Benefits of a Living Wage
The Living Wage for 2021 is currently being calculated and the figure will be available soon.
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Why is paying a Living Wage important?
Certified Living Wage Employers recognize that paying a living wage is an investment – an investment towards a strong local economy and a healthy community. Certified Living Wage Employers contribute to the development of a dedicated, skilled, and healthy workforce.
Paying a living wage may lead to improved productivity, increased employee loyalty, and decreased costs associated with absent staff, training, and recruitment. Paying a living wage is one way employers can show the community that they value their employees. Paying a living wage is a positive statement about your brand to our community.
Earning a living wage provides income to cover modest living expenses and can reduce financial stress. This can lead to: improved health, improved morale at work, increased support for healthy child growth and development, reduced barriers to social inclusion, and an overall improvement in the quality of life for the worker and their family
A living wage can support local residents in being healthier, happier, and more engaged members of society. A living wage can lead to increased consumer buying power, which should help grow the local economy.
BUT… How can increasing the cost of doing business be good for business?
By paying employees a living wage, employers are making a statement about the values that drive their business, and their commitment to fair and decent working conditions.
When workers earning lower wages have more money to spend, they spend it, almost entirely, in the local community. When consumer spending grows, businesses thrive, earn more profits, and create more jobs.
Certified Living Wage Employers are seen as responsible business leaders committed to the growth of the community and the local economy, by creating workplaces that encourage increased productivity, dedication, and employee health and wellbeing.