Second in our new series of resources for employers: learn about the business benefits of paying the living wage to your staff and contractors.
Employers who pay a living wage can expect several benefits - for both your workforce and your bottom line. These include lower staff turnover and retraining costs, improved staff performance and productivity, improved company reputation and profile, and more freedom for contractors. Local economies are also strengthened when local businesses pay a living wage.
In a 2016 survey of over 800 UK Living Wage businesses:
• 64% said living wage certification differentiated themselves from others in their industry;
• 75% said it increased employee motivation and retention rates;
• 86% said it improved the reputation of their business; and
• 93% said they had benefitted overall from becoming a Living Wage Employer.
This is the second in a series of new fact sheets for employers. These concise, one-page "cheat sheets" note key information relevant for employers of diverse sectors, industries, and sizes. Watch for the rest of the series coming soon!
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