Should businesses pay a living wage?

Paying a living wage leads to increased worker morale, worker health, and improved quality of service. It also lowers turnover rates, saving money for employers. Because living wages give workers more buying power to buy goods from local businesses, these findings should not be surprising.

Who is responsible for a living wage?

So, is an employer responsible for providing a Living Wage? Not as such. An employer is responsible to his/her stakeholders, which include the customers, the employees, and the shareholders.

What is a living wage in business?

By paying the real Living Wage, employers are voluntarily taking a stand to ensure their employees can earn a wage which is enough to live on. This includes a plaque, merchandise and digital assets to demonstrate that they are a responsible employer to their staff and networks.

Who benefits from living wage?

“This piece of research conclusively shows that paying the Living Wage benefits employers, workers and government.

Why living wages should matter to your business?

And employers enjoy myriad benefits when they pay adequate wages: healthier workers, reduced turnover, higher productivity, stronger loyalty, and fewer disciplinary problems, to name a few. Simply put: A living wage provides enough to enable a worker to support a family with a basic, but decent, lifestyle.

Why everyone should be paid a living wage?

The term “living wage,” was coined in acknowledgment that no one should have to work more than full time to cover basic costs of living. Everyone deserves the opportunity to survive and thrive and low wages should not be a barrier to achieving that. Studies show that paying people more will benefit everyone.

Why is it important to make a living wage?

Living wage laws raise the wages of the lowest-wage workers. They may also result in lower turnover, better worker morale, and modest reductions in poverty. Living wage laws can be useful but meaningful increases in the earnings of low-wage workers and reductions in poverty require more powerful public policies.

Why is it important for a country to pay its workers a living wage?

Why is living wage important? Because minimum wage rates fail workers at the lowest end of the pay scale and even where established are often not met. be unable to withstand crises such as ill health.

How does the living wage affect businesses?

Improving employee’s salaries can improve staff turnover and retention, and lower absence rates, all pointing to a heightened level of employee engagement. 80\% of employers felt their staff delivered better quality of work after paying them the Living Wage, with 75\% of employees agreeing that their work was improved.

Why is the real living wage important?

As a real Living Wage Employer, your recruitment power will increase, making it easier to attract new staff – at all pay levels. Paying your staff a fair wage allows them to focus on their job and raises morale, engagement and motivation; it also reduces absenteeism and sickness rates, improving employment relations.

How does the Living Wage affect businesses?

Why do we need a Living Wage?