Research reinforces value of UK workforce

A report has found evidence that the old business cliché 'our staff are our greatest asset' may be true.

The survey, conducted by NOP and commissioned by invoice finance specialist Venture Finance, asked 500 small businesses to select their most important asset from a range of key corporate assets.

Over half of the companies judged to have a high turnover in excess £500,000 felt that their staff were their greatest asset, but of all the companies surveyed only one-quarter considered staff to be their key asset.

The Human Resources Director of Venture Finance, Dennis Perkins, said: "Britain's small business community has given us a clear message that staff are their greatest asset. We welcome government measures to improve staff training but we are extremely concerned about the government's new National Insurance tax on jobs and the impact of this on unemployment and the success of our SMEs."

Employees were most valued in the construction industry where four out of ten companies said that the staff were their greatest asset. However, employees were most undervalued in the catering and leisure sector where only one in ten said that staff were their key asset.

Funding in the budget showed the value of skilled employees was recognized at the highest levels in government. The Chancellor identified a number of pilot projects providing free access to training courses, time off to gain new skills, and £30 million to assist companies to reach Investors in People (IiP) standard.

Chief Executive of IiP Ruth Spellman pointed to research indicating that 70% of employers who had committed to securing IiP status had observed a positive impact on productivity. She added that valuing staff was central to business success.

(SP)