Implications for SMEs from the King's Speech July 2024

The King's Speech in July 2024 confirmed the intentions of the UK Labour Government - but while its outlines several key changes that will impact small and medium-sized enterprises (SMEs), the associated briefing notes do not explicitly mention 'small business'.  

 

The Federation of Small Businesses (FSB) is calling for omissions to come to the forefront. Areas like late and poor payment practices, changes to the apprenticeship levy, and rising costs and risks are in its sights.  

 

Apart from omissions there are some definite intentions - so here we summarise those areas that affect SMEs and how Verve Healthcare's services can support your business through these transitions. 

 

Labour has proposed creating a new, single status of ‘worker’, combining the current employee and worker statuses. While this change aims to simplify employment classifications, it will require extensive consultation and legislative changes. 

 

As these changes unfold, Verve Healthcare's HR advisory services can provide guidance on how to navigate the new employment status regulations. Our team can help you understand the implications for your workforce and ensure you remain compliant with the new laws. 

 

 

The Labour Government intends to remove the qualifying period for protection from unfair dismissal, granting employees these rights from day one. This change, along with enhanced rights to parental leave and sick pay, will require legal adjustments and consultations. 

 

Verve Healthcare offers comprehensive HR support to help SMEs adapt to these new regulations. Our services include policy reviews and updates, ensuring your company policies align with the latest legal requirements. Additionally, our mental health support services can help manage the increased demand for sick leave and parental leave. 

 

 

Labour has proposed removing ‘exploitative’ zero-hours contracts to provide more security to employees. While this change aims to protect workers, it could impact industries that rely on the flexibility these contracts offer. 

 

Verve Healthcare can assist SMEs in transitioning away from zero-hours contracts by offering flexible employment solutions and workforce planning. Our occupational health services can also support employees through this transition, ensuring their health and wellbeing are prioritised. 

 

 

The removal of the ‘waiting days’ before Statutory Sick Pay (SSP) is payable will have a positive impact on employees, particularly those suffering from mental health conditions. 

 

Verve Healthcare's pay-as-you-go mental health service provides immediate support for employees, reducing the impact of mental health conditions on their work. By offering timely mental health interventions, we can help employees return to work sooner and more effectively manage their conditions. 

 

 

The Labour Government has indicated a potential right for employees to form unions, which could impact small businesses. This change aims to ensure employees are aware of their rights to join a union, but it will require further consultation and clarification. 

 

Verve Healthcare's HR advisory services can guide SMEs through the complexities of unionisation. Our team can help you understand your obligations and rights, ensuring a smooth transition and maintaining positive employee relations. 

In addition to navigating these legislative changes, it's crucial for SMEs to focus on promoting employee wellbeing. A healthy and happy workforce is more productive and engaged, reducing absenteeism and improving overall business performance. 

 

Verve Healthcare can help you create a clear strategy that outlines how your organisation will promote mental wellbeing and support employees experiencing mental health challenges. 

 

Conduct regular training sessions to educate employees about mental health and the resources available to them, reducing stigma and encouraging early intervention. 

 

Promote a healthy balance by encouraging regular breaks and the use of annual leave. Verve Healthcare's health assessments can support employees in managing their work-life balance effectively. 

 

Create a culture of support and understanding by encouraging teamwork and open communication. Verve Healthcare's employee benefits provide confidential support for employees, helping them navigate personal and professional challenges. 

 

Ensure easy access to therapy or why not visit our wellbeing hub for advice right now. Verve Healthcare's pay-as-you-go mental health service offers flexible and immediate support for employees in need. 

 

Offer workshops to help employees develop coping strategies and resilience. Verve Healthcare's stress management approach is tailored to meet the needs of individuals, promoting a healthier work environment. 

 

Promote physical activity, which is known to have a positive impact on mental health. You can organise fitness classes, walking groups, and other physical activities to keep your employees active and healthy. 

 

Continuously update your mental health policies to ensure they remain effective. Verve Healthcare's HR advisory services can help you stay compliant with the latest regulations and best practices. 

The implications of the King's Speech are significant for SMEs, with changes to employment status, dismissal rights, zero-hours contracts, statutory sick pay, and unionisation. Navigating these changes can be challenging, but Verve Healthcare is here to support you every step of the way. 

 

By partnering with Verve Healthcare, you can ensure your business remains compliant with new regulations while promoting a healthy and productive workforce. Our comprehensive services, including health assessments and our pay-as-you-go mental health, physiotherapy and private GP Verve On Demand service are designed to meet the unique needs of SMEs. 

 

Investing in employee wellbeing is not just about compliance; it's a strategic decision that benefits both employees and the organisation. By taking proactive steps to support mental health and wellbeing, HR managers can ensure that their employees feel valued, supported, and empowered to perform at their best. 

 

For more information on how Verve Healthcare can support your business through these legislative changes, contact us today.