When you begin your international expansion, there are several aspects of employment you’ll need to consider. Compensation and benefits are two vital pieces of legal hiring in any location, and you’ll need to understand employment laws to handle them correctly. Globalization Partners provides compensation and benefits outsourcing in Barbados to streamline your transition.
Barbados’s Compensation Laws
The country’s national minimum wage is 6.25 Barbadian Dollars (BDD) an hour. In early 2020, legislators were close to raising this rate, so it may still change in the coming years. Employees can have pay schedules at hourly, daily, weekly, biweekly, or monthly rates as long as all arrangements translate to at least BDD 6.25 an hour.
Overtime hours include any time worked over the predetermined scheduled hours. You should include standard working hours in employment contracts to clarify overtime work. During any extra hours, employees should receive 150 percent of their standard rate. If an employee works on a bank holiday or a rest day, they must make double their standard rate.
While providing a paycheck is a significant part of compensation, benefits also play a role. Labor laws dictate that you must guarantee certain provisions to all employees. For example, employees must receive three weeks of paid time off after their first year of work. Once they work for more than five years, they receive four weeks.
Other guarantees include time off on bank holidays and maternity leave. You must give employees days off on public holidays as long as your industry isn’t exempt. Women must receive 12 weeks of maternity leave and can take as long as six weeks off before their deliveries.
Barbados Benefits Management
As an employer, you’re obligated to provide the minimum benefits outlined in the employment laws, but you can go beyond to attract top candidates. Providing additional provisions gives candidates a positive perception of your company. It can show that you care about your workers, incentivizing employees to offer their best work. Potential additional benefits could include:
- Private health insurance.
- Work-from-home opportunities.
- A transportation stipend.
- Extra vacation days.
- Rewards programs.
Employment laws in Barbados don’t extensively cover required benefits, leaving many decisions up to you as the employer. You can personalize the employee experience as you see fit. For example, you might choose to make it company policy to provide a holiday bonus at the end of the year.
When it comes to benefits management, you must set your company apart without overextending your resources. Extra perks can be valuable, but it’s not wise to push your company to spend more than it can afford.
At Globalization Partners, we understand the complexity of benefits management. We offer sliding scale benefits packages to cater to your company’s resources. Every arrangement includes the country’s legal minimums, and you can choose between different levels of additional benefits.
Your company will always be compliant when you work with us, and you’ll never use more resources than you have available. When you outsource your benefits to us, your employee packages grow with your company.
Restrictions on Benefits
The country has a series of acts that outline required employee benefits, including:
- The Employment Rights Act
- Public Holidays Act
- Shops Act
- Holidays With Pay Act
- Domestic Employees Act
Trust Globalization Partners for Compensation Outsourcing
With proper guidance and support, compensation and benefits management can be simple. Globalization Partners will assist you in your international expansion to ensure you’re compliant and that your employees are happy. Connect with our team today to learn more about what we can do for your company.