2019 has been a significant year for changes in employment law. An increase in minimum wages, statutory sick pay adjustments and changes to pension contributions are just some of the changes that have taken place so far this year.
While it may seem like these changes are purely there to benefit employees, they can actually benefit you as an employer too. Below, we’ll look at some of the main ways recent changes to employment law has benefitted employers as well as employees.
The gender pay gap
One of the earliest changes to occur within employment legislation in the past year, is the gender pay gap. While it only applies to businesses with 250 or more employees, smaller businesses would also benefit from addressing their current pay structure.
Businesses which do employ over 250 people had until April 4th, 2019to submit a second report highlighting their annual gender pay gap. That is, the difference in pay between both male and female employees. So, how does this benefit employers? Well, even if you don’t employ a large number of workers, ensuring you provide equal pay for both male and female employees will boost your reputation.
Obviously, it’s the right thing to do too, but if you’re purely focused on the benefits it delivers, the fact it will set you apart as one of the leading employers for equal pay will do wonders for your brand.
As of April 6th, 2019, changes to payslips have been introduced. Both workers and employees are now entitled to itemised payslips, and they should include the number of working hours. This means HR departments may need to work together with payroll in order to ensure each member of staff receives the right payslip.
Payroll is undoubtedly one of the biggest headaches when running a business. So, to ensure you’re keeping up with all legislative changes, why not outsource your payroll needs to a company like Moorepay?
Changes in the National Minimum wage and statutory sick pay
The minimum wage has increased from April 1st, making National Minimum Wage workers a lot better off. It has gone up to £8.21 per hour and applies to workers over the age of 25. The benefit to employers here, is that providing at least the minimum wage, will help you to attract more loyal employees. If you pay more than the minimum wage, you’ll also find it easier to attract better talent.
Changes have also been made to statutory sick pay, with employees now needing to earn at least £118 per week in order to be entitled to £94.25 weekly sick pay. Offering perks such as sick pay can help you to retain employees, as well as attract better talent when advertising positions within the company.
These are just some of the changes which have occurred over the past year. If you want your business to be successful, it’s crucial you keep up to date with the latest employment law changes.