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Numbers On Furlough Fall To Lowest Level Since Start Of Pandemic

When the pandemic struck more than a year and a half ago, workers who were previously comfortable in their jobs and felt that their positions were secure, learned the hard way that life has many unexpected twists and turns to offer. Within weeks, many of these workers were furloughed due to the pandemic and the lockdown restrictions. If their jobs were ‘essential’, chances are, they would either be furloughed or allowed to work from home. Those allowed to work from home still faced many hurdles, but they, at least, still had a job and didn’t need to worry about a loss of income.

      However, as we began to get the pandemic under control and lockdown restrictions were eased by the UK government, people began venturing out of their homes and many businesses and organisations reopened. With that, workers were called back to work and we began the long, slow process of rebuilding both our morale and the economy.

By The Numbers

     Today, the number of people on furlough has fallen to the lowest level since the start of the pandemic. This is due, in part, to increased economic growth here in the UK and abroad and the fact that consumer confidence is on the mend as well. According to HM Treasury:

  • ‘More than 340,000 people have moved off furlough across the UK in July alone.
  • Over 1.6 million people were on furlough as of 31 July, down from almost two million on 30 June.
  • 800,000 people have claimed the latest self-employment scheme grant.
  • 121,600 people between the ages of 18-34 came off the Coronavirus Job Retention Scheme (CJRS) during the months of June and July.’

     These figures can be attributed to the success of the government’s Plan for Jobs as it was created to get more people back to work sooner after the pandemic has subsided.

The Hardest Hit Industries

     Among the sectors affected by the furlough, the arts, entertainment and recreation sector, accommodation, and food service industries were among the hardest hit. Being ‘non-essential’, these employees have remained on furlough longer than workers in other industries and this is partially due to the fact that businesses within these sectors are finding it more difficult to rebuild after being shut down for so long.

Self-Employed Workers

     A recent study based on the Self-Employment Income Support Scheme suggests a consistent decline in need for the scheme since it was introduced. Five grants were included in the scheme and, across these, 9.9 million claims have been made and more than £27 billion has been claimed by almost three million people.

     While many people were against furloughs, reports show that the furlough scheme was incredibly successful, protecting almost 12 million jobs over the course of 18 months. As the furlough scheme comes to an end, the unemployment rate is much better than originally predicted and we are looking at nearly 2 million fewer people now expected to be out of work.

Contact mywage

     To learn more about the future of work and companies needing to adapt and require a flexible payroll solution, contact mywage today and speak with a salesforce expert who can answer any questions you might have.

If you enjoyed this article, please feel free to share it on your favourite social media sites.

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The Benefits Of Using mywage – What Payroll Automation Can Do For Your Company

In today’s world, the future of work has become an important topic among recruitment agencies, healthcare providers, the construction industry, and many others. While many are quick to blame the pandemic and the fact that the modern workplace has changed to accommodate health and hygiene practices, the fact of the matter is that the future of today’s workplace is more centred on automation and streamlining operational tasks.

     For any workplace to be more efficient, certain factors must become integrated into the business model. These include operational automation including payroll automation, use of the gig economy, and increasing our focus on human resources and ensuring the health, safety, and satisfaction of our workers.

     With more and more people working from home, businesses and organisations need to have a lot of things in place for success. The most important, however, is a need for a customisable payroll solution / software that can streamline their payroll offerings and keep their employees paid accurately and on time regardless of whether they are at the office, working remotely, or working from home.

     This is where payroll automation from mywage can help. Automating a business’ payroll system can save that business time, money, and effort over a manual payroll process. Not only that, but it can also reduce the likelihood of errors.

With that in mind, we are going to take a look at some of the benefits of using mywage and what payroll automation can do for your company:

Faster, Simpler Wage Calculation- calculating wages used to mean poring over spreadsheets, calculating various types of payments, and writing out payroll checks by hand. This can take a significant amount of time and effort. With payroll automation, these processes are completed automatically and can take a small percentage of the time. From basic salary and hourly wages, overtime, double-time, commissions, and bonuses, to raises, retroactive pay, wage deductions, and tuition reimbursements, payroll automation is faster and much more accurate.

More Accurate Timekeeping- with mywage’s payroll automation software, time clock data can be imported directly into the payroll software, saving time and increasing the accuracy of the payroll timekeeping process.

Improved Recordkeeping- customisable payroll solution / software enables you to generate and store employment tax and payroll data automatically. This can improve you company’s compliance with government regulations.

Easier To Make Changes- customisable payroll solution / software can make it easier than ever to make changes to an employee’s payroll information, or to add or remove an employee from the payroll system.

Contact mywage

     To learn more about what payroll automation can do for your company, contact mywage today and speak with a salesforce expert who can answer any questions you might have.

If you enjoyed this article, please feel free to share it on your favourite social media sites.

News

HR And Payroll Steps To Take To Ensure A Smooth Transition As Employees Return To The Office

The pandemic and subsequent lockdowns changed the way we lived and worked for more than a year. For essential employees such as those working at hospitals, supermarkets, certain public spaces, and factories, it was business as usual, or at least some form of that. But, for others, ‘work from home’ became the new way of life and it had many problems of its own. Finding the space and privacy to remain productive was a challenge for many, but we do as we always do, we adapt and overcome. Soon, working from home was just like any other day at the office. We would set schedules, create weekly goals, and get to work. This helped to keep many businesses afloat during the pandemic.

     Today, however, with the worst part of the pandemic behind us, lockdown restrictions have been lifted, businesses are reopening and people everywhere are returning to the office. Furloughed employees and remote workers by the thousands are going back to work and this has left HR and payroll departments with some unique challenges of their own.

With that in mind, we are going to take a look at some steps that HR and payroll departments should take to make the transition back to the office an easier, more efficient one:

Focus On The Return- while this can be a very trying time for many companies, the best advice is to focus solely on the return to work. Don’t overthink things. Your general business operations worked before the pandemic and they will work just fine today. Instead, focus on the basics such as door and entry alarm codes, changes to the building layout, staff parking, and communicating all necessary information with the team.

Follow All Health And Safety Guidelines- your daily business operations should be unchanged, but there will be some new health and safety guidelines which have been put into place recently. It is important that everyone follows these guidelines if we are to avoid a future lockdown or new outbreak of the virus. Implement your own plan of action that goes above and beyond the recommended guidelines to ensure that your business is within compliance.

Review Your Flexibility Policy- as remote workers return to the office, they are going to find the daily workload very different to what they are used to. To make the transition back to the office easier and to maintain employee morale and productivity, take a look at your company’s flexibility policy. Relax some of the restrictions for the time being to ensure employees have a chance to acclimate to the workplace again.

Focus On Payroll- with employees back at the office, any payroll issues will need to be addressed much more quickly as these employees have new work-associated costs to deal with. When working from home, they didn’t need to concern themselves with the cost of commuting, lunches out, or work attire. To avoid any issues, keep your payroll system updated and automated with the relevant absence and attendance data to ensure that your employees are paid correctly.

Contact mywage

     To learn more, contact mywage today and speak with a salesforce expert who can answer any questions you might have.

If you enjoyed this article, please feel free to share it on your favourite social media sites.

News

The Future Of Work And Companies Needing To Adapt And Require A Flexible Payroll Solution

With the pandemic seemingly under control, lockdown restrictions being lifted, and more people getting vaccinated, the world could be getting back to normal very soon. That also means that the business world, including our workplaces, can get back to normal as well, right? Well, maybe not.

     Experts are saying that, although businesses are reopening at full capacity workload and people everywhere are returning to work, there will be some significant changes in what we are used to. The traditional 9-5, 5 days a week, work week might not be the industry standard any more as many businesses have seen just how ineffective and inefficient this really is. During the pandemic, many employees worked remotely from home or other locations and this not only saved money, but it also showed that companies can get just as much productivity out of their employees when they aren’t in the office all day.

The Hybrid Workplace

     Now, does this mean we could be transitioning to a work from home setting? Not at all experts say. In fact, while the remote workforce did save companies a lot of time and money, research shows that it is just as important to have the employees in the workplace as well. This new hybrid workplace model could become the industry standard for many businesses around the world.

How Do Employees Feel?

     With full-time remote working coming to an end, a new work schedule is emerging which includes three days in the office and two days at home. This new 3 day/2 day split work week offers a wide range of benefits for both employees and business owners. But how do employees feel?

     According to a Gallup poll, 72% of white-collar workers continue to work remotely. That number is much higher at 86% for those in computer-oriented and mathematical fields. The poll also showed that 41% of men and 39% of women “would continue working remotely as much as possible because they prefer it.”

mywage Payroll Software

     With the new hybrid work schedule being considered by businesses throughout the UK, business owners could find everyday operations such as scheduling and payroll overwhelming. This is where mywage can help. mywage payroll software can help relieve some of the stress of running a business and make a difficult task like payroll automated. mywage can save your business both time and money.

Contact mywage

     To learn more about the future of work and companies needing to adapt and require a flexible payroll solution, contact mywage today and speak with a salesforce expert who can answer any questions you might have.

If you enjoyed this article, please feel free to share it on your favourite social media sites.

News

Get Ready For The New Workplace Perks

The pandemic and lockdown restrictions changed the way the world went to work. Our workplaces became different and, for some, working from home became an option. For others, cubicles, partitions, and virtual meetings were part of the workday with employees practicing social distancing and safe hygiene measures.

      Today, however, with the pandemic under control and lockdown restrictions being lifted, people are going back to work and the workplace is beginning to look the way it did just over a year ago. That is, with some slight changes.

     The most prominent change is in the workplace perks we receive. In the past, these may have included free coffee or a weekly employee lunch provided by management. In today’s post pandemic workplace, experts say that this isn’t enough anymore to retain quality employees or attract skilled talent. Today’s companies need to up their game when it comes to workplace perks if they are to remain sustainable.

With that in mind, we are going to take a look at some of the new workplace perks that you should look for:

Flexible Work Schedules- the 9-5 work schedule could soon be a thing of the past as many employers are creating more flexible work schedules which are much more effective in today’s global markets which aren’t always on the same schedule.

Remote Working- even now, after the pandemic, many companies are allowing their employees to work remotely. After seeing the benefits of this type of work schedule, employers found that they could save money and their employees were just as effective if not more so.

Physical And Mental Wellbeing- a report conducted by Glassdoor, a UK job review site, showed that 60% of today’s employees want perks related to physical and mental wellbeing. These can include apps, virtual exercise classes, private healthcare, and access to online therapy.

     With all of these new perks, business owners could become overwhelmed trying to meet the needs of their employees while trying to keep their customers happy. This is where My Wage can help. My Wage’s payroll software can help relieve some of the stress of running a business and make a difficult task like payroll automated. My Wage can save your business both time and money.

mywage’s Payroll Software

     With all of these new perks, business owners could become overwhelmed trying to meet the needs of their employees while trying to keep their customers happy. This is where mywage can help. mywage’s payroll software can help relieve some of the stress of running a business and make a difficult task like payroll automated. mywage can save your business both time and money.

Contact mywage

     To learn more about the new workplace perks and how mywage’s payroll software can help, contact mywage today and speak with a salesforce expert who can answer any questions you might have.

News

The Future Of Work In A Post Pandemic World

In a capitalist society, we often see it as the rich getting richer and the poor becoming poorer. This makes a lot of sense since businesses don’t always set their employees’ pay rates where the employees could possibly get into a position to leave the company and pursue their own endeavours. This would be bad for business as, soon, they wouldn’t have any workers left and they would be faced with potential competition who already knows the ins and outs of their business model. Today’s businesses already have enough to deal with in the way of trade, changes in technology, and recessions.

      While it can be easy to fall into the above misconception, after all capital vs workforce has always been a popular narrative, regardless of the economy. However, the arrival of the pandemic, combined with Brexit and the possibility of an imminent recession already looming over the UK, may have changed that narrative in such a way that the odds could easily be tipped in the workforces favour in the very near future.

Future Of Work And The Gig Economy

     The future of work is being shaped by two powerful forces: The growing adoption of artificial intelligence in the workplace, and the expansion of the workforce to include both on- and off-balance-sheet talent. Changes could be in store for the workplace, the workforce, and the nature of work itself as the gig economy uses the pandemic as a launching pad for its next assault on the traditional work model. We can already see this happening in other countries around the world including America and those in Europe and Southeast Asia.

      With unemployment rates steadily dropping since reopening many industries, we are seeing the future of our own work environment here in the UK and it looks to favour the worker. This is thanks, in part, to the new political climate in these countries which seem to favour worker’s rights. Minimum wages are increasing causing HR departments to look for new, user friendly payroll solutions, and tax incentives are becoming available for displaced workers and, for the first time ever, those working within the gig economy.

     As the long-term future of work becomes more digitised, remote working will not only become possible for many, but it could be a government mandated requirement as part of new post pandemic health and safety regulations. This could usher in a golden age for workers where higher than average pay gaps close and productivity levels soar.

Contact mywage

     To learn more about how we can help boost the economy after lockdown restrictions are lifted, contact mywage today and speak with a salesforce expert who can answer any questions you might have.

If you enjoyed this article, please feel free to share it on your favourite social media sites.

News

How mywage can help with the new Payroll Tax Year

Today’s small to medium and enterprise level business owners have been through more in just the past 12 months than their previous counterparts have had to deal with in the last decade. With the impact of Brexit, a new series of tax regulations seemingly dedicated to making running a business more difficult, a global pandemic, lockdowns, and business closures, it’s safe to say that they are ready for the little bit of relief this spring has to offer. With the promise of an effective vaccine and the possibility of lockdowns being lifted soon, it looks like business owners can breathe a sigh of relief. That is, until they realise that the new payroll tax year starts soon.

     Instead of letting your stress levels skyrocket into the stratosphere, contact mywage and let their team of payroll experts create a custom tailored solution to meet your needs and the needs of your business.

     Now, you might be thinking that you have just gone through a full blown global pandemic and kept your business alive, how bad could the payroll year end be? Why not save some money and handle it yourself? Well, just as you wouldn’t perform your own root canal, you shouldn’t try to manage your company’s year end payroll without the help of mywage.

mywage Salesforce Native Net Pay Engine

     From getting your P60s ready by 31 May, check whether your payroll ends on week 52 or week 53 (this is especially important, by the way), and checking for leavers, to sending your final FPS of the year, and processing your year end, there are many factors involved in completing the payroll year end process. And not only does all of this need done on time, but it needs done accurately.

     This is where mywage comes in. With our dedicated Salesforce Native Net Pay Engine, which works with all HR and Workforce management systems, mywage can take the hassle out of year end payroll management leaving you the time to focus on running your business and taking care of your customers.

Important Payroll Year End Dates You Should Know

5 April- The 2020/21 tax year ends on this date.

6 April- The new tax year (2021/22) begins.

19 April- This is the deadline for the final submission of the 2020/21 tax year.

By 31 May- Your employees need to receive their P60s.

By 6 July- You need to report on expenses and benefits.

6 July- the deadline to submit your P11D and P11D(b) forms.

19 July- payment of class 1A National Insurance contributions must be with HMRC.

Contact ywage

     To learn more about UK Budget 2021, contact mywage today and speak with a salesforce expert who can answer any questions you might have.

If you enjoyed this article, please feel free to share it on your favourite social media sites.

News

The UK Budget 2021 And What It Means For You

The UK Budget 2021 was recently announced in the House of Commons by Chancellor Rishi Sunak and it has some remarkably interesting, yet expected, key points that you should know about.

While we could talk about the new mortgage scheme for buyers with 5% deposit, stamp duty holiday extension in England and Northern Ireland, or contactless payment limit rising to £100, we are going to focus on the fact that the furlough and self-employed support has been extended.

Under the new budget, the furlough scheme, officially known as the Coronavirus Job Retention Scheme, will now run until September. This is big news for unemployed workers as the scheme was originally set to close at the end of April. This new extension, however, will see a reduction in the state’s contribution as employers will now be asked to contribute more.

State And Employer’s Contributions

From July employers must contribute more to their employee’s furlough pay. Currently, the state pays 80% of wages for hours not worked, up to £2,500/month. However, in July the state will only pay 70%, and employers will be required to pay the remaining 10% of the employee’s reduced income. This will change again in August and September with the state paying 60% and employers paying 20%.

Self-Employed Income Support

Self-employed workers have reason to celebrate the new budget as they will be receiving a fifth grant for self-employed income support. The Self-Employment Income Support Scheme (SEISS) will offer more support and include more self-employed workers than before. More than 600,000 newly self-employed people will now be eligible to apply.

While the exact date is still unknown, applications for the fourth SEISS grant will open in April. This fourth SEISS grant will be worth 80% of trading profits for three months, capped at £7,500. Exactly how average profits will be calculated, and over which years is another unknown factor of the Self-Employment Income Support Scheme (SEISS). A fifth self-employed grant is coming, and it will cover May to September and be the final grant under the Self-Employment Income Support Scheme (SEISS).

Contact mywage

To learn more about UK Budget 2021, contact mywage today and speak with a payroll expert who can answer any questions you might have.

If you enjoyed this article, please feel free to share it on your favourite social media sites.

News

The Future Of Work And Where The Gig Economy Fits In

With the pandemic causing lockdowns, business closures, and the new work from home trend, the job market has changed considerably over the past year and is set to continue changing, due mainly to COVID-19. There is no doubt that the pandemic has changed the way people all over the world live, work, play, and interact. The future of work is going to be quite different than what many of us are used to and today’s salesforce is going to meet many new challenges as the shift takes place.

     The pandemic has left the job market full of uncertainty and it has created an economic downturn as millions of workers being laid off around the world. This, combined with the latest tech trends and focus on employee wellbeing, has strengthened the gig economy. Temporary /shift workers are no longer considered human capital, instead, they are more essential than ever to the success and sustainability of today’s corporate world.

With that in mind, we are going to take a look at some of the ways the future of work is changing: 

An Increased Demand For New Skillsets- experts say that we will soon see an increased demand for new and varied skillsets. Job seekers need to expand their skills and possibly take on new rolls as HR recruiters begin looking to fill several important positions. The best way to do this is to perform an audit of their skillsets to evaluate any shortfalls and to determine what is needed to be successful in their industry. This is especially important for today’s modern, post-pandemic salesforce.

More Gig Work- with the increase in work from home options, the gig economy is set to break out and become bigger than ever. Businesses have seen that it is entirely possible for the outbreak has shown that it’s possible for temporary /shift workers to work from home effectively and efficiently. Many of these workers are offering up their skills to other companies and letting their entrepreneurial mindset take over. As the gig economy continues to grow, HR and payroll specialists will need new ways to ensure their staff gets paid properly and in a timely manner. Platforms such as mywage are helping to make that happen.

Contact mywage

     To learn more about the future of work and where the gig economy fits in, contact mywage today and speak with a salesforce payroll specialist who can answer any questions you might have.

If you enjoyed this article, please feel free to share it on your favourite social media sites.

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