How to Find and Keep Millennial Talent 

How to Find and Keep Millennial Talent 

 

Millennials, or, Generation Y, have been trained to be optimal workers. This demographic of young workers, born between the early 80’s and early 2000’s, are highly educated, skilled, and have perfected the use of social media. The almost effortless adoption of technology, both in and outside of the workplace, is one of the outstanding skills that Millennials bring to the table. 

But the Millennial skill-set goes beyond just technology. This is also a highly adaptable demographic, able to adapt to any industry or environment, a necessity born from the economic reality they have found themselves in, likely having juggled multiple jobs and studies in their late teens and early twenties.  

With so much to offer, millennial talent is highly valued by HR. The only trouble, keeping them on your payroll. 

Millennials may bring their skills to the work-place, able to adapt and evolve alongside a company with relative ease. But this is also a generation that is highly transient, moving to different cities, or different countries with very few barriers in place for this generation. And while this global perspective may be great for your business (they can work with autonomy and are often blue sky thinkers), it also means that they are more likely to change jobs and even career paths which can be a pain for your HR department. 

While it might seem like you have to walk a careful tightrope between hiring the right person for your business and risking them shooting off after the next opportunity, there are ways that you can keep hold of your new talent and also increase job satisfaction for the rest of your employees.

REMOTE WORKING

Being  tied down to a 9-5 office job in one fixed location, may just not be suited to future generations for a number of reasons. As technology evolves, Making Tax Digital looms, and the workforce moves towards automation and greater autonomy (for machine and human alike), future workers will be spread across the globe, working alongside Big Data and more likely than not, utilising blockchain technology. Read about the benefits of remote working, including increased productivity  and greater work/life balance here

BLOCKCHAIN TECHNOLOGY 

Millennials are highly connected, and having learnt to manoeuvre social media from a young age, are able to access online platforms and systems with ease. Knowing how to use blockchain technology to help delegate work securely and efficiently to your employees will save you a great deal of time and any misunderstandings that may arise due to a lack of perceived transparency or communication. Employers and freelancers who work remotely can make use of blockchain technology in a number of ways, as blockchains are unbiased, transparent and secure which means work can be assigned through smart contracts which are computer protocols that can be programmed to verify and keep track of workloads.

AVOIDING BURNOUT

Millennial burnout is rapidly becoming one of the main reasons for workers of that generation leaving the workforce. Studies have shown that this is perhaps the greatest reasons for employees (not just Millennials) handing in their notice. While being tethered to your work-phone or laptop 24/7 is increasingly common, particularly among the younger generation, it is important to remember that your employees are not  lean, mean production machines, but will need to be actively encouraged or dismissed when they are off the clock. Working after-hours can appear to increase productivity, but is not sustainable, and your employees will soon find themselves running on empty.

 

OFFERING AN EMPLOYEE BENEFITS PACKAGE

Like most of the employees in today’s competitive job market, Millennials are looking for a job where they can make a positive impact, the opportunity for flexible working and a great company culture. One way of attracting and retaining Millennials is to offer more than just a salary. An attractive and comprehensive employee benefits package including, for example -health and medical benefits, birthdays off, cycle to work schemes, and sick pay are just some of the benefits that demonstrate a caring company culture. And of course, benefits such as private medical insurance and dental cover encourage employees to take care of their health too. It’s a known fact that happy, healthy and engaged employees create productive, successful and profitable businesses.

COMMUNICATION 

Undoubtedly job satisfaction, is key to having and keeping a productive work-force. Alongside wage stagnation and burnout, the failure of both employee and employer to meet basic expectations will quickly see off new talent. What these job expectations are will of course vary industry to industry, but good communication is cited as being one of the most desired skills working hand in hand with clear job expectations. As one of the most sought after soft skills on the job market, communication is still a big problem across most industries and job roles. Ways that this can be tackled include utilising the aforementioned blockchain technology to provide greater accountability,  as well as making good communication one of the pillars of your company. It really cannot be overvalued.

CONCLUDING THOUGHTS

One key thing to remember, is that many companies, old or new, will require a shift in perspective in order to successfully work with the millennial generation. What might be perceived as an additional bother, in terms of how you need to adapt towards a younger work-force, will actually benefit you long-term, with a workforce that is able to adapt to a shifting work space. If generation Y is anything to go by, future generations of workers will also be moving forward and expecting greater flexibility and autonomy that aligns with their use of instant technology, and fast-moving lifestyle.

 

 


The Best Bristol Cafés to Work From

The Best Bristol Cafés to Work From

Bristol is home to thousands of self-employed individuals/freelancers, so it’s just as well that the city also houses a veritable warren of coffee shops and co-working spaces to cater to the needs of coffee lovers and laptop-users. Advancements in technology have had a major impact upon the uptake of remote work, with technology reshaping the workplace environment. Bristol, as a hot house for industry and technological innovation, is also doing a great job providing services and spaces for the almost 35,000 self-employed individuals and businesses who see remote working as the next logical step in the evolution of the workforce.

What does remote working actually mean? While most people will be very familiar with this term, working remotely- or ‘out of office’, can look . You may already be working remotely if you are self-employed, working for an international company, or perhaps you still have an office job, but sometimes work remotely.

It wasn't that long ago that remote working was limited to people who were self-employed, with the more traditional job industries typically rejecting this style of working. This has changed in recent years, and exploded in popularity across most industries. With access to the job market not being limited to where you are based, time saved commuting, a flexible schedule for working parents, and an overall increase in job satisfaction, the benefits to employers, employees and the self-employed are tenfold.

Nonetheless, this style of working has only started to be accepted in the U.K. fairly recently. As a self-employed individual there are things you will need to take care of such as running your business, or making sure you fill in your tax return on time. Whatever your work situation, working from home can be a great way to save time, increase productivity, and work around your other commitments to maintain a better work/life balance. We understand that this might not be for everyone, but if you want to have the flexibility of working out of office, coffee shops and co-working spaces can be a great alternative, even if you're just in-between meetings and need somewhere with good WiFi and charging points.

Lite Tax is an accountancy firm in Bristol, so we know a thing or two about where to get an hour of work done in-between meetings in Bristol.

Listed below are several of the best cafes and co-working spaces that Bristol has to offer:

The Arts House Café

This small café has a very relaxed atmosphere and is located in the colourful Stokes Croft. A great hub for creatives.

 

Weekday opening hours:

Tues 9am - 5pm

Wed-Fri: 9am - 11pm

 

Watershed Cafe

The Watershed Cafe is a multi-arts venue that has a cafe/restaurant, arts-house cinema and pervasive media studio, as well as having ample conference space. They have an extended cafe area which does get busy around lunchtime, but the space is big enough for there to cater to laptop users.

 

Opening hours:

Mon-Fri: 9:30 - 11pm

 

Society Café

Society Café has REALLY good coffee. If good quality coffee is high on your list then this is the place to come to. The only downside to this café is its limit on WiFi, which has a free limit of an hour, making this coffee shop best for quick bursts of work, or for when you don't require WiFi.

Opening hours:

Mon-Fri: 7:30 am- 6:30 pm

 

Boston Tea Party

There are various Boston Tea Party locations all around Bristol, and they're all pretty great at catering to laptop users. You can find one on Park Street, Gloucester Rd, and Whiteladies Rd.

 

Opening hours:

Mon-Fri: 7am-7pm

 

Co-working spaces:

 

77 Stokes Croft

Right in the heart of Stokes Croft, this location provides affordable desk-space, in a spacious co-working environment that has a big creative community. This co-working space involves a membership fee and offers large office space as well as individual desk-space. Perhaps the most attractive thing about this space is that it is open 24 hours.

 

The Happiness Hub

A simple, affordable space at a central location. Happiness Hub is the HQ of Happy City initiative which measures and develops the conditions for thriving communities. You also have access to unlimited free herbal tea!

Mon-Fri: 8:00am - 6:30pm

Sat: 9:00am - 5:30pm
Sun: 9:30am - 5:30pm
Lite Tax are the accountants for small to medium sized businesses in Bristol. Get a quote to find out how we can help your business maximise wealth .

Working Abroad: Is It For You?

There has been a significant rise in the number of self-employed or remote workers that are choosing to pack their bags and work abroad. What might be startling for some, is that more employers than ever are accepting or even actively encouraging this new style of working. This means that there is a significant part of the workforce that can be more flexible with their schedule , living and working from the comfort of their own home. For many remote workers, this gives them the opportunity to spend more time at home with their family, reduce the time spent commuting to work, or indeed,  travel while they work.

Packing up and jetting off to an exotic location for an unspecified amount of time sounds like the stuff of fantasy for most of us, but in reality there are many feasible ways to achieve this and reap the rewards of working remotely. Nonetheless, as well as being incredibly organised and self-motivated, you will also need to have realistic expectations and a pragmatic approach to the new environment you find yourself in.

If you have considered taking a more nomadic approach to your work life, then you should understand what this might mean for you. Of course, there will be many personal factors to consider before you make the decision to pack your laptop into a carry-on and board a plane, but  there are also significant arguments that should be considered before you make this move. Below we have listed several of the main benefits of working abroad, as well as some of the things you will need to consider and watch out for.

 

Benefits of Working Abroad:

 

 

You can explore wonderful destinations

The thrill of  exploring new places is one of the biggest reasons people choose to travel while working remotely. You can decide to work from wherever you like (taking into consideration the time zones), and with the world more connected than ever before, moving around and staying in touch with people is so much easier than even ten years ago. Working abroad or even in a different city gives you the opportunity to get a feel for a place which you wouldn’t be able to do if it was a holiday. 

A learning curve

Immersing yourself in another culture is a hugely enriching experience which will provide you with an understanding of humans and sociability that no other experience could give to you. You will meet people from all kinds of backgrounds who will be able to impart some of their world-views to you, and you will hopefully be able to do the same for them. Learning about other people is one benefit of travelling, and you will also find yourself becoming more resourceful and capable of dealing with a wide range of often unexpected situations.

 

Saving on your travels

Working when you are travelling means that you can have some of the benefits of a holiday or sabbatical, but you don’t have to feel the same economic pressure.. Unlike many travellers who use their savings to get around the globe, you will not have to worry about a diminishing bank balance as you can pay your way through various cities or countries. Indeed, you may even find you save money, particularly if you spend time in countries with a lower cost of life. The money you spend on commuting, lunch, coffee etc, is likely to be much less if you are living in, say,  South East Asia, for example. Another bonus, and money saving hack, is choosing to wear whatever you are most comfortable in, or dressing appropriately when conferencing.

 

Better balance between work life and personal life

This is true if you can switch off from your work. Giving yourself a plan that you stick to will help you to structure your work/life balance. The good thing about working while you travel is that, if you stick to a good working routine, you will be able to spend more time doing the things you like and visiting the places you want to go to. Getting to decide where you will work from is a huge plus, and means you can work around your own interests and hobbies.

 

 

 

 

 

Things to Consider:

 

Prepare for the worst 

Having poor wifi or a stolen laptop will make working that day very difficult indeed! Get good insurance and an understanding employer! If you work for yourself, you will probably have more flexibility, but there may be other people relying on you or deadlines that you have given yourself. Additionally, making sure you are aware of your tax requirements and deadlines, and are keeping on top of this with the help of an accountant at home, will make things so much easier for you. Even if you are an incredibly organised and resourceful individual, you are likely to find yourself in a situation that puts a stop to your work. If your work requires you to meet deadlines or be online at certain times during the day, then you may have to consider only travelling to places that have reliable internet access and carry a smaller electronic device such as an I-Pad.

 

Adjusting may be hard

When you don’t have to go in and out of an office setting it can be difficult to set yourself clear boundaries when it comes to your working hours and your hours. If you are a workaholic, it can be all too easy for you to work long or unsociable hours when your desk is wherever you want it to be. This may mean that you will not enjoy your travels as much as if you had a better routine with clear cut working hours or if you simply took a holiday from work where you could better engage with the travelling experience. Only you know what works for you.

 

Accommodation drama

When travelling from place to place, you will have to go through the process of finding a new home each time or staying in a hostel or a hotel. This can often be quite stressful and may make it difficult for you to properly settle or feel comfortable in this new environment, which in turn may impact your work. Renting a property is an excellent way to avoid the repetitiveness of hotel rooms, particularly if you are staying in a city or country for a longer period. Fortunately, It is easier than ever to find accommodation wherever you are in the world, using property rental websites.

 

Keeping yourself safe

There are a lot of potential dangers to watch out for when you are travelling, particularly when you are taking electronic devices with sensitive information on them. You need to consider if your job is suitable for work on the road and if you or your employer can risk having things lost or stolen. Certain countries are more dangerous than others, and if you are a solo traveller, you need to be aware of potential risks and take suitable preventive measures to keep yourself safe. Always let someone know where you will be travelling to, and providing them with an address of the accommodation your will be staying in for your personal safety, and ensure that your laptop or electronic device you carry with you is password protected and cannot easily be  hacked or stolen.


How To Protect Your Finances As A Freelancer

As a freelancer there are probably a million and one things you have to think about amiright? Job might be a good’un, but there is no such thing as finishing your 9-5 and calling it a day. The health of your business requires you to put in the extra hours and often make sacrifices in order to lead the life you want to live.

While it might not be all sunshine and rainbows, the satisfaction of building your own business up, and seeing the hours of labour translate into something you can be proud of is certainly worth it. 

Setting yourself up for success means more than having a solid business plan, or having the right work ethic and dedication to your service or business. It also means being careful, very careful, when it comes to the way you manage your finances.

The three types of insurance:

There are three main types of insurance for self-employed people:

  • Public liability insurance
  • Professional Indemnity Insurance
  • Employees liability insurance

Public Liability insurance protects you if someone gets injured/ their property gets damaged while working for you or you are deemed to be responsible. It's worth knowing that some contracts with clients will specify that a business they work with must have public liability insurance. Professional Indemnity insurance is a whole other kettle of fish, and will provide cover should you be accused of  providing inadequate services/advice to a client. This insurance covers a wide range of scenarios from loss of goods or money, to unintentional breach of copyright. The third type of insurance you might need is Employees Liability insurance. This is a legal requirement if your business employs one or more people and essentially covers you and your business if your employees are ill or injured at work.

Get organised

If you don’t have your business budget in check  then it's high time you do so. First things first, get yourself a dedicated bank account for your business. There's nothing worse than managing several accounts for different jobs/services and having to try to make sense of your accounting at the end of the quarter. Decide on an accounting system that works for you and make sure you (or a dedicated person on your team) track your revenue, costs, and itemise your assets in any colourful spreadsheet table that suits you.

Set aside a sum each month for tax

It's not likely that you’ll forget to set aside a percentage of your income for the tax man at the end of the year, but do  make sure you are aware of the tax bracket you fall into and set aside a sum accordingly, staying mindful of the tax deadlines you need to meet.

Get yourself an accountant

Navigating the ins and outs of the IRS can be a tricky business. Having a dedicated accountant to help you do this can make life so much easier. Apart from avoiding the painstaking process of filing your tax returns, they can help you find ways to save money as a business owner.

Keep your receipts!

This is pretty basic, but having an organised recording system in place for your receipts can save you so much hassle when it comes to your bookkeeping. Consider investing in reliable accounting software to help you keep track of your bookkeeping. Cloud-based accounting software such as Xero will help you manage your numbers, while Receipt Bank is a great little resource that grabs snapshots of your receipts and invoices, categorising them quickly and efficiently.

And save a little more…

It never hurts to have a little extra put aside for any unexpected costs that might come up. Particularly when you are a new business and still finding your feet. After the initial start-up costs of launching your business, the other costs such as insurance, legal fees and taxes will also need to be met. The little costs that really add up might be administrative costs (laptops,phones,office supplies) or employee expenses depending on the nature of your business.


Why Bristol Is The Perfect Place To Set Up A Business

Apart from being one of the UK’s top cities of culture, Bristol is also a thriving hub for startups and burgeoning businesses.  As a university city, with a strong music and art scene that sees it stand alongside other creative cities such as Brighton, or even London, Bristol also leads the way in terms of technological innovation which makes it particularly appealing to young entrepreneurs.

In 2016 Bristol topped the list of the top ten cities for entrepreneurs following a study by University College London’s School of Management which has as a criteria the broadband speed, cost of central office space, along with the number and value of start-up loans made available. 

There are many examples of businesses that have flourished in Bristol, with some of the city’s best known start-ups including Wallace and Gromit, Ribena, and Dyson.

But what is it about Bristol that makes it so appealing to entrepreneurs?

If you are starting a new business in Bristol you have access to a wide range of new business support services including The Department for Business, Innovation and Skills website, Outset Bristol - a free programme that helps you set up and grow your business, and  BRAVE Enterprise - an independent not-for-profit company that offers training and consultancy services.

Getting access to the help and support you need is key to setting up your business and ensuring that once it gets set up, it stays up. Having decent access to grants and funding will certainly help with a new business, but even more important to the longevity of a business is having the right support and systems in place to grow and stay relevant. Having an accountant to assist with your bookkeeping and help you save tax is one way you can stay afloat. Along with the support that Bristol offers to new start-ups, Bristol also happens to be a leading tech hub.

Bristol’s economic landscape has moved on and kept relevant and up-to-date, in part, because of its expansion and innovation in technology, but also because of the diverse talent pool it houses. With a strong tech community and social scene, Bristol attracts young innovators and businesses that positively impact each other. With two universities in Bristol, and two nearby in bath, there is a rich diversity in Bristol that drives it forward.

With the UK as the leading European tech hub, Bristol’s influence in technology is significant, and growing. Bristol Temple Quarter, also known as The Enterprise Zone, is a hub for many Bristol startups, housing many tech, digital, and professional services sectors and has a close proximity to Temple Meads train station. And with London less than two hours away, it is a realistic prospect for commuters.

While creative media, tech and aerospace are some of the cities thriving industries, the potential number and range of startups is almost limitless. With an ambitious and qualified workforce that knows how to network, innovate and grow, Bristol will continue to nurture start-ups and see many of them through to success.