The ink is barely dry on Jeremy Hunt's autumn budget and already we are receiving panic phone calls and emails from clients concerned about how the increases to the national living wage is going to detrimentally impact their businesses.
The govt has wielded a double-edged sword - we desperately need to increase salaries to ensure people are paid a fair wage that they can live on and pay the ever increasing bills with. But the economy has been so squeezed at a time when the country is in a cost-of-living crisis, inflation has hit an all-time high of over 11% and businesses are still trying to recover from the damage the pandemic inflicted. We understand that a lot of small companies are not in a good position to cope with this increase. Sadly, it will mean difficult decisions for some and dreaded redundancies for others. Ambridge HR is here to help you find a path through those difficult decisions and provide support for you and your business.
Here are the increases so that you can take a look at how it will impact your forecasting next year and beyond:
If you are concerned about the announcements made today and how they are going to impact your business, please contact us for HR support and advice. We can discuss a variety of options with you and how you can be best prepared before implementing the changes required in April. Click below to talk to us today.