Counting the cost of employment
Recently it was announced that both National Insurance and the National Living Wage will increase in April 2025. As a result it will cost businesses significantly more to employ staff members and it will be more important than ever for businesses, especially those in the retail and hospitality sectors, to utilise staff members’ time wisely and efficiently.
When it comes to cash handling, automation can help your teams work faster and smarter. With Loomis SafePoint smart safes there's no more counting cash, reconciling takings, checking fraudulent notes or taking trips to the bank – leaving your staff to focus on what’s important.
Since the changes were announced in the last budget there has been concern from Uk businesses about the impact the cost of employment will have on their livelihoods and the ability to keep staffing levels stable. As a result experts have predicted price increases and staffing cutbacks.
What will the NIC increases mean?
In October’s budget the Chancellor announced that Class 1 NICs will increase from 13.8% to 15%. It was also announced that it will reduce the pre-employee threshold at which employers are liable to pay NI from £9,100 to £5,000. Following this news, UKHospitality predicted that the increase will amount to a 10% increase in the cost of employing one worker – around £2,500 per employee.
Alan Morgan, chief executive of the Big Table Group, said the increase would see the casual dining business’s payroll costs increase by 3% - the equivalent of 100 full-time members of staff or opening four new restaurants!
Cash automation can save human resource hours and money!
These latest tax hikes are expected to hit UK hospitality and retail hard. Many will have already made changes to cut costs leaving no wriggle-room. Staffing patterns may already be tight and with little maneuverability some business may be forced to make difficult staffing decisions. However, all is not lost. Business who focus on a broader 360 vision may find other ways to utilise their staff and their shift patterns more effectively. Cash automation is one such way. Many staff hours can be wasted counting and reconciling cash takings at the end of each shift, not to mention the time spent transporting takings to the bank. This is where Loomis can step in and help your team work more efficiently. As well as our friendly team of Driver Guards who can take care of all of your cash transportation needs, our smart safe packages allow businesses to automate cash handling on-site meaning less wasted resource and more time spent on serving customers, stocking shelves and up-selling.
The Loomis SafePoint Compact smart safe is the perfect solution for businesses looking to streamline cash handling. Its compact design fits easily under any store counter and automatically counts cash, reconciles takings, and offers a state-of-the-art reporting system that provides 24/7 visibility of deposits made by each staff member across multiple locations. Additionally, it checks for counterfeit notes, and all cash stored in the safe is fully indemnified by Loomis.
The service includes cash collection, and the weekly fee aligns with the time spent on cashing up—often even less, depending on the size of the business. Many businesses are already experiencing significant savings by using Loomis smart safes, reducing employee hours spent on repetitive tasks and minimizing shrinkage caused by human error or theft. With Loomis, cash handling becomes more efficient and secure, allowing staff to focus on what really matters.
Talk to us today and get prepared for April 2025 before the date creeps up.
Since the changes were announced in the last budget there has been concern from Uk businesses about the impact the cost of employment will have on their livelihoods and the ability to keep staffing levels stable. As a result experts have predicted price increases and staffing cutbacks.
What will the NIC increases mean?
In October’s budget the Chancellor announced that Class 1 NICs will increase from 13.8% to 15%. It was also announced that it will reduce the pre-employee threshold at which employers are liable to pay NI from £9,100 to £5,000. Following this news, UKHospitality predicted that the increase will amount to a 10% increase in the cost of employing one worker – around £2,500 per employee.
Alan Morgan, chief executive of the Big Table Group, said the increase would see the casual dining business’s payroll costs increase by 3% - the equivalent of 100 full-time members of staff or opening four new restaurants!
Cash automation can save human resource hours and money!
These latest tax hikes are expected to hit UK hospitality and retail hard. Many will have already made changes to cut costs leaving no wriggle-room. Staffing patterns may already be tight and with little maneuverability some business may be forced to make difficult staffing decisions. However, all is not lost. Business who focus on a broader 360 vision may find other ways to utilise their staff and their shift patterns more effectively. Cash automation is one such way. Many staff hours can be wasted counting and reconciling cash takings at the end of each shift, not to mention the time spent transporting takings to the bank. This is where Loomis can step in and help your team work more efficiently. As well as our friendly team of Driver Guards who can take care of all of your cash transportation needs, our smart safe packages allow businesses to automate cash handling on-site meaning less wasted resource and more time spent on serving customers, stocking shelves and up-selling.
The Loomis SafePoint Compact smart safe is the perfect solution for businesses looking to streamline cash handling. Its compact design fits easily under any store counter and automatically counts cash, reconciles takings, and offers a state-of-the-art reporting system that provides 24/7 visibility of deposits made by each staff member across multiple locations. Additionally, it checks for counterfeit notes, and all cash stored in the safe is fully indemnified by Loomis.
The service includes cash collection, and the weekly fee aligns with the time spent on cashing up—often even less, depending on the size of the business. Many businesses are already experiencing significant savings by using Loomis smart safes, reducing employee hours spent on repetitive tasks and minimizing shrinkage caused by human error or theft. With Loomis, cash handling becomes more efficient and secure, allowing staff to focus on what really matters.
Talk to us today and get prepared for April 2025 before the date creeps up.