Why complying with national living wage can benefit your business in more ways than one
Every manager longs for an efficient, engaged and focussed workforce in order to pave way for a successful business. In order to make this happen, there are many corporate procedures to follow to increase efficiency in the workplace. However, leading operational software developer, Unique IQ explains why complying with national living wage could be an unsung productivity tactic.
The report, The Power of Employee Benefits in an Uncertain World by MetLife found that 34% of employees questioned said that financial concerns were distracting them at work. By tightening policy on National Living Wage, ensuring fair pay and compliance each month, businesses could give financial confidence back to their staff, noticing performance boosting benefits as a result. In an age where reports of large scale corporations failing to comply are rising just as fast as living costs, the need such a policy is vital for any responsible employer.
David Lynes, Director of Unique IQ revealed, “Many business know the importance of complying with National Living Wage regulations, but are not aware of its benefits beyond avoiding legal complications. This report from MetLife highlights how small, seemingly unconnected factors can make so much of a difference when creating a positive culture for productivity in a workforce.”
As well as ensuring National Living Wage Compliance, operating with transparent processes in regards to shift expectations can also help to ease financial troubles. With a clear insight into the shifts staff are working each week, they can understand the wages they can expect as a result, spending within each week or month’s limits. IQ:timecard, Unique IQ’s remote workforce solution facilitates this, packed with unique features for ensuring National Living Wage compliance, alongside intelligent real-time employee scheduling systems.
While some businesses struggle to keep up with the demands of National Living Wage, this initial financial increase can lead to further profits in the future, freeing staff from unnecessary stress and distractions.
IQ:timecard helps managers company with National living Wage, alongside many other useful HR and operational functions.