IQ:timecard Back New Living Wage – Urges Businesses To Prepare for Wage Hikes
The Chancellor’s National Living Wage announcement is having huge ramifications for businesses across the country. IQ:timecard is helping managers streamline the transition with its intelligent web-based workforce management application. Engineered to arm businesses with scalable payroll solutions, the system is an invaluable asset for managers overseeing large contract-based workforces whose wages will soon be rising.
From next April, over 25s must be paid a minimum of £7.20 per hour, with the figure rising to £9 in 2020. At present the current hourly minimum wage sits at £6.50. The Office for Budget Responsibility predicts that a total of six million earners will enjoy pay packet boosts as a result of the policy. The masterstroke scheme is part of the government’s plan to introduce a “national living wage” in a bid to bring UK wages into line with other advanced economies.
For low-paid workers operating in domiciliary care and contract cleaning sectors the wage rise represents a long awaited increase in take-home pay and standard of living. However for the payroll managers overseeing the change the announcement has triggered some major administrational hurdles. IQ:timecard is helping businesses prepare for the changes with fully hosted mobile workforce management software that offers payroll managers comprehensive arrival and departure data, at their fingertips.
David Lynes, Director of IQ:timecard says “It’s great to see the government finally taking action against the pitifully low wages currently endured by everyday Brits. While it’s fantastic for workers, payroll administrators will undoubtedly encounter some serious headaches. This means it’s essential for businesses to complement the changes with scalable solutions that allow payroll managers to accurately monitor, manage and track employee hours. IQ:timecard does just this and for businesses that want to minimise stress and maximise productivity, the system is must have ammunition.”
Brits are set to start enjoying wage rises as early as next April which gives businesses just over eight months to prepare. Smart, simple and intuitive, IQ:timecard modernises the process of remote and mobile workforce management and integrates seamlessly with payroll systems. Employees clock in and out with a quick phone call, and all data is logged and synced with the payroll systems, to ensure workers are being paid for the hours they work. With many small and medium sized businesses set to face budgeting issues in the wake of the upcoming wage rises, IQ:timecard is an automated way to ensure no employees are accidently overpaid.
“Wage hikes are a given in the contemporary and businesses must be able to handle fluctuations. IQ:timecard arms businesses with the flexibility to adapt to changes without having to rebuild payroll systems, adjust operations or encounter ongoing errors,” adds Mr Lynes.