Sectors
At LWM, we understand that all businesses are different. While we cater to a wide range of industries, some sectors present unique challenges when it comes to payroll. Our business is dedicated to continuously monitoring the UK payroll landscape and identifying the most efficient solutions to address potential industry-specific complexities.
Hospitality
The UK hospitality industry is poised for growth in 2024 despite ongoing challenges. The sector, encompassing hotels, restaurants, pubs, and catering services, is expected to grow from USD 57.39 billion to USD 65.02 billion by 2029 at a CAGR of 2.53%. The industry remains resilient, with increased activity in hotel transactions and a positive outlook due to stabilising interest rates and inflation (UK Hospitality, 2024; Mordor Intelligence, 2024).
However, rising costs, including a 9.8% minimum wage increase, will pressure businesses to adjust pricing. Investment in new accommodations, especially in London, continues to attract both domestic and international investors. The sector is a crucial economic driver, providing significant employment and contributing to the GDP (Hospitality People Group, 2024; Mordor Intelligence, 2024).
Payroll Insights:
Many UK hospitality businesses are increasingly adopting payroll outsourcing to streamline operations and reduce costs, driven by the need to manage complex payroll processes and compliance requirements (UK Hospitality, 2024).
Outsourcing accounting can significantly reduce operational costs by converting fixed costs into variable costs. Approximately 59% of businesses outsource primarily to cut costs (QX Global Group, 2024).
Payroll errors, such as late payments, can lead to employee dissatisfaction and increased turnover (Duncan & Toplis, 2024).
Facing payroll challenges in your industry?
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