Do small businesses need to rethink their financial management?
Staff satisfaction levels in UK businesses are lower than in the majority of European nations, according to new research.
A study from consultancy firm Robert Half has revealed the UK has one of the lowest levels of workplace satisfaction in the world.
More than 23,000 working professionals from Europe, North America and Australia were quizzed as part of the It’s Time We All Work Happy: The Secrets of the Happiest Companies and Employees report.
In conjunction with wellbeing expert Nic Marks of Happiness Works, the study found that the United States, Germany and the Netherlands are home to the happiest staff.
The UK had a score of 67.2 on the scale of 0-100 (the latter figure represents the most favourable outcome), with France and Belgium the only countries to score lower.
Factors relating to employee happiness included having pride in the organisation an individual works for, being treated with respect and fairness, and feeling appreciated.
Employee happiness is key for businesses as it can be closely linked to productivity and ideas development – both are typically lower when staff are not happy.
On the other hand, those that are engaged and driven in their work are more likely to be creative in their approaches, which in turn can support business growth.
A failure to do this may ultimately hit the bottom line, as a lack of new products can see a business stagnate and a lack of sales can disrupt a firm’s cash flow.
Given that many small businesses are also faced with a number of late payment issues and already operate on tight budgets, the problems can be enough to send them spiralling towards insolvency.
Those facing such difficulties are encouraged to seek advice to see if there are appropriate solutions than can help to streamline their business practices, access alternative finance options or restructure.
The key is to act early and to address any issues of discontent, as this should help to prevent further problems from developing further down the line.
By Phil Smith