The Time To Control Labour Costs Is Now
Earlier this week, we evaluated the effect that the UK’s minimum wage increase will have on the hospitality industry when it is introduced in April 2020. As just about any business should retain full control over their labour costs, it stands to reason that there should be a way to clearly calculate the expected increase to your employee’s wages. The factors involved, however, are complex, and can be hard to manually calculate.
Thankfully, Bizimply have built just the solution for the situation!
Our solution is based on two points of data:
- Age of the employee.
- Current wage.
To use the calculator:
- Open up a spreadsheet, create and fill out the following information: First Name, Last Name, Date of Birth, Pay Rate Hourly. Already a Bizimply customer? Extract this information easily with our Employee Export report in a .csv format. Simply delete all other columns except for the above (The corresponding columns can be found in A, B, F and M).
- The above information can be copied and pasted into our calculator below! While placeholder information has been provided, do not delete the column information which has remained untouched, as they will update automatically.
- Once pasted, all you have to do is to click and drag the green formula box down for all columns except those that were copied into the calculator to update their values, and extend the calculator’s formula to extra cells.
After following these steps, the calculator will tell you if an employee is due a pay rate increase based on their age.
If not, ‘No Action Required’ will display next to the employee’s name. If they are in fact due an increase, the calculator will display both the new pay rate and the percentage increase next to their name.
Note: If some information displays #VALUE!, change the date of birth data format to register as day, month and year, in that order.[/vc_column_text][vc_single_image media=”79054″ media_width_percent=”100″][vc_column_text]To reiterate as stated in our last article, the changes to UK wages are due to be:
- The National Living Wage for ages 25 and above – up 6.2% to £8.72
- The National Minimum Wage for 21 to 24-year-olds – up 6.5% to £8.20
- For 18 to 20-year-olds – up 4.9% to £6.45
- For under-18s – up 4.6% to £4.55
- For apprentices – up 6.4% to £4.15
Bizimply’s wage increase calculator is based upon these values – reliable data that will display accurate information and allow businesses to plan ahead a few months in advance.