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Around half (49%) of small businesses with employees on the National Minimum Wage have either increased their employees’ wages over the past 12 months or plan to do so as soon as possible, a report by the Federation of Small Businesses (FSB) has revealed.
According to a news report, the study also revealed that most small business owners will look to increase wages where they can afford to do so, and share the benefits of growth where possible.
And it seems that most of them are quite successful in their endeavours, given the fact that less than a quarter (23%) of small firms have any staff on minimum wage, down from 27 per cent in 2012.
John Allan, National Chairman, Federation of Small Businesses, said:
“With confidence returning to small businesses after a period of wage restraint, our research shows our members are looking to pass on any extra profits to their staff, including those on low pay.
“Our findings also show that small businesses are already playing their part in the economic recovery by employing more staff and paying them more where possible. Small businesses are competing for good quality staff in the labour market and pay and benefits are a big part of this.”
Implementing a solid and reliable personnel management solution might prove to be the best solution for SMEs, that will be able to thoroughly manage pay rises, depending on a variety of factors, such as skills, worked hours, time with the company, etc. This is exactly where the solutions supplied by Tensor plc can be put to good work, since our reliable, yet affordable platforms enable employers to save and quickly access a huge array of information pertaining to any specific employee’s activity.
If you’d like to find out more about the extensive range of time and attendance and personnele management solutions supplied by Tensor, just get in touch or Book a Demo, we’d be more than happy to answer any questions or queries you might have.