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But I thought I would share my reflections on what I think the budget means for employers in Wales.
Certainly, for larger employers (as many have already observed), the budget means that hiring staff has become more costly. The increases to the National Living Wage and Minimum Wage means that the bar for hiring a member of staff has increased. The increase in Employers' National Insurance contributions from 13.8% to 15% raises the bar further still (there is a caveat here for small companies, which I will get to!).
These factors together mean that employers may think twice before going out to hire. It could be a good time for agencies and freelancers who can offer that support externally.
Still, companies with ambitions for growth will still need to hire.
Which takes me to my first main reflection.
I think, more than ever, finding the right talent is going to be important for businesses. Hiring has become a greater investment that employers need to make sure will pay off. Meeting skills gaps is still important, but I also think that finding bright people who can navigate this ever-changing economic climate is just as crucial. Resilience and innovation are the key characterstics moving forward.
It's also why we need to expand the talent pool - which is why Darogan Talent is doing so much work to connect with the Welsh diaspora, in addition to the amazing talent that we have here locally.
I mentioned a caveat earlier for smaller businesses and I do think the budget provides an opportunity here, particularly for Micro Enterprises.
For companies with 1-9 members of staff, depending on how much each member of staff is paid, you could be be better off under the budget. This is because the Employment Allowance will increase from £5,000 to £10,500, which means that a company can hire four full-time national living wage workers without paying any Employers’ National Insurance on their wages!
For small companies like my own, we are actually better off under the current budget - and since 95% of enterprises in Wales fall into the micro enterprise category (0-9 employees), I expect there are many other businesses in Wales that will benefit from this increased allowance too.
Despite comprising so much of the Welsh economy, only 4.6% of graduates from Welsh universities work in a Micro Enterprise 15 months after graduating (and only 23.2% start their career with an employer with less than 250 members of staff).
This takes me to my second main reflection.
Does this budget provide a new opportunity for smaller companies to hire graduates? Does it provide a competitive advantage, since larger companies have to pay more for the same talent?
I'm not sure - but I am certain that many young people would benefit from the variety that a role with an SME provides.
But I thought I would share my reflections on what I think the budget means for employers in Wales.
Certainly, for larger employers (as many have already observed), the budget means that hiring staff has become more costly. The increases to the National Living Wage and Minimum Wage means that the bar for hiring a member of staff has increased. The increase in Employers' National Insurance contributions from 13.8% to 15% raises the bar further still (there is a caveat here for small companies, which I will get to!).
These factors together mean that employers may think twice before going out to hire. It could be a good time for agencies and freelancers who can offer that support externally.
Still, companies with ambitions for growth will still need to hire.
Which takes me to my first main reflection.
I think, more than ever, finding the right talent is going to be important for businesses. Hiring has become a greater investment that employers need to make sure will pay off. Meeting skills gaps is still important, but I also think that finding bright people who can navigate this ever-changing economic climate is just as crucial. Resilience and innovation are the key characterstics moving forward.
It's also why we need to expand the talent pool - which is why Darogan Talent is doing so much work to connect with the Welsh diaspora, in addition to the amazing talent that we have here locally.
I mentioned a caveat earlier for smaller businesses and I do think the budget provides an opportunity here, particularly for Micro Enterprises.
For companies with 1-9 members of staff, depending on how much each member of staff is paid, you could be be better off under the budget. This is because the Employment Allowance will increase from £5,000 to £10,500, which means that a company can hire four full-time national living wage workers without paying any Employers’ National Insurance on their wages!
For small companies like my own, we are actually better off under the current budget - and since 95% of enterprises in Wales fall into the micro enterprise category (0-9 employees), I expect there are many other businesses in Wales that will benefit from this increased allowance too.
Despite comprising so much of the Welsh economy, only 4.6% of graduates from Welsh universities work in a Micro Enterprise 15 months after graduating (and only 23.2% start their career with an employer with less than 250 members of staff).
This takes me to my second main reflection.
Does this budget provide a new opportunity for smaller companies to hire graduates? Does it provide a competitive advantage, since larger companies have to pay more for the same talent?
I'm not sure - but I am certain that many young people would benefit from the variety that a role with an SME provides.
Ond roeddwn i’n meddwl y byddwn i’n rhannu fy myfyrdodau ar yr hyn rwy’n meddwl y mae’r gyllideb yn ei olygu i gyflogwyr yng Nghymru.
Yn sicr, i gyflogwyr mwy (fel y mae llawer wedi sylwi eisoes), mae'r gyllideb yn golygu bod cyflogi staff wedi dod yn fwy costus. Mae’r codiadau i’r Cyflog Byw Cenedlaethol a’r Isafswm Cyflog yn golygu bod y bar ar gyfer llogi aelod o staff wedi cynyddu. Mae’r cynnydd yng nghyfraniadau Yswiriant Gwladol Cyflogwyr o 13.8% i 15% yn codi’r bar ymhellach fyth (mae cafeat yma i gwmnïau bach, byddaf yn son amdani wedyn!).
Mae'r ffactorau hyn gyda'i gilydd yn golygu y gall cyflogwyr feddwl ddwywaith cyn mynd allan i gyflogi. Gallai fod yn amser da i asiantaethau a gweithwyr llawrydd sy'n gallu cynnig y cymorth hwnnw'n allanol.
Er hynny, bydd angen i gwmnïau sydd ag uchelgais ar gyfer twf i gyflogi o hyd.
Sy'n dod â fi at fy mhrif adlewyrchiad cyntaf.
Rwy’n meddwl, yn fwy nag erioed, bod dod o hyd i’r dalent iawn yn mynd i fod yn bwysig i fusnesau. Mae cyflogi wedi dod yn fuddsoddiad mwy, ac y mae angen i gyflogwyr wneud yn siŵr y bydd yn talu ar ei ganfed. Mae llenwi bylchau sgiliau yn dal yn bwysig, ond rwyf hefyd yn meddwl bod dod o hyd i bobl ddisglair sy’n gallu llywio’r hinsawdd economaidd newidiol hon yr un mor hanfodol. Gwydnwch ac arloesedd yw'r nodweddion allweddol wrth symud ymlaen.
Dyna pam fod angen ehangu’r gronfa dalent hefyd – a dyna pam mae Darogan Talent yn gwneud cymaint o waith i gysylltu â’r Cymry alltud, yn ogystal â’r dalent anhygoel sydd gennym yma’n lleol.
Soniais yn gynharach am gafeat ar gyfer busnesau llai ac rwy’n meddwl bod y gyllideb yn rhoi cyfle yma, yn enwedig ar gyfer Micro Fentrau.
Ar gyfer cwmnïau sydd ag 1-9 aelod o staff, yn dibynnu ar faint mae pob aelod o staff yn cael ei dalu, gallech fod yn well eich byd o dan y gyllideb newydd. Mae hyn oherwydd y bydd y Lwfans Cyflogaeth yn cynyddu o £5,000 i £10,500, sy'n golygu y gall cwmni gyflogi pedwar gweithiwr ar gyflog byw cenedlaethol llawn amser heb dalu unrhyw Yswiriant Gwladol Cyflogwyr ar eu cyflog!
Ar gyfer cwmnïau bach fel fy un i, rydym yn well ein byd o dan y gyllideb bresennol - a chan fod 95% o fentrau yng Nghymru yn perthyn i’r categori micro-fentrau (0-9 o weithwyr), rwy’n disgwyl bod llawer o fusnesau eraill yng Nghymru a fydd yn elwa ar y lwfans uwch hwn hefyd.
Er eu bod yn cynnwys cymaint o economi Cymru, dim ond 4.6% o raddedigion o brifysgolion Cymru sy’n gweithio mewn Micro Fenter 15 mis ar ôl graddio (a dim ond 23.2% sy’n dechrau eu gyrfa gyda chyflogwr â llai na 250 aelod o staff).
Mae hyn yn dod â fi at fy ail brif fyfyrdod.
A yw'r gyllideb hon yn rhoi cyfle newydd i gwmnïau llai logi graddedigion? A yw'n rhoi mantais gystadleuol, gan fod yn rhaid i gwmnïau mwy dalu mwy am yr un dalent?
Dydw i ddim yn siŵr—ond rwy’n sicr y byddai llawer o bobl ifanc yn elwa o’r amrywiaeth y mae rôl gyda busnes bach yn ei ddarparu.