If recruitment is a problem, take another look at your finances

The care industry is facing significant recruitment challenges.

Few people want to enter the care industry due to low pay, poor support, and tough working conditions.

Meanwhile, with their already stretched budgets, care companies are unable to act on these issues, leaving them powerless to stop high-quality carers from finding employment elsewhere.

On top of this, recruitment issues have profound financial implications, leading to high turnover costs and impacting care quality.

Strategies for recruitment and retention

While your budget might be tight, there are ways to make your company more attractive to potential staff.

• Competitive compensation packages: You should try to structure packages that are tax-efficient and more appealing than the industry average.
• Investing in employee development: Allocate some of your budget towards training and development to create a more skilled workforce.
• Enhanced employee benefits: Non-monetary benefits, like flexible working hours and mental health support, can significantly boost employee satisfaction.
• Streamlining operations to reduce costs: Adopting technology and efficient practices can cut operational costs.
• Building a strong employer brand: A strong employer brand is essential in attracting quality staff.

Strategies for saving money

We can’t give you specific advice on recruiting strategies, only broad suggestions that may help in the long run.

However, when it comes to financial strategies to keep your business afloat and possibly provide you with a little more cash, we are the perfect people to ask.

Here’s what we’ve been advising other clients in the care industry:

• Reassess your business model with the help of an accountant.
• Monitor your cash flow closely and use forecasts to predict how much liquidity you’ll have in the medium-to-long-term future.
• Renegotiate with supplies, creditors and landlords to get a better deal where possible.
• Leverage tax breaks and incentives that are on offer. Again, your accountant can help you with this.

In all these cases, in fact, an experienced accountant can really help you save money.

We specialise in the finances of care industry businesses and are well aware of the impact that the current recruitment problems are causing.

Please get in touch if you’d like to start saving money and protecting your finances.