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When you are injured while performing duties for your job, your employer is required to provide you with workers’ compensation insurance coverage. One of the benefits under this coverage is payment for lost wages when you cannot work due to your injury.

There are important things you need to know about what the workers’ compensation company will pay for lost wages. This article will cover the basics.

About Workers’ Compensation

Worker’s compensation is designed to cover an injury you incur while you are working. It is a no-fault insurance which means you are eligible for coverage even if you are partially responsible for your injury. There are exceptions, however. For example, if you were under the influence of drugs or alcohol when the injury occurred, the insurance company may be able to deny your claim.

What Does Workers’ Compensation Cover?

Workers’ compensation covers expenses the employee incurs due to a work injury. The rules related to workers’ compensation are different in each state, but there are some universal requirements. Workers’ compensation covers medical expenses, lost wages, and other costs associated with the injury.

Your insurance company may require you to visit a specific doctor while others may allow you to choose your own doctor. In some cases, you can see your own doctor but you will be required to see the company’s physician as well.

Calculating Wages

Most workers’ compensation companies pay an injured worker 66% of their normal weekly wages. The calculation is based on what you earned the previous 52 weeks, although each state has its own formula that determines how much you will receive from workers’ compensation. Make sure the insurance company calculates using your pay before taxes and not your pay after taxes are deducted.

Most workers’ compensation companies pay an injured worker 66% of their normal weekly wages.

Workers’ comp insurers are also required to include overtime, bonuses, and other compensation. In most cases, your workers’ compensation benefits are not subject to federal taxes.

What to Do If You are Injured on the Job

If you are injured on the job, the first thing you need to do is inform your employer. Most companies have work injury reporting procedures that you need to follow in order to get compensated. You will also want to seek medical attention as quickly as possible after the injury in order to document how severe your injury is and what treatments you will need to undergo.

Follow all your doctor’s orders even if you begin to feel better. Keep in mind that worker’s compensation insurance companies may hire investigators to watch claimants to be sure they are actually injured.

Should I Hire an Attorney?

A fair worker’s compensation should be enough to pay for medical care and cover lost wages. Because insurance companies often make errors in the calculation of wage repayment, it is advisable that you hire a worker’s compensation attorney.

Hiring an attorney does not mean you plan to sue your employer. In fact, in most states, you cannot sue your employer for a workplace injury. Instead, an attorney will review your case, make sure you get the compensation you are entitled to receive under the law and guide you through a process that can be very complicated and stressful.

Here are a few of the things a lawyer will do for you:

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Your attorney will deal with the insurance company, your employer, investigators, and even your doctor to confirm that you get the time you need to recover from your injury without worrying about how you will meet your financial obligations.

Business is an ever-changing landscape. In 2020, businesses had to rethink their working practices and adapt to remote working methods. As we move into the post-pandemic era, many business owners are rethinking their business goals, strategies and employees. Inclusion and diversity should be at the heart of every business’s values and recruitment processes.

In more recent times, we have seen the value in employing those living with a disability – for example, being able to use British Sign Language. In the UK, over 7.7 million people are living with a disability or health condition. Consider curating a workplace that reflects your diverse customer base and local community if you are currently hiring.

Here is how you can make your workplace more friendly for employing those with disabilities.

Train your employees

Communication is the key to fostering a positive and equal workplace. Consider educating your current employees about disability and how it can impact an individual’s experience in the workplace. When hiring individuals with disabilities, it’s important to encourage open communication within the office.

Make your office a safe place for employees to share their concerns and difficulties at work. It may be a case of switching up job roles or educating your team about disability. You could also invest in equipment, like wheelchair accessible vehicles, to make your office as inclusive as possible.

Get your name out there

Consider partnering with a charity or brand who work with, or sponsor, disabled individuals. These businesses can help open more opportunities for you to hire those with a disability. These organisations can also help you advertise your job advert in the right places and advise you on how to encourage equal opportunities within your business. Research how you can make your company a fair and ethical one.

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Promote being an equal opportunities business

People want to know what kind of company they are applying to work for. If you have taken steps to be an equal rights company, make sure you showcase that to prospective employees. You need to offer inclusive recruitment practices that work for you, your employees and the company.

Advertise your job advert in the right places

Post your job advert on disability-friendly sites and social media groups that may help you find potential candidates. Make sure the text is large enough to read, and do not exclude anyone in the job ad. For example, avoid making a statement like ‘must have a driving license’ unless it’s essential for the role.

If you find an applicant you want to interview, make sure to ask if they need any adjustments made to the interview process. You should evaluate whether your office premises are fully accessible and what changes you can make to make your space fully inclusive. For example, changing the room layout or lighting to fit the applicant’s requirements.

BT is set to offer frontline workers a special bonus of £1,500 in recognition of their work to keep customers connected during the COVID-19 pandemic.

The bonus is equivalent to about 5% of BT’s average salary and will offered to around 59,000 staff, the company said in a statement.

"BT has made a massive contribution to the national cause over the past year,” said BT CEO Philip Jansen. “We’ve supported the NHS, families and businesses, and avoided the use of redundancy or furlough in our response to the pandemic."

“Our frontline colleagues and key workers have been true heroes, keeping everyone connected in this most difficult time.”

BT does not expect any change to its full year financial outlook as a result of the bonus payment, which comes amid a company-wide pay freeze. The announcement coincides with plans by Communication Workers Union (CWU) to ballot its members about industrial action following a dispute with BT management.

The CWU is concerned that the company’s modernisation plans could result in up to 270 office closures and thousands of job cuts. Around 3,600 jobs at BT were cut in 2020 under Jansen.

Around 45,000 BT staff are represented by the CWU.

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BT’s Q3 revenue for 2020 was roughly £16 billion, down 7% “due primarily to the impact of COVID-19”, the company said. Profit for the nine months leading up to 31 December fell 17% to under £1.6 billion.

BT is not the only UK firm to be offering staff pandemic bonus payments. Supermarkets Sainsbury and Lidl also rewarded staff with payouts, with Sainsbury’s granting frontline workers a 3% bonus – worth about £530 to a full-time employee.

Junior bankers at Goldman Sachs claim to have suffered “inhumane” treatment and workplace abuse that has led to a deterioration in their mental health.

An internal survey conducted among 13 first-year investment banking analysts at the firm showed that respondents on average worked for 95 hours each week since January – with one week in February reaching an average of 105 working hours – and slept five hours per night. All 13 respondents felt the hours they were compelled to work had negatively impacted their relationships with family and friends.

The majority of respondents surveyed also said they had suffered abuse in the workplace, such as being frequently sworn or shouted at, or facing unwarranted public criticism. Most said they would be forced to quit their jobs within six months if conditions were not improved.

“This is beyond the level of ‘hard working’, this is inhumane, abuse,” one respondent said.

The survey was initially presented to the bank as a slideshow in February, but has since begun to circulate on Twitter. Goldman has acknowledged the survey and the presentation.

“We recognise that our people are very busy, because business is strong and volumes are at historic levels,” a spokesperson for the bank said. “A year into COVID, people are understandably quite stretched, and that’s why we are listening to their concerns and taking multiple steps to address them.”

The bank said that it has accelerated its hiring process and moved to automate more tasks to reduce employee workloads.

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The leaked presentation suggested that Goldman set a maximum of 80-hour work weeks and allowing junior staff at least a week to prepare material ahead of meetings.

"Junior bankers should not be expected to do any work after 9 PM Friday or all day Saturday without a pre-approved exception, as that is the only safe-guarded personal time that we get," the report said.

Steven Cox, chief evangelist at FMP, shares his pay transparency advice with Finance Monthly.

Pay transparency has long been a controversial topic. According to research carried out by company review website Glassdoor, 70% of employees across the world believe that pay transparency is good for employee satisfaction. 72% think it’s good for business. And yet the question of who gets paid what remains a very taboo subject for many, particularly in the UK. Many business leaders feel that revealing staff salaries will only lead to division in the workplace, rather than a trusting and open business culture. Below, we examine when pay transparency works and how to implement it in your business.

Pay Transparency – The Pros

Looking at Glassdoor’s statistics, it’s clear that most employees want the companies they work for to reveal all staff salaries; but why?

Knowledge about job opportunity

The research also revealed that more than half of employees believe they need to find a position elsewhere in order to obtain a significant increase in salary. This perhaps illustrates one of the advantages of pay transparency. If staff salaries are public knowledge, employees can easily recognise their financial worth within a company. They can see what the person in the position above them is being paid, and therefore what they can potentially aspire to.

Trust and openness

Another big plus is that pay transparency leads to an open and trusting business culture. Wondering what colleagues and seniors are being paid can quickly create a toxic work environment, as staff members conclude – rightly or wrongly – that they are being paid less than they are truly worth. When one employee feels undervalued, they will likely confer with others, which can then lead to discontent and low morale. In this case, employees are unlikely to put 100% of their effort into their work and may even seek to leave.

70% of employees across the world believe that pay transparency is good for employee satisfaction. 72% think it’s good for business.

Attracting new talent

It’s clear that employees want companies to be transparent with their pay, so companies that do offer this are arguably more likely to attract new talent. Having knowledge of the salaries of all staff is likely to make a new recruit keen to work and progress, as well as work hard from the outset under the clear understanding of their financial worth in a company.

Pay Transparency – The Cons

In spite of the positives of pay transparency, many company leaders argue that the negatives outweigh them, for a number of reasons.

Highlighting pay differences

There are a significant number of companies that do pay different salaries to staff members, even if they perform the same duties. This can happen when a promising applicant negotiates a higher salary, or when budgets change as the years go past. In these instances, if salaries are public knowledge, those on lower salaries are likely to become upset and put less effort into their work - or seek new employment.

Revealing information staff don’t want to share

Another problem can occur when salary details are shared when employees don’t want them to be. Many people feel that their salary should be confidential, and that it almost represents their worth in society. Therefore, if it becomes public knowledge, they may feel exposed and even betrayed by their employer.

Employees may not appreciate all types of compensation

Pay transparency gets even more complicated when you also consider other types of compensation, such as company benefits in kind. These can be anything from a company car to health insurance and may be offered as part of a salary package or negotiated by the employee. Pay transparency tends only to relate to the sharing of salary figures, but some members of staff may also enjoy particular benefits which others don’t. If a company does not share this information too, there is more room for ambiguity and potential doubt about fairness.

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Is Pay Transparency Right for Your Business?

The most helpful way to determine if pay transparency is right for your business is to ask yourself if you are comfortable with the salaries you pay your staff. If you know that people in the same positions are paid different amounts, you need to be confident in explaining the reasons why before sharing the information.

Most businesses find that pay transparency leads to a content and trusting work environment, in which staff understand their part in the company cog. It’s not only about weighing up colleagues’ financial worth to a company, but also about appreciating the bigger picture. If a company’s budgets and spend are common knowledge, everyone knows where they fit into the overall goals and future of the business.

If you do decide to implement pay transparency, it’s vital to ensure that the information is communicated clearly and accurately. If it will be a new policy, make sure all staff are aware and have had time to digest the memo, and approach management with concerns.

Business growth consultant Daniel Groves outlines the key checks to ensure a business is performing at its best in 2021.

People often associate audits with uncertainty; stripping back daily routines and cutting away at workplace stability. Given the year we’ve just had, it’s understandable that a company audit probably sounds like kicking your team while they’re down, but that shouldn’t be the case.

When carried out conscientiously, audits are going to relieve pressure on your bottom line, and therefore your employees. Working through the pandemic will have fundamentally changed the face of your business, and how daily operations are carried out. So, getting a clear, current perspective on how things are running - and how your employees are impacted - will equip you in making efficient, profitable decisions for the long-term.

Here are five key audits that SMEs should be carrying out in 2021 in preparation for workplaces to reopen.

1. Employee welfare check-ins

Everyone has been affected by 2020 in different ways. Chances are, your workforce are no longer just your employees - they’re now also part-time carers, or juggling their child’s education. They’re more likely to be struggling with bereavement, financial worries or health concerns, and may be either incredibly isolated or stressed about being unable to work uninterrupted.

Last year, the UK lost an estimated 17.9 million working days due to mental health concerns. Checking in with your staff will help you understand the strengths, weaknesses, opportunities and threats facing your teams in the coming months. Anonymous surveys can provide some information; team leaders might be able to give better insight. You can find useful resources, like this guide to workplace mental health, if you need assistance with this.

Checking in with your staff will help you understand the strengths, weaknesses, opportunities and threats facing your teams in the coming months.

In some instances, adjusting employee schedules or hours can be a benefit to the company and the individual. Ultimately, responding sensitively to the needs of your team will remind them that their contributions are valued, boosting your employee retention and helping to maintain productivity and operational stability moving forward.

2. Policy audits

In the last 12 months, we’ve seen endless examples of how company policies need to evolve and grow. A policy audit helps you emphasise your organisation’s priorities and your key expectations about employee behaviour. It’s also an opportunity to review policies that are outdated, unenforceable or no longer representative of company ethos.

A policy audit will mean taking stock of your existing workplace rules and deciding which are the most important - whether that relates to technology usage, data security, company objectives, staff welfare or something else. This policy audit outline is aimed at IT companies but translates well to other organisations.

Survey your staff to determine which policies seem challenging or irrelevant, and see where you can revise and clarify most effectively. Communicate with anyone involved in writing those policies, and make sure they’re still relevant and being effectively followed in the current climate. The Basecamp Employee Handbook offers an interesting and modern example of policy tone and structure.

A policy audit provides your employees and management with a refreshed understanding of what it means to be a part of the company. It demonstrates professional flexibility and conscientiousness, both of which are going to be vital in adapting to the climate of 2021.

3. Waste management

Waste management is a common headache for growing businesses. Although it’s probably dropped off the radar with offices being closed, you have an opportunity to limit your waste collection costs when you reopen. Plus, it always helps to give your company a greener image.

Waste management is a common headache for growing businesses.

Waste audits involve counting the number of bins around your site, assessing the type of rubbish inside and identifying where the bulk of waste is originating. It may be immediately apparent, for instance, your building discards a high volume of plastic cups, or bulky paperwork.

“Regardless of industry or company size, a waste audit is the first step needed to be taken to establish where improvements can be made and how to increase recycling within a business.” - Countrystyle Recycling

Reducing the number of bins, positioning them more centrally and providing ways to segregate recyclable materials can nudge staff behaviour in the right direction. Adjusting workplace systems - like providing communal drinkware, or going paperless - will reduce waste further. 

4. Paper processes

Paper-based processes stack up to big business costs - especially when you consider that the average employee apparently uses over 10,000 sheets of paper a year. Identify the source of your physical paperwork now, and reap the benefits of a paperless (or near-paperless) system when your workplace reopens.

Lots of organisations have digitised during lockdown. Meetings, desk drive-bys and wet signatures have been replaced with video calls, instant messaging and eSignatures. Using cloud-based services, digital contracts and electronic proof of delivery (E-PODs) allows documents, signatures, order forms and invoices to be shared instantly, tracked accurately and stored securely. 

If you’re sceptical, calculate how much your company spends on printing materials and machinery, plus postage costs. Then add the approximate rent of each square foot of your paper filing systems, the rates of your employees as they task-switch between screens and physical documents and, of course, the cost of shredding, recycling or discarding waste paper.

5. Office capacity audit

SMEs are typically hyper-conscious of their headcount and available office space. However, with the future of onsite working changing, 2021 is the time to re-evaluate your figures.

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Experts are predicting that ‘hybrid’ working will be the new normal, and UK employers estimating that around 37% of employees will regularly be working from home post-pandemic. This potentially means that workplaces can be significantly smaller for the same number of employees, as long as realistic hotdesking practices are put in place. As a result, businesses may find it possible to save thousands on rent.

Talk to your staff about their workplace preferences with regards to working onsite full-time, part-time, or only on occasion. Compare this to what you and your team leaders see as necessary for productivity, and plan accordingly.

In Summary

Everybody wants 2021 to be happier, healthier and more successful than last year. These five audits work in harmony with each other to reduce burdens on both individual employees and company finances, allowing businesses to flourish under the demands of the ‘new normal’.

Take the opportunity to acknowledge everything your team achieved against adversity in 2020, and work together to create positive and sustainable change this year.

Bill Michael, chairman of Big Four accounting firm KPMG, has stepped aside after the company launched an investigation into controversial comments he allegedly made to staff during a virtual meeting on Monday.

Michael reportedly told consultants to “stop moaning” about the impact of the pandemic and lockdown measures on people’s lives, and that they should stop “playing the victim card”. Around a third of the firm’s 1,500-member consulting team were in attendance.

Michael later rejoined the meeting and apologised for his comments, according to the Financial Times, and KPMG launched an “independent investigation” into his conduct.

"Mr Michael has decided to step aside from his duties as chair while the investigation is underway," a KPMG spokesperson said. "We take this matter very seriously and will not comment further while the investigation is ongoing."

During the meeting, staff reportedly complained about Michael’s statements using an app to post comments anonymously. Some allegedly expressed anger that he had dismissed concerns about possible cuts to staff bonuses, pay and pensions.

The chairman’s comments were particularly poorly received after a staff poll discussed at the beginning of the meeting showed that a high proportion of consultants were struggling to cope during the pandemic, according to the FT.

Michael has presided over a tumultuous period for the firm. KPMG has recently come under scrutiny for its audit of government contractor Carillion, which collapsed in 2018 with £1 billion of debt. Sales for 2020 fell 4% to £2.3 billion as the COVID-19 pandemic forced KPMG’s clients to cut back on expenses.

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Last week KPMG UK’s full-year results revealed that Michael was paid £1.7 million last year, down from £2 million in 2019.

To improve performance, financial services firms must first assess their most successful salespeople to get a better understanding of what they do. Once employers have this reliable information from staff assessments, they can replicate these “winning behaviors” through training and support. Lars Pedersen, CEO of Questionmark, explains how this can be done and why it is vital for firms' continued growth.

What’s the issue?

Research shows that 50% of financial services salespeople expect to miss their targets. Yet, many salespeople believe that the targets they were set were reasonable.

While some salespeople may be performing well, many may be underperforming, despite the money that financial services firms often invest in training.

What’s the solution?

Often, the most successful salespeople have clear behaviors and activities that mean they sell more. They spend much of their time focusing on researching prospects, preparing proposals, and prioritising leads. Just under a third (32%) of a financial services salesperson’s time is spent on direct selling.

The factors that make a sales team successful will differ from employer to employer, but one factor is common: the majority of sales will come from a minority of high-performing salespeople. So, by assessing what these high performers do that others don’t through staff tests, employers can begin to understand what works and what doesn’t. They can then replicate good habits and successful strategies through training across all of their sales teams.

How can employers replicate winning behaviors? 

Staff tests are an effective way of measuring employees’ skills through tracking progress and performance. By measuring progress, employers can help improve it. So, employers can use online skills assessments and surveys of the top-performing salespeople to identify successful strategies and distill good habits.

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By using assessments in this way, financial services firms can see which crucial skills are missing from the rest of their sales teams. This can inform their decisions on training and how to support underperforming team members. Further tests can check that revised training programs are working.

As well as assessing their staff, financial services firms can conduct online tests across the entire sales operation, including channel partners. They can adapt the content of training programs to ensure that those representing their firm and product exhibit the skills and strategies that create success.

Meeting regulations

Assessments can also help employers discover whether salespeople know and follow relevant regulations.

By testing salespeople’s knowledge of and attitudes towards regulation, firms can build a culture of compliance, ensure their sales teams follow the rules, and avoid regulatory breaches.

Creating an impact

Crystalising the qualities of strong performers is important in industries that are struggling with a skills shortage, such as financial services. Firms must ensure teams have the skills to thrive. But 70% of financial services CEOs believe that the limited availability of skills is a threat to growth.

So, when the financial services industry is changing so rapidly, getting a clearer understanding of why some salespeople perform well, and others don’t, is crucial.

Gaining such understanding from staff tests could make a difference to individual, team, and firm performance.

Payrolls, for a majority of the workforce, acts as a motivational factor. It is only when they get accurate and timely income that they feel inspired to keep putting their best foot forward. After all, it is all about money at the end of the day.

This is what makes it important to effectively process payrolls. Accurate payrolls makes sure that employees are neither getting underpaid nor are they getting anything more than they were expected to receive. 

Moreover, effective management is also about handling confidential documentation, ensuring accurate benefits, sorting out reimbursements correctly, and everything else that revolves around the employees income. 

So, how exactly do you manage payrolls effectively so that both employees and employers keep happy? Read about the solution below. 

Get most out of advanced technology

Thanks to advancements in technology, there are now ample tools and software on the market that have been developed to make business operations a lot easier, even payroll management. Payroll system software was designed specifically to ensure that organisations manage their payrolls effectively. 

These tools automate almost every payroll-related task. Not only is this tool reliable to get accurate timings and amounts, but there are variations that come with additional helpful features. These features could include tracking attendance, managing budgets, filing taxes, calculating overtime of employees, tracking employee work hours, and many more. 

You can easily find a tool that basically takes care of everything related to the human capital of your organisation. All you need to do is select the tool effectively and with patience and research.

Payroll system software was designed specifically to ensure that organisations manage their payrolls effectively. 

Streamline tasks

Organisation is the key to success. The more organised you are, the easier your life will be. When there is chaos, the chance of errors increases. 

Thus, make sure you are always working to get more organised at work and in life. Start by reviewing how your current processes are. Learn about all the areas that need improvement. 

Once you have these areas, start working on them. Determine the type of pay schedule that will work best for your organisation as well as your employees. If you have distributed hours, identify the best course of action to take care of that. 

When you are trying to improve, start by analysing and identifying.

Go paperless

In this world of digitalisation, it is perhaps high time to adapt to more advanced technology. After all, the digital world is the future. There are plenty of benefits that going paperless can bring.

The main benefits include offering an easy and less cluttered way to employees to manage and monitor their finances.  When you opt for digital solutions, employees won’t have to stand in line and pick up their checks. This will save time and offer them more hours to focus on more important tasks like achieving their targets.

You can offer a self-service portal where employees can themselves look into their documents and payslips when the need arises.

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Consider outsourcing payroll management 

Many find it difficult to delegate tasks. They feel the more they keep the work to themselves, the better and more accurate it will be. That’s completely wrong.

When you have too much on your plate, it is going to be truly difficult for you to focus on even one thing. Neither would you be able to carry out payrolls effectively nor the other tasks in hand. And payrolls need accuracy. Thus, consider outsourcing your payroll management. This will help you retain your employees and keep them productive as they will be getting accurate and timely pays. No delays. This is because the chances of the brands that you will outsource payroll management from will probably already have updated software. 

Thus, consider letting go of the burden of manual payrolls and begin storing important documents securely.  

Conclusion

The bottom line is that automation and easy life goes hand in hand. If you can find any way to automate your tasks, be it using a digital tool or by outsourcing the management, you should certainly consider doing that. It will give you more time to focus on things that actually matter. 

Business growth consultant Daniel Groves offers Finance Monthly an analysis of the current role of offices and his predictions on how it will shift in 2021 and beyond.

COVID-19 has had a big impact on offices around the world, with lockdown guidelines and social distancing measures leading many to work from home. There have been many proponents of home working, from a better work-life balance to cutting down on the expenses of commuting. But what does this mean for offices going forward? 

While there is still going to be a need for offices beyond the pandemic, the role they play in modern businesses will need to evolve to adapt to the ‘new normal’. These are some of the ways that offices are likely to change in the future to meet the demands of running a business while also maintaining the wellbeing of staff. 

The office is still important

In spite of the rise in remote working, offices are still important to how businesses operate. Many people like the idea of dividing their work life between in-person and remote, in order to gain a better split between their personal life and their career. 

What’s more, some businesses have no choice but to have a central location for staff to work from in order to comply with data security. But in order to stay relevant, businesses require their office spaces to adapt and change with the times. The offices of the future will be shaped from the lessons learned through the pandemic and this means that they need to become a space where the benefits reaped from working there are worth the extra effort required to get there.

From how they look to how they make employees feel and how staff are treated within them, offices need to be worth the journey and over the coming months as we navigate the pandemic and its aftermath, offices will be under closer inspection.

In spite of the rise in remote working, offices are still important to how businesses operate.

A new focus

The focus of the office has now changed – it’s no longer the hub of the company but rather a space for collaboration and creativity. In response to the pandemic, offices are now better suited to providing a place to come together with colleagues and brainstorm ideas. Co-working spaces need to be inspiring and encourage ideation and participation. 

So, modern businesses need to accommodate this and provide break out areas and flexible open plan spaces. Business owners need to recognise that staff need collaborative areas that can be adapted to suit different needs, both for social interactions as well as quieter spaces to concentrate. 

More working remotely

COVID-19 has resulted in more people working remotely than ever before, which has placed a greater importance on having access to good digital services. Employees need to be able to utilise software to collaborate effectively, from making better use of calendars and time management tools to arrange meetings, to using cloud software to share and access files and documents. 

It’s also vital that all staff have great connectivity in order to make the best use of these tools. Businesses need to support teamwork through the right organisational aids so that staff can coordinate and share resources efficiently.

Design focused around people

More than ever before, companies need to pay attention to how their offices are designed in order to keep staff and visitors safe. While mistakes in the office layout prior to the pandemic may have been inconvenient, it could now be unsafe or even illegal. 

“The pandemic has accelerated the move towards genuinely people-focused design,” says Roderick Altman, CEO at SAS International. “This means designing workspaces that accommodate the needs of each and every person rather than considering office workers as a herd. Some of the major issues are reduced density of people, fixed desk working, increased focus on cleanliness and closed ceilings”

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It’s not just desks and cubicles that need to be considered, but also other areas of the building such as meeting rooms, canteens, lifts and corridors. 

Hot desking is no more (for the moment)

Hot desking was popular before COVID-19 hit, but it’s no longer a safe option. For companies with smaller offices, a better and safer option may be to consider that only certain people come into the office while others work remotely. But there’s no one-size-fits-all solution and the answer will vary depending on which talent is required for the business and how much collaboration is necessary. 

Even within each business, the needs could vary across different teams and geographies, and varying demands throughout the year. Offices can still be used as a central meeting hub for everyone, but if there isn’t the space for every member of staff to work safely, then businesses need to offer an alternative. 

Final thoughts

The uniqueness of our current situation means that there’s no template for how to move forward or work post-lockdown. The key to success is flexibility and encouraging collaboration between staff, while having continuity measures in place should a second wave hit. From changing office layouts to create a safer work environment to providing staff with the digital tools they need to maintain contact and collaboration with colleagues, businesses need to be willing to adapt and utilise office premises in different ways to adhere to the guidelines as they evolve.

Annie Button outlines the most common financial failures of SMEs and how they can be averted.

Running a business is tough, regardless of what sector you work in. But if you’re not careful where your finances are concerned, you could be making the situation harder than it needs to be. These are some of the common financial pitfalls that many businesses slip into and how to avoid them. 

Failing to have a budget in place

A business budget is vital for managing future expenses and controlling your finances. But so many businesses operate month to month without any plan for the business’s earnings. 

To ensure that you’re not spending where you can’t afford to, or paying too much in one category, you should have a budget in place that is conservative – in other words, keep your income estimates on the low end of the scale and your expenses on the higher side, so that you’re not caught out at the end of the month. 

Too many people on the payroll

As a business, you want to grow and scale up – it’s a sign that you’re doing well and, for most businesses, it’s the ultimate goal. But having too many people on the payroll too soon could mean you’re overspending where you can’t afford it. Many entrepreneurs find themselves in need of help and they hire too many people too fast, which causes problems where the budget is concerned. 

A compromise to ensure you’re not doing everything yourself is to look into hiring people on a part-time basis or contractors. Freelancers are also an alternative that can help you save money without compromising on your business, as you will only be paying for the work they carry out rather than a full-time salary.

A compromise to ensure you’re not doing everything yourself is to look into hiring people on a part-time basis or contractors.

Suffering from a cyber attack

A cyber attack can impact your business in multiple ways, from its finances and operations to the reputation of your brand. Cybercrime can be incredibly costly to resolve, not just because of the remediation work required to clean up the system but also because of the reputational damage it can cause. 

There’s also the issue of compliance and adhering to GDPR regulations that could mean your company is fined for failing to protect customer information. 

It’s vital that you secure your network and make sure that staff have cyber awareness training, and by investing in proactive rather than reactive cybersecurity technologies. You should also enforce secure password policies across the business and use firewalls to protect data. It’s also a wise decision to back up your data regularly and have protocols in place should an attack occur. 

Failing to separate personal and private finances

A common mistake that can be detrimental to businesses is merging personal and private finances. It’s important to consider your business a completely separate entity from yourself from the start, as it can cause complications in the future if you don’t. 

You should set up a separate bank account where all money earned from the business is paid into and any business expenses are paid out of. Likewise, if you require a credit card, ensure that your business has a separate one so that it’s easier to track payments. 

Not saving for a rainy day

Issues with cash flow can be a real problem, even for successful businesses, if payments aren’t managed properly. And while it’s nice to believe that everything will run smoothly from day one, chances are there will be unexpected events or emergencies in the future that require funds to keep the business afloat. 2020 has possibly reinforced this point even more for so many businesses.

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To ensure you’re never in a difficult situation, it’s important to have money tucked away for such situations that you can lean on when times are tough, without having to resort to credit cards and loans. A good rule to follow is to assess what your basic responsibilities are and average out the cost, then put three months’ worth aside in a contingency fund. 

Final thoughts

There are so many potential risks when running a business and it’s all too easy to assume that your business won’t suffer if you cut a few corners. But ultimately, in order for your business to thrive and stay in good financial shape, it’s critical that you consider all eventualities and prepare for them accordingly, whether that’s having savings in place, protecting data from threats or being savvy about how you hire staff. 

Lloyds Bank revealed on Friday that black employees are paid a fifth less than their white colleagues on average.

The median pay gap for black staff in 2020 was 19.7%, while the gap for all BAME employees was 14.8%.

The bank said in its ethnicity pay gap report that the discrepancy stemmed from black staff being “disproportionately under-represented at senior levels” rather than from unequal pay being issued to employees of different ethnicities within the same role.

In July, Lloyds set a target to increase the number of black employees in senior roles from 0.6% to 3% by 2025, coinciding with an existing target of 8% BAME senior staff by the end of 2020 as part of its company-wide “Race Action Plan”. The bank also said that it had launched a Black Business Advisory Committee, to be headed by former Cabinet Office adviser Claudine Reid, to investigate growth barriers faced by black-led businesses.

"We want to be clear that we are an anti-racist organisation,” said Lloyds CEO António Horta-Osório, “one where all colleagues speak up, challenge, and act to take an active stance against racism.

"In doing so, our colleagues will help break down the barriers preventing people from meeting their full potential."

Professor Binna Kandola, business psychologist and co-founder of Pearn Kandola, criticised the bank’s striking pay gap and its disparity in roles by ethnicity. "Considering that the majority of senior roles are filled by white people, this would suggest that white staff are given preferential treatment and are able to climb the ladder more quickly,” he said.

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"While the best organisations will try to be more systematic in assessing and evaluating performance, bias still penetrates these processes. Rarely are organisations willing to confront the fact that the problem is the people operating the processes. None of us are as objective as we believe we are, and none of us want to believe that we make judgements about people based on their ethnicity. As a consequence, minorities are more likely to be found in roles which have fewer opportunities for progression and which ultimately pay less.

"To solve the problem of the race pay gap, we must address the lack of opportunity for BAME people to advance to more senior positions. Performance evaluations, career development and line manager support are all crucial ingredients, and the people operating these systems must receive the training and support required to conduct these processes with career and accuracy."

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