As we have said time and time again on this blog, one of the most effective ways of making sure your company remains profitable during a times of economic instability is by maintaining a healthy cash flow and becoming more cost efficient.
However, as the country recovers from the recession – regardless of how anaemic that recovery may currently appear to be – companies must switch their strategies from ‘survival’ to ‘expansion’ to ensure they are in the best possible position to capitalise on increased consumer confidence. For many businesses expansion, regardless of what form it may take, will mean employing extra team members.
However, with the planned increase in National Insurance and cost of employing new staff, many potential employers may be deterred from making that commitment. So what is the answer? According to management consultancy firm ‘Select Consultancy’ small businesses should follow the likes of Accenture and IBM and look to recruit an Intern.
As the employment market is currently saturated with talented graduates enthusiastic and willing to learn, business should look into ways of using such talent to drive their company forward. Furthermore employing a graduate intern for a specific time means you don’t have to make a long-term financial commitment if you don’t want to and you can monitor their progress within that timescale, to establish if you want them to play a role in your company’s future.