Chart of the Day: Budget measures a huge help in SME staff retention

But sectors such as hospitality/F&B, amongst others, need more support.

This chart from Experian shows that almost all or 93% of the SMEs surveyed stated that the three budget measures were most effective in helping them retain their staff.

This is followed by improvements on cash flow (83%) and defraying business operations (81%). Totalling almost $60b, the three budgets have been especially impactful in protecting businesses within the hospitality/F&B, construction, and wholesale sectors, with 87%, 77%, and 73% of respondents indicating so respectively.

However, Experian added that despite the measures, some sectors such as the hospitality/F&B, construction and wholesale sectors indicated more need for sustained support in areas surrounding employee retention and managing operating costs, especially with cash flow concerns still playing on SMEs’ minds.