Employee Relations, HR, HR Updates

A recap of the 2023 Autumn Statement’s HR Highlight

As the leaves fall and the season changes, so do the economic policies that shape our professional landscape. The recent Autumn Statement by Chancellor Hunt brought forth a plethora of announcements, particularly pivotal for the HR realm. Let’s delve into the five key takeaways that underscore the significance of this fiscal blueprint for the workforce.

Hunt emphasised that an economy thrives when it invests in its people. The commitment of £50 million over two years to enhance apprenticeships, particularly in engineering and other critical growth sectors, signifies a clear directive towards skill development. This move not only supports workforce growth but also aligns with fostering expertise in vital industries.

The triple-locking of pensions, coupled with an 8.5% increment in the state pension, addresses the pressing concerns raised by high inflation. The proposed reforms allowing workers to consolidate pensions and giving them the right to require new employers to contribute to their existing pension pot aim to provide stability and flexibility, empowering individuals to secure their financial futures.

Responding to the cost-of-living crisis, the announcement of a 10% increase in the national living wage, rising to £11.44 per hour from April, stands as a substantial step. This wage hike extended to cover 21 and 22-year-olds, alongside significant increases for younger workers, including apprentices, signifies a commitment to fair pay across age brackets and industries. For more information, visit our employment law updates page to discover what this means for your business.

The planned reduction in the main rate of national insurance from 12% to 10% effective from January 2024 aims to provide relief to employees. This cut in taxes for millions, coupled with the revised thresholds, signifies a measure to support disposable incomes and reduce financial strains on the workforce.

The Back to Work Plan outlines a comprehensive strategy to support individuals with long-term sickness and disabilities back into employment. Reforms in fitness notes, work capability assessments, and additional funding to aid the long-term unemployed signify a concerted effort toward harnessing untapped potential within the workforce.

However, the plan also emphasises reciprocal responsibility, mandating job seekers to engage in mandatory work placements after 18 months of support. Failure to comply might result in benefit cessation after a six-month non-participation period.

The 2023 Autumn Statement sets the stage for a transformative era in the UK’s economic landscape, underlining the pivotal role HR plays in navigating these policy shifts. As these changes unfold, organisations must adapt swiftly to harness the opportunities presented and address the challenges ahead.

At Park City, our team of seasoned HR experts stands ready to assist businesses in interpreting and implementing these legislative changes. Our HR services are designed to align seamlessly with the evolving needs of your business, offering tailored solutions that optimise talent management, compliance, and strategic workforce planning. This means whether you’re a large organisation, or a small business looking for HR support, we’ve got you covered.

As the Autumn Statement reiterates the criticality of investing in people and fostering a dynamic workforce, Park City remains committed to partnering with businesses, empowering them to navigate these changes effectively whilst building a resilient, future-ready workforce.

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Saul HunnaballSaul Hunnaball
15:44 12 Aug 22
We have worked with Park City for our HR and Health and Safety support for many years now and have always received an excellent service.Carley is our Consultant and she is always so helpful, as are... her colleagues when she is unavailable.I would highly recommend Park City.read more
Lea CuttingLea Cutting
08:31 27 Jul 22
Park City have worked with us for many years, advising and guiding us regarding HR and Health & Safety, along with supplying valuable training.We work with many people in several areas of expertise,... Sara Godfrey, Jennie Galione, Ashley Williams, Sam Parcell, Stephanie Devans, Poppy Hayhoe.They build confidence within our company and are always available with support and advice.They provide a consistent, professional, hands-on service, second to none!Thank you from DH Industries Limited.read more
Vikki PringleVikki Pringle
11:12 20 Jul 22
The team at Park City offer us the right level of service needed to confidently run a small business. They keep us up to date with UK policy HR requirements, help us manage any staff changes or... issues and policy documents. The team are informed, friendly and remain professional in my experience.read more
Tracy MeadTracy Mead
07:12 20 Jul 22
The DS Group have been working with Park City now for a number of years and we have found their HR services to be invaluable. The service received is always to the highest professional standards and... they have assisted our business in becoming more efficient and effective in all HR matters.My consultant Sam Parcell is always on hand to help answering any questions quickly and professionally and she offers vital guidance, advice and support to us.We as a company will continue to use Park City’s services for many years to come and we cannot recommend them enough!Tracy Norton-Mead, Operations Director at the DS Group.read more
Katie HerbertKatie Herbert
13:35 07 Jul 22
We have worked with Park City for almost 10 years and have built up a great professional relationship over the years. The team are so friendly and helpful, and nothing is ever too much of an ask for... any of them. Our main HR contact is Carley, who is lovely, and she is very prompt in dealing with any queries we have regarding our 100+ staff. We would highly recommend their services for any local business.read more
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