With 2020 officially here, there are numerous changes to expect, including Brexit and potential new trade deals, IR35 Tax Status determination, employment law changes and more.
The expected changes are already visible in the industries RED10 is working with. Organisations, both in the Asset Management and Insurance industries, are not only pushing for innovation and modernisation but also preparing to respond to legislative changes. Naturally, IT transformation and change programmes reflect these changes. Attracting, developing and retaining talent will be a priority for organisations to respond to these delivery needs.
To Brexit or not to Brexit
The Brexit uncertainty glooms over the UK economy for the last two years. Organisations have taken the necessary measures to prepare for Brexit, which kept IT transformation programmes busy. Now, companies can return to plans that were put on hold pending Brexit. However, with a new extension until 31 of January and unknown trade deals on the horizon, is this the case?
IR35 implementation on your doorstep
It is undeniable that IR35, the new off-payroll working reforms due for implementation in the Private Sector in April 2020, will have a significant impact on people within organisations. Both contractors and companies need to take the necessary measures to prepare for IR35 and determine their Tax Status before they find HRMC on their doorstep.
Some contractors are getting caught up in the blanket approach of large organisations deciding to move elsewhere, or naturally, they need to assess suitable options of operating either under a limited company or a PAYE umbrella company. This gives new opportunities to benefit from and leverage this legislative change!
RED10 is running a survey to understand further how our contractors would like to work Post-April 2020 and take this IR35 change journey together. If you didn’t have the opportunity, you can complete this quick survey here.
Many of Employment Law changes
In 2020, certain change will be seen in employment law. These will include Statutory rates review in April 2020 on entitlements such as maternity, paternity and sick pay. Also, the Parental Bereavement (Pay and Leave) Act is set to come into place in April 2020, which will entitle primary carers, not only parents, to take time off. Other changes will include the holiday pay calculations, changes to written statements of employment particulars, and agency worker’s rights. There is a push for change in employment law, which will have to be reflected in business and technology operations.
Push for innovation and cost reduction
Organisations more than ever need to stay ahead of the competition. Globalisation and advancement in technology make customers more demanding than ever, where in most cases value for money is a priority.
Thus, organisations will continue to invest heavily in 2020 and next decade on innovation, operational efficiency, service excellence and cost reduction. IT transformation and change programmes will continue to be the epicentre of companies, walking hand-in-hand with business decisions and strategy.
What about you?
If 2020 is the year of change, will it be YOUR year of change?
Working in Asset Management, Insurance and IT industries certainly mean that you will be part of it.
Embracing change, evolving and taking beneficial career decisions should be part of your New Year’s resolutions. RED10 is here to help you, on any careers decisions or changes you might have in mind.