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How will the new minimum wage affect your business plans?
The National Living Wage will increase by 6.2% to £8.72 an hour in April. How will this affect your business plans? If you are wondering how to make the most of your employees, here are some things for you to think about.
Not the only changes
You don’t need a crystal ball to predict that small businesses will be looking closely at their finances over the next few months.
Together with this year’s business rate increases in April, there will also be changes to the IR35 rules affecting off-payroll contractors, transferring responsibility for assessing IR35 status to large and medium-sized companies. If HMRC thinks private contractors are working just like your employees in your business, you will have to treat them accordingly.
How employers have responded to the NLW
There isn’t a magic wand. In confirming new NLW rate, the Low Pay Commission (LPC) said that employers have responded to the introduction of the NLW and later increases by increasing their prices, accepting reduced profits, reducing differences in pay grades and cutting back on non-wage benefits. During the LPC’s consultation, they heard that the new NLW will be particularly challenging and that small businesses will have less scope to manage them.
The Federation for Small Businesses (FSB) has raised concerns that, while fair pay is important in a successful economy, increases in the National Living Wage (NLW) must be manageable for small business and shouldn’t put jobs at risk. What’s more, the government says it plans to continue stirring the cauldron until 2024, when it says it wants to see the NLW at £10.50 per hour, if economic conditions allow.
Four in ten small employers say they will raise prices in response to the NLW increase. One in four say they will cut back on their recruitment plans. One in five will cancel investment plans, and one in ten will consider redundancies.
How is it going to affect your business?
Make the magic happen
In reality, recruitment plans might need to be put on hold, and many small businesses will need to look at how they can make the best use of everyone’s time.
So, the Genies have a question for you…
Could you outsource the job of answering your phones?
Every time the phone rings at least one person will be distracted, and it can take up to 20 minutes to regain full concentration. That’s a scary thought – just six phone calls could be costing your business two hours of productive work time.
What could your business achieve if your phone calls were all professionally and delightfully managed by one of our charming Genies? Appointments could be booked, messages taken, and queries handled, all with a sprinkling of Genie joy. Then you can plan your time more efficiently and deal with calls and queries when it’s convenient for you and your team.
Talk to us about how to magically make the most of the wonderful beings in your existing team and keep the financial demons at bay.
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