Kickstart Scheme: The Role Of Younger Employees In Innovation
Putting younger employees at the heart of business innovation
With the government’s new Kickstart Scheme freshly launched, it’s a great time to focus on the positives that younger people bring to the workplace.
New, innovative research and development projects are the key to company success, driving revenue, competitiveness and reputation. But whilst business innovation thrives on a broad range of ages, skillsets and backgrounds, here we look at what younger employees specifically can offer.
Generating new ideas
Younger employees are usually fresh out of college but that has its advantages. They’ll have the most up-to-knowledge of their curriculum, as well as the latest strategies and technologies. These elements can then form the basis of innovative projects which can growth the business over time.
Employees who are earlier in their career also haven’t been ‘burned by experience’. This is to say they tend to embrace ideas that are slightly more out of left field, and to enjoy the new challenges they bring. This enthusiasm and dynamism can be infectious too!
Bringing new energy and perspective
Younger employees see the workplace and their roles through fresh eyes which can bring a whole new perspective. They also tend to be keen to learn and to express their ideas, increasing workplace productivity and morale. Millennials and Gen Zers also understand how companies can reach out and communicate with a younger market, and are more in touch with the issues facing young people in the current climate.
Employees who have been part of the company for many years can all too easily become engrossed in their day to day role and less likely to look at the bigger picture. There’s the chance they may have developed bad habits, or are simply carrying out a task in a particular way because ‘that’s how it’s always done’.
Younger employees don’t have this yet, and so may instigate change simply because they’re seeing the company’s processes from an outsider’s point of view. After all, one idea can make a massive difference. They may find ways to make efficiencies or save money, or simply find a way to perform a task more quickly. Yes, there may be a lack of experience there, but that doesn’t necessarily mean there’s a lack of knowledge.
Embracing new technologies
Millennials and Generation Z have grown up with technology and don’t necessarily remember the days before the internet, tablets or mobile phones for example. This brings about a natural affinity with technology that may not come so naturally for more established employees, and they’re quick to understand new technologies that come along too. Hiring young people therefore has a positive impact on driving businesses forward when it comes to adopting and using new software and technology.
With their education only recently finished, younger people are often used to taking on lots of new information. They are likely to still have that mindset that is used to learning and memorising new facts, making it easier to absorb training. Plus with their lack of previous they’re rather a ‘blank slate’, meaning they can moulded to fit your company’s culture, ethos and requirements.
Dynamism, agility and adaptability
When something unexpected occurs, younger staff can often be more responsive to it. Modern workplaces are constantly changes, especially in the era of COVID-19, and this flexibility can be hugely helpful. With health, political, social and economic issues at the front of everyone’s minds, this agility can make work environments able to cope with a fast-changing world more easily.
Better leverage of resources
Experienced workers often command higher wages than younger newbies. This means that more established staff can get on with the more strategic, higher level work that required in-depth experience. Their time is freed up, as younger employees can take on the more entry-level or day-to-day tasks. Various trainee and apprenticeships scheme have for years been of huge benefit to employees and employers alike for this reason too.
How should recruitment take place?
We’ve looked at the benefits of taking on younger staff, but it’s also important to know how you can make it work for your business. Make sure the work is actually meaningful and not too simple and boring. Be clear in what you expect them to achieve and what competencies and skills you’re looking for. This will allow the young person to find their niche in your organisation.
Remember the needs of the business
These needs should be carefully considered before any recruitment takes place. They should also be documented and reviewed regularly.
Ask yourself what the business need from the new member of staff, and how they will collaborate with your existing teams. Make a strong business case that takes into account how much their recruitment will cost, what their pay scale will look like and how much their training and on-costs will be.
R&D Tax Credits can help financial innovative activities and make your new business projects a reality
No matter what your research and development project is or who you recruit to undertake it, all bold new business decisions come with an element of risk.
The amount of risk a business can withstand is unique to that organisation. But the good news is if any innovative R&D projects have been carried out by your company recently - however small - then R&D Tax Credits can substantially bring down the costs. Worth up to 33 pence in every £1 of R&D expenditure, each claim can easily be worth many thousands of pounds.
The relief is given either as a reduction in Corporation Tax or as a cash credit if the organisation made a loss. Any UK company in any industry can apply, providing that a technological or scientific advancement has been made that benefits the entire field.
To discover and see how to apply, have a look at our R&D Tax Credits page or speak to our expert team on 0207 360 4437. Don’t forget, there’s also our Tax Cloud portal which you can use to make fully guided claim that gets not only great value but that achieves the tax relief your company is entitled to.
- Submitting R&D tax claims since 2001
- Strong track record spanning 20+ years delivering R&D tax credit claims
- Over £70m claimed and counting
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