Why You Should Join The Living Wage Foundation
What is the Living Wage (L.W) Foundation...the Living Wage... has almost 6000 businesses in the UK choose to opt into is a voluntary option and has resulted in over 180,000 employees being given a pay rise.
The Living Wage is the minimum wage rate for all staff over 25 years of age and is an income needed to cover basic living costs. It is an informal benchmark which is not legally enforceable, unlike the national minimum wage set by the government.
The Living wage is based on a target of 66% of median earnings by 2024 and with the guidance of current forecasts this means by 2024 the minimum hourly rate will be £10.50, something for your business to consider and factor in when developing your future cost plans.
What benefits can you expect, if you decide to join the Living Wage Foundation?
Some of the benefits of paying the Living Wage to your employees will vary from business to business, but you should see an improvement in the reputation of your business.
The Living Wage Foundation suggests that 86% reported that it enhanced their general reputation and 80% of those who have joined the foundation saw an increase in the quality of work in their business. They also saw an increase in motivation and staff retention and an improvement in relationships between managers and staff.
How can you join?
To join the Living Wage Foundation, you need to pay the living wage to all your directly employed staff and have a plan to pay your contractors a living wage and complete and submit an application to the Foundation.
It's clear to see that there are great benefits in becoming a Living Wage Employer of Choice, helping to differentiate your business from others in the same industry and perhaps one of the reasons why other businesses have already taken the steps to join and enjoy the win-win benefits.
So, why not join the many other businesses who recognise the benefits of being an Employer of Choice and please get in touch if you need additional help to shape your business firstname.lastname@example.org
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