Why Paying the Living Wage is Good for your Business – The London Economic

Why Paying the Living Wage is Good for your Business

By Nathan Lee, TLE Correspondent

Lancaster-based hosting and web design agency, Nublue, have this month received the Living Wage Accreditation, demonstrating that they pay all of their staff above the country’s Living Wage.  The company have joined just a handful of local Living Wage businesses, and are among just a handful of technology companies in the North West to have received the accreditation.

Championing the Living Wage and its benefits for both employees and their overall business model, Michael Ashworth, Managing Director, encourages more local businesses to follow suit.  Here he tells us why paying the Living Wage can be great news for your business:

“The decision to pay at least the Living Wage to all of our employees is more than just an ethical one.  In an industry as competitive as technology, the ability to attract and retain the best local talent can be increasingly difficult.  In order to sustain our high levels of expertise and service, we as a company need to stand out as an attractive employer, and offering the Living Wage is just one of the ways that we can do that.

The Living Wage Foundation cites that in a recent study, two thirds of employers saw a positive impact on recruitment and retention since implementing the Living Wage.

Paying a Living Wage to your staff can decrease your turnover rate, meaning that your employees will stay loyal to you for longer, becoming increasingly experienced in their field with you.  Experiencing lower turnover will mean your workforce will be less disrupted, allowing for more quality work and individuals could become more focussed and engaged.  According to the Living Wage Foundation, 80 per cent of employers in the same study agreed that the Living Wage had enhanced the quality of work.

At Nublue, we continue to see excellent work produced by our employees, with individuals and teams taking genuine pride in their work.

From a community point of view, offering at least the Living Wage allows our employees to spend and put back into the local community, which in turn will help to boost our local economy.  If more local businesses get on board with the Living Wage, this could have a great positive effect on Lancaster’s own economy.

Offering the Living Wage can also help your business’s brand perception.  We pride ourselves on being an ethical company, and having received the Living Wage Accreditation, this acts as a marker for our clients to know that they are dealing with a good, ethically minded business.

So aside from the obvious benefits to your employees, and being a good thing to do to show your staff that you appreciate their efforts, offering the Living Wage also has a number of unique benefits for your own business, including recruitment, retention, quality of work, morale of your workforce, productivity, your brand perception, as well as the impact it can have on your local economy.

I would encourage more local businesses to choose to pay the Living Wage and to apply for accreditation.” 

 

 

Living Wage

Leave a Reply