Look after your people

Ben Kiziltug, head of Northern Europe for HR software company Personio said: “Whilst rocky waters could lie ahead, businesses must ensure their people strategy isn’t first in the firing line. The last few years have demonstrated the vital role employers play as a social safety net for their people, supporting employees’ physical, mental and financial well-being.

“In order to fulfil this role whilst weathering the storm, it’s crucial that businesses are not prompted to make short-term cuts. Instead, employers must continue to invest in their people to keep employees motivated and engaged – helping them to retain talent and succeed beyond this crisis.”

Boost productivity

Neil Davidson, regional Vice President of EMEA at Deltek said: “With interest rates rising by 0.5% to 1.75%, businesses that are just starting to recover from lost revenue during the pandemic are faced with another challenge.

“To retain resilience in the face of rising inflationary costs, businesses must prioritise productivity and working capital. By boosting productivity – through proactive resource management – businesses can unlock existing capacity and productivity without increasing costs.

“Working smarter, leveraging technology, businesses can improve oversight of operations and withstand the continued economic turbulence.”

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Look after your working capital

Alistair Baxter, head of receivables finance at Taulia, said: “By announcing the highest rate rise in 27 years to tackle 40-year high inflation, the Bank of England has shown its teeth and an unwavering desire to control inflation: even in the face of a looming recession. With other major economies moving rates in similar increments, today’s increase of 0.5% comes as no surprise.

“However, with many in the market facing skyrocketing energy and input prices, significantly higher borrowing costs and flatlining sales, it really is going to be a testing period for businesses. Working capital remains that untapped source of funds that will facilitate survival and hasten growth, once we come out of this period of economic uncertainty.”

Cut red tape

Atul Bhakta, CEO of leading cross border e-Commerce solutions provider One World Express, said: “While we fully expected further rises to interest rates on the path to curbing inflation, today represents a significant leap – and one which must be tempered carefully to avoid feeding a recession.

“Ultimately, businesses need access to as many potential customers as possible, so cutting down red tape for those who want to sell beyond Britain’s borders would help boost exports and offer new opportunities to the private sector.”

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Give financial support to staff

Chieu Cao, CEO of Mintago, said:It’s more important than ever that people feel able to voice their concerns about their situation and empowered to take control of their finances; and this needs to happen in the workplace, where not enough is being done.

“By providing their staff with better financial support – whether that is advice or platforms that help them manage their finances – employers can do a lot to alleviate the stress many people are facing.

“Reviewing salaries is one thing, but bosses need to see the bigger picture. Can they help their employee get a clearer idea of their overall financial situation and make more informed long-term decisions about their finances?”