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Transport and Logistic: Summer statement specialist comments

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Retaining talent is not easy in the Transport and Logistic industry

One of the key challenges facing the Transport and Logistics sector is attracting and retaining talent, whilst more recently the main concern for business owners has been ensuring they have enough cash to see them through the pandemic. Therefore the latest government support announced for young workers and employers is very much welcomed by the T&L sector.

Could apprenticeship be the answer?

Apprenticeships are a great way to attract young talented people and encourage professional development within the industry. Many transport and logistics companies were deemed key workers throughout the pandemic and the sector has demonstrated its reliance and value to help keep the economy moving – this should be leveraged to help attract and retain new talent.

The additional £2,000 grant for employers for every apprentice under 25 (£1,500 for those over 25) for 6 months starting 1st August could create valuable opportunities. Expanding capacity and resources ahead of the change in customs arrangements from 1 January 2021 is something T&L businesses will be considering.  It’s also worth looking into the funding available under the Customs Grant Schemes where additional funding has been provided by the government to help cover training and IT improvement costs incurred by T&L businesses who make customs declarations. We would strongly encourage every business who makes these declarations to look at what costs they could potentially recover under the grant scheme. www.customsintermediarygrant.co.uk,

Job retention bonus

Other announcements made which are worth considering is the £1,000 grant per trainee for employers who take on new trainees aged between 16-24. Also the £1,000 ‘job retention bonus’ to encourage companies to retain furloughed staff to at least the end of Jan 2021 is further welcome news. Obviously this should not impact the hard decisions which businesses have to make but any cash hand outs will be very much welcomed by businesses whose cashflows have been hit.

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Posted in Blog, Transport & logistics

Sophie Said - ACA

Director

Sophie Said is an Audit Director in Menzies Heathrow office specialising in audit and accountancy compliance and international SME advisory services.