As you’re no doubt aware, life is incredibly expensive at the moment. With food prices at an all-time high, rising energy bills, and astronomic mortgage and rent increases, having enough money to simply get by is becoming harder and harder. For this reason, many businesses have made the decision to go a step further in order to help their employees.
Enter: The real Living Wage. The only UK wage rate based on the cost of living, it’s voluntarily paid by over 12,500 UK businesses who believe their staff deserve a wage which meets everyday needs. The real Living Wage rates are higher because they are independently calculated based on what people need to get by, rather than meeting the government minimum.
Here at Popcorn, we’re proud to be a Living Wage employer and to be honest, we think it’s a bit of a no brainer. Our staff work incredibly hard and we want to reward them for that. Here are 5 reasons why we think becoming a Living Wage employer is a great idea.
1. Increased staff retention
When employees are paid a fair wage, they feel more valued and are more likely to stay. 75% of companies who have chosen to pay their employees the real Living Wage state that it has increased motivation and retention rates of employees . High staff turnover can be expensive, so this helps to reduce costs in the long run.
2. Better recruitment rates
60% of businesses have seen an improvement in their recruitment activity . More than 50% said paying a real Living Wage has also improved the quality of job applications they receive .
3. Increased productivity
Happier staff are more productive! Up to 20% more productive than unhappy staff, in fact . When employees are paid a real Living Wage and have fewer financial worries, they can focus more of their time and energy on their work.
4. Improved relationships between management and employees
When senior management creates a fair, respectful working environment, it benefits everyone. 58% of businesses said that becoming a real Living Wage employer has helped to improve relationships between managers and staff .
5. Better company reputation
93% of businesses say they have benefited from becoming a real Living Wage employer, and 86% say it has enhanced their reputation . When it comes to building relationships with customers, clients and prospective business partners, becoming a real Living Wage employer shows that employees are paid fairly.
So, there you have it. 5 fantastic reasons to be a Living Wage employer! To find out more about what we do or to have a chat about your next project, visit popcornlearning.media
[i] https://www.livingwage.org.uk/news/real-living-wage-good-business-good-society [ii] https://www.livingwage.org.uk/news/20-years-real-living-wage-over-%C2%A315-billion-extra-put-workers-pockets [iii] https://www.livingwage.org.uk/news/20-years-real-living-wage-over-%C2%A315-billion-extra-put-workers-pockets [iv] https://www.wellsteps.com/blog/2022/05/17/happy-employees-more-productive/#:~:text=%E2%80%9CHappy%20employees%20are%20productive%20employees,of%20good%20health%20and%20wellness. [v] https://www.livingwage.org.uk/good-for-business [vi] https://www.livingwage.org.uk/media-key-information-and-statistics
