Why Is Being a Living Wage Employer So Important?
Because employees ensure that their employees earn a wage that meets the costs of living, not just the government minimum. The real Living Wage rates are higher, independently-calculated. There are nearly 10,000 Living Wage employers across the UK.
At ELCOM, we believe that introducing the Living Wage is a long-term investment in our people and our talent. Not only because is the right thing to do but because it also has a positive impact on the business. Increases motivation and retention rates for employees.
Useful information and resources.
Living Wage Foundation notes “We are the organisation at the heart of the independent movement of businesses and people that campaign for the idea that a hard day’s work deserves a fair day’s pay. We celebrate and recognise the leadership of responsible employers who choose to go further and pay a real Living Wage based on the cost of living, not just the government minimum.”
“We coordinate the announcement of the real Living Wage rates each November, based on the best available evidence about living standards in London and the UK. We also provide advice and support to employers and service providers implementing the independently-calculated Living Wage rates. This includes best practice guides, case studies from leading employers, model procurement frameworks and access to specialist legal and HR advice.“
HR Perspective — Be Fair
From an HR perspective, paying the Living Wage has been shown to have many advantages including reduced employee turnover rates, and associated with cost savings related to recruitment and training, higher staff motivation and morale, reduced absenteeism, better employee relations, the ability to attract higher quality staff, and an enhanced reputation as a socially responsible employer. While not all benefits of Living Wage adoption may be tangible or measurable, there will be value in monitoring.