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YTA Blog

A platform bringing you the latest news and insights on staffing, startups and the future of work.

Unveiling the Latest Trends in Staff Augmentation: How it Can Impact Businesses in the UK 

As businesses continue to adapt to the changing landscape of work, one trend that has gained popularity in recent years is staff augmentation. Staff augmentation is the practice of supplementing an organization’s workforce with external resources such as contractors, freelancers, or temporary workers. This approach allows businesses to quickly scale their workforce up or down based on their needs without the long-term commitment of hiring full-time employees. In this article, we will discuss the latest trends in staff augmentation and how they can impact businesses in the UK. 

Trend #1: Remote Work

The pandemic has accelerated the shift towards remote work, and this trend is likely to continue even after the pandemic. Staff augmentation providers can help businesses navigate this transition by providing access to a global talent pool of remote workers. This not only allows businesses to tap into a broader range of skills but can also save costs associated with maintaining a physical office space. 

Trend #2: Specialist Skills 

As businesses continue to evolve, so do their needs for specialist skills. Staff augmentation providers can help businesses access a range of skills and expertise that may not be available in-house. For example, a company may need to hire a data scientist for a specific project, but they may not have the budget or resources to hire a full-time employee. In this case, a staff augmentation provider can help them find a qualified candidate for the duration of the project.

Trend #3: Agile Workforce 

Agile methodologies have become increasingly popular in recent years, and staff augmentation can help businesses adopt an agile workforce. By supplementing their team with external resources, businesses can quickly adapt to changing demands and allocate resources more efficiently. This approach can help businesses stay competitive in an ever-changing market. 

Trend #4: Compliance and Regulation 

Compliance and regulation are a growing concern for businesses across all industries. Staff augmentation providers can help businesses ensure compliance by providing expertise in areas such as data protection, tax compliance, and employment law. By partnering with a staff augmentation provider, businesses can ensure that they are following best practices and avoiding costly legal issues. 

Trend #5: Diversity and Inclusion 

Diversity and inclusion are becoming increasingly important for businesses. Staff augmentation providers can help businesses access a diverse talent pool, which can lead to increased creativity and innovation. This approach can also help businesses improve their diversity and inclusion metrics, which can have a positive impact on their reputation and brand. 

In conclusion, staff augmentation is a trend that is likely to continue as businesses navigate the changing landscape of work. By leveraging the latest trends in staff augmentation, businesses in the UK can access a global talent pool, tap into specialist skills, adopt an agile workforce, ensure compliance, and improve their diversity and inclusion metrics. By partnering with a staff augmentation provider, businesses can stay competitive and adapt to changing demands. 

YTA Blog

A platform bringing you the latest news and insights on staffing, startups and the future of work.

7 Tips for SME Founders: to achieve growth and thrive in today’s business landscape

As a founder of a small or medium-sized enterprise (SME), it’s likely that you’re always looking for ways to grow and succeed in your business. While there are countless strategies and tactics to consider, there are a few key tips that can help you stay on track and reach your goals. 

Here are seven tips for founders of SMEs: 

Focus on your core competencies 

As an SME, you may not have the resources to be everything to everyone. Instead, focus on your core competencies – the things that your business does exceptionally well – and build your brand around them. This will help you differentiate yourself from your competitors and become known as an expert in your field. 

Build a strong team 

Your team is the backbone of your business, and it’s important to build a strong, cohesive team that shares your vision and values. Hire people who are passionate about your business and who bring unique skills and perspectives to the table. Then, invest in their professional development and provide opportunities for growth within your company. 

Embrace technology 

Technology can help streamline your operations, increase efficiency, and improve the customer experience. Consider investing in tools and software that can help you automate routine tasks, track your progress, and communicate with your team and customers more effectively. 

Stay agile 

In today’s fast-paced business environment, it’s important to stay agile and adaptable. Be willing to pivot your strategy as needed, and keep an eye on emerging trends and technologies that could impact your industry. 

Prioritize customer service 

Happy customers are the lifeblood of any business, and it’s important to prioritize customer service at every stage of the customer journey. Make it easy for customers to contact you, respond promptly to their inquiries and complaints, and go above and beyond to exceed their expectations. 

Network and collaborate 

Networking and collaboration can be powerful tools for SMEs. Attend industry events, join professional organizations, and seek out opportunities to collaborate with other businesses and individuals in your field. This can help you build relationships, share knowledge and resources, and open up new opportunities for growth. 

Measure your success 

Finally, it’s important to measure your success and track your progress towards your goals. Use data and analytics to identify areas where you can improve, and celebrate your successes along the way. This will help you stay motivated and focused on your vision for your business. 

In conclusion, these seven tips can help you build a strong, successful SME. By focusing on your core competencies, building a strong team, embracing technology, staying agile, prioritizing customer service, networking and collaborating, and measuring your success, you can position your business for growth and success in today’s competitive marketplace. 

YTA Blog

A platform bringing you the latest news and insights on staffing, startups and the future of work.

What is Lean Management?

Lean management is a business strategy that originated in Japan and was popularized by Toyota. It is a set of principles and practices aimed at reducing waste and increasing efficiency in manufacturing, service, and other business processes. The approach is focused on continuously improving the quality and value of products or services offered to customers while minimizing costs and maximizing profits. In this article, we will explore what lean management is, its key principles, and its benefits.

What is Lean Management?

Lean management is a methodology that aims to streamline and optimize processes in order to eliminate waste and reduce costs. It involves analyzing every step of a process to identify inefficiencies, reduce lead times, and improve quality. This approach focuses on the value that the customer places on a product or service, and the elimination of any steps that do not add value to the end product or service.

The Lean management approach can be applied to any industry, from manufacturing to healthcare, and has been successfully implemented in organizations of all sizes. It is based on the principles of continuous improvement, respect for people, and the pursuit of perfection.

Key Principles of Lean Management

The key principles of Lean management are:

  1. Value: Lean management starts with a focus on the value that the customer places on a product or service. The goal is to create value for the customer while minimizing waste.
  2. Value stream: The next step is to analyze the entire value stream – the series of steps that are required to produce the product or service – to identify inefficiencies and areas for improvement.
  3. Flow: Lean management aims to optimize the flow of materials, information, and people through the value stream, with the goal of eliminating any interruptions or bottlenecks.
  4. Pull: The pull principle means that production is driven by customer demand, rather than by a push from the producer. This approach ensures that production is aligned with customer needs, minimizing waste and maximizing efficiency.
  5. Perfection: The ultimate goal of Lean management is the pursuit of perfection – the continuous improvement of processes to eliminate waste, increase efficiency, and improve quality.

Benefits of Lean Management

Lean management has several benefits, including:

  1. Improved efficiency: Lean management aims to eliminate waste and optimize processes, which leads to increased efficiency and productivity.
  2. Reduced costs: By eliminating waste and streamlining processes, Lean management can reduce costs, improve profitability, and increase competitiveness.
  3. Improved quality: Lean management aims to improve the quality of products and services by eliminating defects and errors.
  4. Increased customer satisfaction: By focusing on customer needs and eliminating waste, Lean management can improve customer satisfaction and loyalty.
  5. Empowered employees: Lean management promotes a culture of continuous improvement and empowers employees to identify and solve problems.

Conclusion

Lean management is a powerful business strategy that can help organizations reduce waste, increase efficiency, and improve quality. It is based on the principles of continuous improvement, respect for people, and the pursuit of perfection. By focusing on the value that the customer places on a product or service, and by eliminating any steps that do not add value, Lean management can help organizations achieve their goals and remain competitive in today’s fast-paced business environment.

YTA Blog

A platform bringing you the latest news and insights on staffing, startups and the future of work.

A way forward: how startups and SMEs can thrive in 2023

The year 2023 is shaping up to be a challenging year for startups in many industries. One of the most pressing issues is the skilled labor shortage that is affecting companies around the world. This shortage of skilled workers is being driven by a number of factors, including demographic shifts, changing educational systems, and the rapid pace of technological change.

Despite these challenges, there are steps that startups can take to thrive in 2023 and beyond. In this article, we’ll take a look at some of the strategies that successful startups are using to navigate the skilled labor shortage and build thriving businesses.

1. Embrace a remote-first approach

One of the most effective strategies for dealing with the skilled labor shortage is to embrace a remote-first approach to hiring and building a team. This approach allows startups to tap into a global pool of talent and access highly skilled workers who might not be available in their local area. By using video conferencing, collaboration tools, and other remote work technologies, startups can create a highly effective and productive team that is able to work from anywhere in the world.

2. Invest in upskilling and reskilling programs

Another strategy that startups can use to thrive in the face of the skilled labour shortage is to invest in upskilling and reskilling programs for their existing employees. This involves providing training and development opportunities that allow workers to acquire new skills and adapt to changing technologies and business environments. By investing in these programs, startups can create a highly skilled and adaptable workforce that is able to meet the challenges of the future.

3. Build a strong employer brand

In a highly competitive job market, building a strong employer brand is essential for attracting and retaining top talent. This involves creating a company culture that values innovation, collaboration, and learning, and that provides employees with opportunities for growth and development. By building a strong employer brand, startups can differentiate themselves from their competitors and attract the best and brightest workers to their team.

4. Emphasise diversity and inclusion

As the workforce becomes more diverse, startups that prioritise diversity and inclusion will have a competitive advantage in attracting and retaining top talent. This involves creating a workplace that is welcoming and inclusive for workers from all backgrounds, and that values diverse perspectives and experiences. By emphasising diversity and inclusion, startups can create a culture that fosters innovation and creativity, and that is able to attract and retain the best and brightest workers from around the world.

5. Partner with educational institutions

Finally, startups can thrive in the face of the skilled labour shortage by partnering with educational institutions to identify and develop talent. By working with universities, community colleges, and vocational schools, startups can build relationships with students and faculty members who have the skills and knowledge that they need to grow and succeed. This approach can help startups to identify and recruit top talent before they enter the job market, and to provide students with valuable internship and work experience opportunities.

In conclusion, startups that are able to navigate the skilled labour shortage in 2023 will be those that are able to adapt and innovate in response to changing market conditions. By embracing a remote-first approach, investing in upskilling and reskilling programs, building a strong employer brand, emphasising diversity and inclusion, and partnering with educational institutions, startups can build highly skilled and adaptable teams that are able to meet the challenges of the future.

YTA Blog

A platform bringing you the latest news and insights on staffing, startups and the future of work.

How Inflation and UK’s Skilled Labour Shortage is Affecting SMEs

Inflation in the UK hits a new high.

For the first time since 1981, inflation in the UK hit 11.1% in 2022–bringing with it worsening job shortages, as more people leave the workforce and wages increase at their highest rate in over a year. 

In terms of SMEs, budgets are being impacted by the rising cost of living: as global crises affected commerce, more than half of SMEs saw operating costs above inflation, and 95% cited higher operating costs as a result of the rising cost of living. 

Wage negotiations and interview no-shows are the main recruitment issues for SMEs.In addition to this, recruitment challenges continue to be costly. Nearly a quarter of employers have experienced early departures of new staff. 

Talent problems and salary inflation are being fueled by staff attrition: More than a quarter of SMEs indicate they have been unable to fill open positions as a result of the so-called “Great Resignation,” which has put a shadow over the sector. According to statistics, 29% of millennials are the age group most likely to have quit their jobs in SMEs. 

Neil Davies, CEO of Close Brothers’ Commercial Division says: 

“Businesses have, for some time now, borne the brunt of both rising costs and inflation along with supply chain problems that have made it difficult to plan – both finances and stock – while trying to meet customer demands. But it’s encouraging to see that firms are still keen to invest despite all the challenges they are facing.” 

The Skills Shortage in the UK 

The skills gap is straining businesses’ remaining employees and resulting in a loss of productivity, with 78% of them reporting decreased output, profitability, or growth. 

Finding the right qualified employees is one of the issues contributing to the stress UK SMEs are feeling, according to last month’s SME tracker. Half (50%) of UK SMEs say that skills shortages are harming their client services.  

The skills shortage continues to hamper SME growth in the UK. This lack of access to talent, coupled with the economic downturn and turbulence, is causing SMEs to deprioritize hiring, which will have a long-term negative impact on SME growth as well as exacerbate already existing strains. Nearly one-fifth (17%) of businesses are not actively looking to grow in the next year. 

The annual OU study, which this year was produced in partnership with the British Chambers of Commerce, is based on a survey of more than 1,300 organisations of all sizes from the governmental, corporate, and nonprofit sectors throughout the four countries. 

What’s the solution? 

If you’re an SME from the UK, YTA makes it simpler to hire, onboard, pay, and manage your staff. You can hire remote workers in Asia with YTA, saving you a lot of time while efficiently addressing the skills shortage problem in the UK and saving you thousands of pounds. 

With the aid of YTA’s experts, assemble a committed team of professionals in Asia who possess the ideal combination of abilities for your company. Join the UK’s fastest-growing startups that sourced even their most difficult tech roles in under 2 weeks and save 50%+ on direct staffing costs.

At YTA, you can find top remote talent starting from just £2.99/hour!  

Reach out to us if you have any questions at all–we’re just one click of a button away!

YTA Blog

A platform bringing you the latest news and insights on staffing, startups and the future of work.

What is the UK R&D Tax Credit Scheme?

The UK R&D tax credit scheme is a government initiative that aims to incentivise innovation and technological advancement by providing tax relief to businesses that invest in research and development. The scheme has been in place since 2000 and has undergone several revisions since then. 

Under the current scheme, eligible businesses can claim a tax credit of their R&D expenditure, which can be used to offset against their corporation tax liability or, for smaller companies, as a cash payment. To be eligible for the scheme, a business must be a UK company subject to corporation tax, and the R&D activity must be aimed at achieving a scientific or technological advancement that is not readily deducible by a competent professional in the field. 

The R&D tax credit scheme is available to businesses of all sizes and across all industries. However, the level of relief that a business can claim depends on its size and the type of R&D activities it is engaged in.

The scheme has been successful in incentivising R&D investment in the UK, with thousands of businesses taking advantage of the tax relief on offer. In 2019-20, over 62,000 claims were made, resulting in £5.3 billion of tax relief for businesses. 

The UK government announced changes to the rates of R&D tax relief in the Autumn Statement in November 2022. These changes affect current R&D tax relief claimants under both the SME and R&D expenditure credit (RDEC) regimes, and they apply to expenditure incurred on or after April 1, 2023. 

To summarize these changes: SME repayable credit claimants will see a significant reduction in funding, whereas profitable SME claimants will see a smaller reduction in the net benefit of R&D claims. 

It should also be noted that RDEC claimants will see a net increase in funding (both profitable and loss making). While this benefits large businesses, it also benefits SME claimants who work on subcontracted R&D projects and those who receive other types of grant funding. 

In conclusion, the UK R&D tax credit scheme is a valuable tool for businesses looking to invest in research and development. By providing tax relief to eligible businesses, the scheme incentivises innovation and technological advancement, driving growth and competitiveness across all industries. The government’s continued commitment to R&D investment is an important step towards securing the UK’s position as a global leader in innovation and technology. 

YTA Blog

A platform bringing you the latest news and insights on staffing, startups and the future of work.

5 tips to grow your SME

Small and medium-sized enterprises (SMEs) are the backbone of any economy. They create jobs, stimulate innovation, and contribute to the overall growth of a country. However, growing an SME is no easy feat. It requires careful planning, effective management, and a willingness to adapt to changing market conditions. In this article, we will discuss five tips to help you grow your SME and achieve success.

  1. Focus on your core strengths
    One of the biggest mistakes that SMEs make is trying to be everything to everyone. This approach can be detrimental to growth as it often leads to a lack of focus and diluted efforts. Instead, identify your core strengths and focus on developing them. This will enable you to differentiate yourself from your competitors and build a loyal customer base. You can then use this foundation to expand into related areas or products.
  2. Build a strong team
    Your employees are your greatest asset. They are the ones who will help you achieve your goals and grow your business. Therefore, it is essential to build a strong team that shares your vision and values. Hire people with complementary skills, experience, and a strong work ethic. Invest in their training and development, and provide them with a positive work environment that promotes collaboration and innovation.
  3. Embrace technology
    Technology can be a game-changer for SMEs. It can help you streamline your operations, reduce costs, and improve your customer experience. Embrace technology by implementing software and tools that automate repetitive tasks, enhance productivity, and provide real-time insights into your business performance. For example, you can use customer relationship management (CRM) software to manage your customer interactions, or accounting software to track your finances.
  4. Expand your customer base
    Expanding your customer base is crucial for SME growth. You can do this by focusing on your existing customers and providing them with exceptional service and value. This will increase their loyalty and encourage them to refer others to your business. You can also expand your customer base by identifying new target markets and creating targeted marketing campaigns to reach them. Finally, consider partnering with complementary businesses to reach a wider audience and offer bundled services.
  5. Measure your performance
    To grow your SME, you need to track your performance and measure your progress. This will help you identify areas that need improvement and make informed decisions about the future of your business. Measure key performance indicators (KPIs) such as revenue growth, profit margins, customer acquisition costs, and customer retention rates. Use this data to inform your strategy, set realistic goals, and make data-driven decisions.

    In conclusion, growing an SME requires a combination of strategy, hard work, and adaptability. By focusing on your core strengths, building a strong team, embracing technology, expanding your customer base, and measuring your performance, you can set your business up for success. Remember, growth is a journey, not a destination. Continuously evaluate your strategy, adjust your tactics, and stay focused on your goals to achieve sustainable growth.

YTA Blog

A platform bringing you the latest news and insights on staffing, startups and the future of work.

7 tips to help SME business owners navigate the 2023 recession

As an SME founder or business owner, navigating an economic recession can be a daunting task. With the current economic climate being uncertain and unpredictable, it is important for businesses to take proactive steps to ensure they survive and thrive during these tough times. Here are 7 tips for SME founders and business owners to navigate the 2023 recession.

Assess your financial position: The first step is to assess your financial position. This includes looking at your cash flow, balance sheet, income statement, and debt obligations. Identify areas where you can reduce expenses and improve cash flow. This may involve renegotiating contracts, delaying purchases, and cutting unnecessary expenses.

Focus on your core business: During a recession, it is important to focus on your core business. This means identifying your most profitable products or services and focusing your efforts on improving them. You may also need to consider diversifying your revenue streams to mitigate any potential risks.

Keep your customers happy: Keeping your customers happy is essential during a recession. This means providing exceptional customer service, offering promotions and discounts, and staying in touch with your customers through regular communication. Focus on building long-term relationships with your customers rather than just making a sale.

Look for opportunities: While a recession can be challenging, it can also present opportunities. Look for areas where you can expand your business, such as by entering new markets or launching new products. You may also want to consider acquiring distressed businesses or assets that can add value to your existing business.

Invest in technology: Investing in technology can help you streamline your business processes, reduce costs, and improve your overall efficiency. This may involve upgrading your hardware or software, investing in automation, or embracing new digital marketing strategies.

Stay up to date on industry trends: Staying up to date on industry trends can help you identify emerging opportunities and potential threats. This may involve attending industry events, networking with other business owners, and keeping a close eye on industry publications and news sources.
Seek professional advice: Finally, seeking professional advice can be invaluable during a recession. This may involve hiring a financial advisor, consulting with a marketing expert, or seeking the advice of a business coach. These professionals can help you identify areas for improvement and develop a plan to navigate the recession.

In conclusion, navigating a recession as an SME founder or business owner requires a proactive approach. By assessing your financial position, focusing on your core business, keeping your customers happy, looking for opportunities, investing in technology, staying up to date on industry trends, and seeking professional advice, you can weather the storm and come out stronger on the other side.

YTA Blog

A platform bringing you the latest news and insights on staffing, startups and the future of work.

Top 4 challenges faced by startups and SMEs hiring full-time remote staff

For too long, only large corporations and big businesses have been able to leverage the abundance of skilled professional offshore remote talent based in Asia. Startups and SMEs in the United Kingdom, Europe, and United States have struggled to hire top remote talent due to entry barriers such as the formation of offshore local subsidiary entities, the high cost of outsourcing consultants, and the lack of EOR/PEO service providers servicing this market segment.

Here are the top 4 problems faced by startups and SMEs trying to expand their skilled team capacity and how they can be overcome without spending thousands of dollars on unnecessary things like regional offices, recruitment fees, and consultants. 

Problem 1: I’m a small business owner or SME trying to grow my business but struggling to find entry-level support and admin staff to fill roles in areas like HR operations, Executive Assistants, and Customer Support/Oncall Agents.

Solution: Stop wasting time and money on job boards, expensive job ads, and recruitment fees. Hire qualified, experienced remote professionals for roles in HR operations, Executive Assistants, and Customer Support/Oncall Agents for just $3.99/hour. Get Your Team in Asia today.

Problem 2: We are a tech startup having raised pre-seed or seed funding and looking to hire talented app developers and software engineers on a budget but unable to attract talent due to top salaries and benefits offered by competing for big tech.

Solution: Stop wasting time and money on job boards, expensive job ads, and recruitment fees. Outsourcing projects to IT companies are not cheap and mostly ineffective as the focus is on quick delivery to meet minimum requirements. This conflicts with a tech startup’s purpose being to build a great user experience that evolves over time. Most app development projects go well over 6 months, making outsourcing IT very expensive considering market rates of $50/hour for good freelancers. Instead, simply hire qualified, experienced remote professionals for full-time roles in app development, software engineering, web design, database engineering, project management, quality assurance testing, and cloud DevOps for just $9/hour. Get Your Team in Asia today.

Problem 3: The pandemic (COVID), inflation, and the Ukraine crisis have impacted my business, and I need to quickly cut down direct staffing costs if I’m to survive in the current market. How can I run effective operations while reducing staffing costs?

Solution: Don’t sacrifice entire departments with your top performers to meet budget cuts. That’s not smart. Instead, keep your top performers and make them managers of your extended teams in Asia. We have helped businesses move entire departments in the areas of IT, DevOps, Finance, Design, Human Resources, Customer Service, Tech Support, Sales Development BDMs, and Marketing to Asia with direct wage savings of over 40%. Consider a department running at $100,000 per month. That’s over $40,000 of direct savings without impacting team capacity and operational output. If you need to quickly achieve direct wage savings, Get Your Team in Asia today.

Problem 4: I’m a tech startup building a digital product but not sure which technical skill sets we need to have in our team. We need advice on types of app developers and good processes to follow when building a product team. 

Solution: It looks like you need a CTO. But most seed and early-stage startups have limited funding, making it difficult to hire an experienced full-time CTO. Make use of our CTO as a Service for just $50/hr to help you figure out the best product development stack and software frameworks, skill profiles required, and job descriptions for the roles you need to build a world-class product team. Great products are built by great teams. Don’t waste hard-earned seed funding on IT consultants and agencies. Hire your own full-time, experienced app development and software engineering experts for just $9/hour.

Your Team in Asia is a full-time remote staffing service for startups and SMEs. Get direct access to thousands of skilled professionals ready to work full-time from home. Save over 40% in direct staffing costs and leave the HR operations to us. YTA’s all-in-one Talent as a Service (TaaS) lets you hire, onboard, and pay individuals or entire teams with one simple monthly payment. YTA also takes care of equipment like laptops, mobile phones, and internet routers. You can also offer super staff benefits, dental, vision, health insurance, E-learning, and many more using YTA’s vetted service partners.