The MIA has recently become an accredited Living Wage Employer! This means that every member of staff working for the MIA will earn a real Living Wage (they were already!). It was very easy and not expensive to sign up, and we wanted to share some of the benefits that the accreditation brings, not only for your staff, but for your business…
The real Living Wage is higher than the government’s minimum, or National Living Wage, and is an independently calculated hourly rate of pay that is based on the actual cost of living.
It is calculated each year and is announced by the Living Wage Foundation as part of Living Wage Week. It is currently £9.30 in the UK, with a higher rate of £10.75 for London, reflecting the higher costs of living in the capital.
Nearly 6000 organisations voluntarily choose to pay the real Living Wage because they believe that a hard day’s work deserves a fair day’s pay.
So, what are the business benefits of paying the real living wage?
- 93% of real Living Wage Businesses report that they have gained as a business after becoming a real Living Wage employer.
- 86% reported that Living Wage accreditation had enhanced their organisation’s general reputation as an employer.
- Over half of employers reported that the Living Wage had improved both recruitment and retention; whilst 76% of large organisations (those employing over 500 people) that responded, reported improved retention of employees receiving the Living Wage.
- 78% of large employers also reported that following accreditation staff motivation was increased.
- 64% say it has helped differentiate themselves from other employers in their industry
- 58% say it has improved relations between managers and their staff
- 93% of University Students want to work for Living Wage employers
- 87% of people think companies should voluntarily pay the real living wage
- 90% of consumers agreed that pay should reflect living costs
So, in a time were Corporate Social Responsibility is more important than ever, and a new generation of people are basing their purchasing decisions on how socially ethical companies are, why not take this step?
Check out the website here: www.livingwage.org.uk/become-a-living-wage-employer