus, they will be able to accurately predict their financial future with effective budgeting and forecasting. Resultantly, they can be proactive and there will be no nasty surprises.
However, your hospitality enterprise may simply not have enough time for these activities. That’s why it’s best to source the help of a specialist accountant like Nabarro Poole.
We’ve been assisting hospitality businesses for over 10 years, so we’re well-versed in how to deal with their finances. Whether you require the likes of budgeting and forecasting or management accounts, we’re more than able to help.
To find out more about our services and how we can boost your accounts, get in touch with our friendly team today. Simply call 0161 998 4276 or email email@example.com.