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Can your business benefit from the Living Wage?

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Can your business benefit from the Living Wage?

The Living Wage campaign continues to grow on a national scale – following its initial launch in 2001 by two parents struggling to balance multiple jobs and family life. As more businesses, including Sage, across the UK volunteer to join the foundation, we look at the benefits to rewarding a hard day’s work with a fair day’s pay.

What is the Living Wage?

The Living Wage is calculated annually according to the basic cost of living, recommending an hourly rate for London and the UK that is significantly higher than the national minimum wage. Currently £9.15 in London and £7.85 across the rest of the UK, this non-statutory scheme has impacted tens of thousands of employees and benefited both businesses and communities nationwide.

Since 2001 over £210 million has been placed in the pockets of some of the lowest paid workers in the UK.

But how have businesses benefited from joining the Living Wage?

Enhanced quality of work, reduced absenteeism, positive impacts on recruitment and improved retention are all benefits cited in an independent study. In organisations that have joined the scheme, employees recognise their employer’s commitment to treating and paying them fairly.

Wewere accredited as a Living Wage employer in 2014, in recognition of the importance of the 2,000 colleagues across the UK.

Leisa Docherty, our Chief People Officer says: “In the UK there has been a squeeze on living standards, so it’s more important than ever that all businesses look after their people.

“We employ almost 2,000 people across the UK, and we’re proud to be a Living Wage accredited employer. Our accreditation marks our commitment to pay our own employees above the Living Wage and we are committed to working with our external service providers to encourage them to do the same. We want everyone who works with us to understand our ethos – people are the most important part of an organisation, and are what sets Sage apart so it’s really important that we treat and pay them fairly.”

With plans to support and join local steering groups, our colleagues are also working with external service providers to encourage them to adopt the Living Wage for all employees providing services at Sage.

Living Wage Foundation Director, Rhys Moore said: “The best employers are voluntarily signing up to pay the Living Wage now.Itis a robust calculation that reflects the real cost of living, rewarding a hard day’s work with a fair day’s pay.”

Findmore information about Living Wageonline,and for additional information on employing people check out our advice on employing and managing people”>advice on employing and managing people. We’ve got loads of tips on how keep your staff happy and motivated!

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