The Living Wage Is Coming Into Effect - What you need to know

The Chancellor of the Exchequer George Osborne in July 2015 announced that the UK Government will introduce a compulsory minimum wage premium for all staff over 25 years of age, and referred to it as the ‘national living wage'.

This rate will commence in April 2016. In order to help small businesses deal with this increase to the national minimum wage, or living wage, they will have their national insurance bill reduced.

Initially, the National Living Wage has been set at £7.20 an hour, a reasonable increase on the £6.70 National Minimum Wage businesses are currently paying to their employees aged over 25. This will then be further increased to £9 per hour nationwide by 2020.

With the price of employing going up, this is where you need to make sure you are getting the full potential from your employees and the systems you have in place.

Having a stock control management system in place gives you the ability to manage your stock quickly with adding, editing or deleting multiple items.

The main features of Retso's system are:

• Add single and multiple items all in one screen
• Do bulk prices including VAT rates
• Numerous price level per product such as cost, price, sale price, web price and promotional price
• Put the whole stock on sale or run promotions on selected product ranges

Stock-outs can cause a loss in sales and time which can frustrate customers. It's so important to invest in a stock control system that can successfully manage your inventory levels and make sure reorders are conducted on time.

Whether you are front of house in retail or in the warehouse, Retso's stock management software keeps your complete team well-versed about your stock.