The new living and minimum wage policies set out by the UK government attracts some costs and benefits for a majority of the companies and organizations across the nation. However, these policies have legal regulations and aims. According to Neumark, & Wascher(2016), the UK’s employers are shifting towards more flexible employment contracts while cutting down on the bonuses, overtime and other perks for the staff in order to mitigate the cost of the national living wage. The impacts of these policies are said to be felt disproportionately by the smaller firms for the trivial reasons that they employ close to 35 percent of the adult labor force in addition to about 52 percent of the minimum wage workers in the UK (Warhurst, Lloyd, & Dutton, 2015, p. 24). This Management report will explore the living and minimum wage policies in the UK, its aims, legal regulation, costs and benefits for B...
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...ent has resulted in improvement in employee morale and thus productivity since a worker feels important to the bank. It has enhanced and improved relationships of Barclays Bank with its stakeholders who include: the media, labor unions, shareholders, customers, politicians and even the employees themselves (Coulson, Andrea B and Bonner, James, 2015, p.20).
It has further decreased such unwanted issues as absenteeism, sick leaves, laziness in the workplace and even pilferage. The turnover of employees as significantly reduced as a result of these policies. It also improved mental stability, personal characteristics and attitudes of laborers towards the company as a whole. The company regardless of the increase in wage costs had a significant reduction in staff turnover costs and employees reported improvements in personal or work life (Queen Mary Universiy Of London).
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