God forbid you ever have to pay your staff a decent wage then !Tell me about, each April for the past 2 years I've been hit with national living wage increases for my staff all the while I'm expected to keep prices the same. If they keep pumping the wages then prices will also go up.
ffs...
Mortgage Rate Rises
- Thread starter glenimp617
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I think you missed the point. If wages keep going up, prices have to go up, which in turn cancels out the wage increase.
You also assume I pay my staff NLW, I don't, I pay above that.
Caporegime
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Wage increases aren't a 1:1 to increasing prices though.
There will always be some inflation, but without wages above inflation then every job becomes poorer
Caporegime
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Del
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Soldato
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This time next year we'll be (in crippling debt.) Millionaire's?
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Totally, but the increase has been quite steep and fast over the last few years. For what it's worth we haven't put our prices up despite this. 2021 it was £8.91/hour, it's currently £10.42 with it set to go to near £11.20. That's a 25% increase to salary expected by 2024.
The £60,000 of salary per year is now costing the business £75,000 (not including NI or pensions). That £15,000 is a big chunk for small businesses.
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Permabanned
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what do you sell ? 15k is one person half yr salary .. quiet easy to get round ..4.5 day weeks should save that depending on how many staff you have just stagger the half day
Just kill putin.
Caporegime
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Brilliant video
The video above we've discussed many times.
Food is inescapable. Rate rises will not help this figure.
And although 1pc is good (relatively) .. It isn't great.
The cpih thing is one of those ridiculously misleading averages. We all know if you're hit by the housing (mortgage/passed on rent) increases, it's waaaay more than 5pc.
With others on 0.
Food is inescapable. Rate rises will not help this figure.
And although 1pc is good (relatively) .. It isn't great.
The cpih thing is one of those ridiculously misleading averages. We all know if you're hit by the housing (mortgage/passed on rent) increases, it's waaaay more than 5pc.
With others on 0.
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The base salaries have indeed gone up but why are you suggesting that someone salary has gone up from £60k to £75k and assumed they are getting the same rate of salary increase. I can tell you with the data provided the wage average for my role as example and the people I manage have increased in that same period by about 8%. There is no company out there giving a 25% increase in the last 3 years. I wish there was I wouldn't be struggling but it isn't realistic.
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Sorry I should have been clear, the £60k isn't a specific salary, but an example salary cost to the business for all employees on NLW. So that could be paying for multiple staff on NLW that adds up to £60k in 2021 vs £75k in 2024.
e.g. an employee doing 40 hours per week in 2021 is £18.5k, today is £21.6k, next year it's £23.2k. Multiply that by how many staff you have on NLW, you can see it adds up very quickly.
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Unless inflation drops soon, the NMW will have risen circa 35% in the three years April 2021- April 2024 (it's set by preceding Sept inflation rate)
April 2021 - £8.36
April 2024 - £11.25 (current estimate based on inflation)
Ah fair totalling up, yeah makes sense. It is still a solid amount increase in total indeed when you a relatively small to medium business to absorb such where profit margins are likely very tight.
Oh yeah I get that, was more in statement for those in private sector work at middle tier jobs that are kinda stuck generally within the construction consultancy industry (architects, engineers etc). I want a 35% increase. I would have another £10k on top of the relative increases I have had to date if I got that or £400 a month take home approx.
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You stated it when you said you were hit by NLW for your staff each April. Or do you pay an extra 20p, then get grumpy when it goes up more than that next year ? On topic... anyway how many of them get mortgages on just over NLW and how are they coping with the rate increases ?
Yep every April when they push up NLW I also increase my staffs wage, but they aren't on NLW, I like to pay more than NLW. They also get commission + tips (they are hairdressers).
but "God forbid you ever have to pay your staff a decent wage then !" as you say.
Deleted User 298457
Deleted User 298457
Do you even understand how that happens? It isn't from *paying* them less but mandating they cover their own specific gear, get in early to unlock/leave late to lock up.