We know that, as an employer, by law we must contribute to our employees’ pension. But what are pensionable earnings? And how do we calculate them? As an employer, you must now legally auto enrol your employees into your workplace pension scheme. Contributions must hit minimum contributions to be legally compliant and will reflect figures known as ‘pensionable earnings’ or ‘pensionable pay’. How do I calculate pensionable pay? Like with many things, there is more than one way to skin a cat. Pensionable pay can…
Yes, it’s that time of year again – the payroll year-end is fast approaching! Here’s everything you need to do to prepare for it. Payroll year end ties in with the tax year-end, which with it being a leap year this time around, is 4th April 2024. The deadline for getting your ducks in a row (i.e. doing all your paperwork) is 31st May 2024. Quick checklist Send last FPS to HMRC. Report your expenses and benefits. Prepare for new tax year and the first…
Across most organisations, payroll is undoubtedly a highly valuable function. Yet one burning question is yet to be unanswered: who should look after payroll - the HR or the finance department? This question continues to be a topic of much debate, with some people thinking payroll should reside within the HR function, while others believe it should sit within finance. Why the debate? Payroll is a specialist function in any organisation. It requires a unique set of skills and processes - as well as, sometimes, software…
What happens to someone’s private or company pension when they go on maternity leave? The basics Due to Auto-Enrolment, all employers have to enrol their staff into a company pension scheme and contribute at least 3% of their annual salary to the pension each year. And when taking maternity leave, an employee is allowed to benefit from all the things they usually would such as paid holiday, employee protection from unfair dismissal, employee benefits - and employer pension contributions. So, we’ve established the employee should receive the…
Attracting, developing and retaining your best employees is no easy feat - particularly in such a competitive job market. Here's how you can recruit and keep your incredibly valuable people by using a strategic approach. The UK talent market is tough for employers right now, with 80% of UK employers struggling to find the talent they need. Despite some recovery after the pandemic, record numbers of vacancies continue to go unfilled. Employers are having to offer more flexibility to engage their staff - but could…
Being a manager puts you in a difficult position: you've got to champion your reports, whilst keeping the business' goals in mind. Whether you're new to a managerial role, or want to refresh your communication skills, here are our recommendations. Balancing different needs One of the first things many new managers notice is the position that having authority puts them in. Now, they are privy to the business' wider ways of thinking including stances on certain areas, such as performance goals and salary tactics. For…
How do you get your business, and your employees, on board with your talent management strategy? Here's how you align talent management with your business goals, and get buy-in from your internal stakeholders. Companies that align talent with business strategy outperform others by 16%, retain 30% more top performers, and see 34% higher employee performance. Bearing this in mind, as well as new technologies and ways of thinking being popularised in the industry (see our article on Agile HR), it's no wonder there is renewed…
Whether it's office gossip at the water cooler or misleading information on the web, your employee thinks they're being short-changed. So what do you do? We've put together a step-by-step guide to help you handle the situation like a pro. Salary is an incredibly emotive topic in the workplace, and as soon as someone thinks they’re being underpaid, they’re likely to make a beeline for their manager. If that manager happens to be you, knowing how to spring into action will prevent the issue from…
If you’re making redundancies in your business, you might be wondering what to do about your employees’ final redundancy payments regarding their pension. Do employers have to take pension contributions from redundancy pay? Can employees choose to add more into their pension pot? We go through the process below. If you make an employee redundant, do you have to take pension contributions from their redundancy pay? When an employee gets made redundant, they’re usually entitled to a redundancy payment, separate to their salary, holiday pay,…
The Government has set new regulations when it comes to holiday and holiday pay, effective from April this year. Here’s what you need to know. April ’24 lead date The new Regulations took effect on 1st January 2024. However, they relate to leave years starting on or beyond April 1st. Of course, most employers use a 1st January – 31st December leave year - which may mean some HR head-scratching to decide what to do and from when. If you decide to change your current…
