Business travel, employee wellbeing and bulk buying this is what your business really should be investing in this year

Date:
Mon, 12 Feb 2024 10:26:50 +0000

Description:
Businesses are spending on these key areas for their workers, but many could tweak some processes for greater efficiency.

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A new study has looked to shed some light on the evolving economic landscape and changing priorities, revealing the main business habits for UK
businesses, with some potentially surprising findings.

According to the report from Soldo, which examined the spending habits of 24,000 UK businesses, green initiative-linked spending saw a healthy increase in 2023 as companies looked to boost their sustainability credentials despite continuing economic limitations.

While the sectors that saw considerable spending may surprise, Soldo
confirmed that Britains companies are still tracking every penny thats being spent as they continue to face the threat of business failure. UK businesses are spending more on travel

Electric cars, which have become far more mainstream in the UK since the pandemic, have resulted in a 68% increase in electric vehicle salary
sacrifice arrangements. Companies are also using more electric vehicle charging stations as a result. Soldo noted the tax benefits that have been attracting more companies to go green, as well as the obvious environmental advantages.

The company also found a notable rise in business travel, with companies spending 17% more on rail and 7% more on air travel in 2023 than the year before.

Brandon Till, Director of Business Solutions, commented: Despite the economic challenges were facing, businesses are starting to spend more, and its particularly heartening to see them focus on employee support and sustainability efforts.

Last year, companies also set aside money to spend on talent retention, acquisition, and workforce wellbeing. Rewarding workers has been proven to increase resilience, engagement, and performance its an area that looks to
be getting more budget each year.

Despite the positive outcome of the report, Soldo noted some key areas of improvement. Expense and reimbursement processes could be simplified, while
an injection of automation could take the hassle out of repetitive admin
work. More from TechRadar Pro Weve made a list of the best hybrid working
tech you need Business trips are back in a big way in 2024 - but
environmental concerns are also growing Check out our roundup of the best online collaboration tools and the best productivity apps to give your
workers a handy boost



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Link to news story: https://www.techradar.com/pro/business-travel-employee-wellbeing-and-bulk-buyi ng-this-is-what-your-business-really-should-be-investing-in-this-year


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