Employers across the country have the opportunity to retain and attract talent with the reverse of the 1.25% increase in National Insurance Contributions on the 6th November. They must be prepared for this change.
Bhanu Dhir (Group CEO, Steps To Work), discusses the National Insurance Contributions reversed and what employers can do for November.
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“The decision to reverse the contributions is welcomed by small businesses and sectors that have been most affected by the pandemic. It reduces the cost for hiring people and thus makes it easier to do business. Employers should not accept the lower cost of employment and remain passive. Companies must ensure that they invest the money saved in growing their business and attracting and keeping talent.
This can be done by increasing financial pension contributions, providing benefits and training to staff, or investing back in the business to support growth. To attract and retain top talent in a highly competitive market, companies can increase their staff wages.
“We are keen to work with employers in order to introduce them to new talent sources. The change in policy regarding National Insurance Contributions gives employers the chance to evaluate the quality of their talent supply.