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The extra 50p, how will you respond?

Louise Moseley By Louise Moseley on 20.03.2016

It’s now just over two weeks to the rise in the national minimum wage for the over 25’s by 50p to £7.20 per hour.

Whilst the debate will no doubt continue to rage on regarding the advantages and disadvantages of the increase, what can employers do on a day to day basis, to minimise any detrimental effect?

In board rooms up and down the country, discussions are being held on how best to deal with the impact of the rise. Options being considered include; increasing prices, scaling back recruitment plans, reducing the workforce, trimming overheads through to reducing dividends to shareholders or, taking the impact on the chin and absorbing the cost.

For the vast majority of employers, central to increasing productivity is their workforce, their people. Those people who, day in day out, keep the cogs of a business turning and who, through their own individual and collective performance as teams have a direct impact on the success and ultimately profitability of a business.

Break this down even further, and the effectiveness of every workforce ultimately rests with the people practices that are adopted by an employer and which involve:-

Recruitment

At the very start of the employee lifecycle is recruitment. Are you attracting, identifying and employing the right people in the first place.

Performance management

Once you've onboarded people, do you understand their strengths and weaknesses. Are you supporting them sufficiently to achieve their full potential and ultimately maximise their performance and productivity.

Employee engagement

It's well known that an engaged and motivated workforce is more productive. Keeping your employees engaged through regular dialogue, feedback and a shared vision and accepted company culture is vital.

It’s no secret that employers who adopt good people practices also see the benefits of:-

  • Lower recruitment costs
  • Reduced attrition rates
  • Maximised performance
  • Higher motivation
  • Stronger engagement
  • Reduced absenteeism
  • Increased profitability
and it will be those same companies, who shall see little impact from the extra 50p.

Employers who use Tazio to streamline and strengthen their people practices are seeing real improvements in their recruitment process, performance management and employee engagement. Its flexibility benefits every stage of the employment cycle, with measurable results. The confidence in Tazio is infectious, with the positive impact on our customer's working practices reaching across the UK, Europe and USA.

If you'd like to discuss how using Tazio can help improve your own people practices, increase productivity and reduce the impact of the 50p to your bottom line, give us a call on 0844 493 5560 and talk to one of our friendly team, or email us at success@tazio.co.uk and we'll contact you.

If you've found this article of value, please share using the links below. We'd also love to hear your ideas for improving people practices and increasing productively by adding a comment below.

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