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Establishing a successful recruitment process and clear written employment contracts for new employees can have a major impact on your business.

Every business needs to be aware of its obligations under minimum wage and equal pay laws, as well as recent pensions auto-enrolment changes.

You must comply with legal restrictions on employees' working hours and time off, or risk claims, enforcement action and even prosecution.

The right employment policies are an essential part of effective staff management. Make sure any policy is clear and well communicated to employees.

While sick employees need to be treated fairly, you need to ensure that 'sickness' is not being used as cover for unauthorised absence.

Most pregnant employees are entitled to maternity leave and maternity pay, while new fathers are entitled to paternity leave and paternity pay.

As well as undermining morale, illegal discrimination can lead to workplace grievances. Employee discrimination is covered by the Equality Act 2010.

Home, remote and lone workers are becoming increasingly commonplace. Key issues include communication and how to manage and motivate people remotely.

The right approach to consulting with and providing information to your employees can improve employee motivation and performance.

Disciplinary and grievance issues can be a major burden to employers. Putting in place and following the right procedures is essential.

Following the right dismissal and redundancy procedures helps protect your business and minimise the risk of a legal dispute at tribunal.

Employment tribunal claims are a worrying prospect for any employer. A tribunal case is a no-win situation – even if the claim is unjustified.

Would-be entrepreneurs delay start-up plans as election looms

23 April 2024

New research has found that while many Brits want to start a business, nearly half say that economic instability and uncertainty ahead of the next general election is deterring them from starting up.

With no date yet set for the upcoming general election, it seems that the uncertainty caused by potential political and legislative changes is making aspiring entrepreneurs nervous. It means that many Brits with ambitions to work for themselves are being deterred from starting a business at this time, according to research by accounting software firm FreeAgent.

Its poll of working Brits has found that the majority of respondents have had thoughts of starting their own business at some point and one in five say they'd like to start a business in the next six months. However, 58% say their decision has been "significantly" or "somewhat" affected by the prospect of a general election in 2024.

Nearly half of respondents (49%) say they have been deterred from starting a business due to economic instability caused by uncertainty around the next election; prospective business owners are also worried about the ongoing cost-of-living crisis as well as a lack of government support for small businesses.

Uncertainty dampens entrepreneurial ambitions

Over a third (35%) of respondents say they have been put off from starting their own business due to uncertainty around changes in tax, with 30% worried about changes in small business funding and 28% concerned about changes in legislation and regulation with the prospect of a new government.

Furthermore, many potential business owners are anxious about the financial burdens of setting up a business, with a fifth (21%) of those surveyed concerned about start-up costs, while 18% say a lack of personal savings is a particular worry.

"Many budding entrepreneurs are clearly considering the possibility that there may be big political and economic changes on the way, particularly if there is a change in government, and are waiting to make any concrete plans to start their own businesses. However, this uncertainty is only going to continue until we have some kind of clear indication over when the next election will actually be held - and what the various political parties' priorities are for the small business sector. Although we may have to wait for the main parties to reveal their actual election manifesto pledges, I hope that they will start to give some indication over their plans for the small business sector. By having clarity over issues such as small business taxes, late payment and access to support, SMEs will be able to better plan for the future and would-be entrepreneurs will have more confidence in taking the plunge and setting up for themselves." Roan Lavery, ceo and co-founder of FreeAgent.

Brits want a better work/life balance

Despite these concerns, however, 39% of people said they still hoped to set up a business within the next 12 months. The top reasons for this are:

  • Achieving a better work/life balance (46%);
  • Being able to choose the work done (34%);
  • Being able to follow passions (34%);
  • Having a greater sense of achievement at work (33%).

Aspiring business owners are not short of confidence in their own abilities, it seems. Six in ten (62%) of those polled say that although they have moderate concerns about the potential failure of their business, they believe they can overcome these challenges.

Written by Rachel Miller.

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