Minimum wage
Workforce Management Glossary
Minimum wage
What does the term minimum wage mean?
The term minimum wage means the lowest monetary range that employers can legally pay their employees. Most countries around the world have legislation in place that outlines the minimum wage however the actual minimum wage value will depend on the award the employee is covered by. There are different awards for different industries and employment levels.
How does factoring in minimum wage help a business?
Adhering to the law is beneficial to businesses no matter what industry they operate in. Firstly they are displaying both a legal and social responsibility by instituting minimum wage payment practices.
In addition to this employers that adhere to the legislation and payment guidelines are also better placed to attract and retain great talent. This in turn results in better organisational outcomes such as improved productivity and decreased employee turnover rates.
How can employers make sure they are adhering to minimum wage requirements?
Ensuring that employees are paid correctly and in accordance with the law and the relevant award is paramount to lawful operations. In order to ensure these guidelines are being followed for all employees Roubler provides all-in-one software support.
With this support at the forefront of operations there are built-in checks and measures to ensure that everything from compliant rostering to paying employees in accordance with the minimum wage requirements can be actioned.