So I have published several articles leading up to this but the time has now finally come, as of the first of April the National Living Wage is now in effect and is likely to be having an impact on both you and your employer in some way.
So to recap referencing the BBC’s article; “The new National Living Wage and you,” The new National Living Wage is for the following people and is predicted to have the following implications:
“It will be paid to workers aged 25 and above. Initially, it will be set at £7.20 an hour, with a target of it reaching more than £9 an hour by 2020. Part-time and full-time workers will get it.
It will give a pay rise to 1.3m workers this year, according to the OBR. But it is expected to cost 60,000 jobs and reduce hours worked by four million a week.
Some employers – particularly those in London- have promised to pay even more than the NLW.”
Below highlights how the introduction of The National Living Wage effects pay legislation as a whole in the UK now:
So how does this apply to us here at Thinking Software?
For those of you who are unfamiliar with us, we provide an Enterprise Time & Attendance solution, Rota Horizon, which has the potential to be your greatest ally with reference to workforce management. With the National Living Wage increasing your operational costs, there has never been a more important time to understand exactly:
What hours your staff are due to beworking
At what rate they are being paid to complete those hours
Any additional staff members will be getting paid for going beyond the hours they are contracted for
Whether the ideal staff plan works in line with your budget
If this isn’t information that you have access to already, then there has never been a better time to contact Thinking Software and simply explore how Rota Horizon could assist you. The solution also helps in the following ways:
Using Time and Attendance data
Once you’ve collected accurate Time and Attendance data, your managers can use it to:
Calculate employee work and overtime hours
Manage your company flexi-time scheme
Monitor lateness, absence and break times
Record lieu hours
Check Working Time Directive Compliance
Record holidays, sickness and other absence
As well as collecting and using attendance data you will also want to record when your employees aren’t at work, and why not.
With Rota Horizon you can:
Manage holiday entitlement and plan annual leave
Monitor sick days and calculate Bradford Factor scores
Record other absence reasons that you can define in the system
Budget and Forecast
Within Rota Horizon there is the potential to store every employees pay rates, these can even be obtained directly from any form of payroll software you may use (ie Sage Pegasus). By understanding exactly what hours employees have worked, then matching those hours against the correct pay rates, by planning when staff are meant to be you can produce an accurate forecast.
Know the cost of each work period in advance and on the fly
Plan in advance to make sure you meet departmental budgets
Know who’s on holiday or other planned absence in time to adapt the rota and control the cost
So if you believe that your organisation could benefit from a Time & Attendance solution then please do call us on 0800 854 471 or contact us below. Please also feel free to request a software web demonstration by clicking here and providing the details requested.
To read the referred to BBC article click here.