Transcendit have recently joined the Living Wage Foundation, an organisation dedicated to providing employees up and down the country with a wage that they can live on. If you're interested in taking your business to the next level, it might be time to sign up.
What is the Real Living Wage?
Whilst the government introduced an increase to minimum wage, and even called it a national living wage, the Living Wage Foundation claims it is not a true approximation of what employees can comfortably live on.
According to UK law, the minimum that employers can pay staff 21 and older is £7.38. This rises to £7.83 for those over the age of 25. The Real Living Wage is voluntarily paid by 4,400 UK businesses. The rate for outside London is £8.75, where as the rate for inside London is £10.20. The government's national living wage does not account for increased living costs in London.
How could it help my business?
According to the Living Wage Foundation, 93% of Living Wage Employers benefited from accreditation. 86% reported that it enhanced their general reputation, and 80% saw an increase in the quality of work.
In case studies, the Living Wage Foundation found that staff turnover massively decreased for some businesses - for one branch of BrewDog, the turnover fell by 40%. This ultimately decreases business costs that are seen as inevitable such as hiring and training, whilst also prioritising the strong working relationships that skilled and experienced employees often form.
According to the Living Wage Foundation, 90% of consumers agreed that pay should reflect living costs. With consumers becoming more and more conscious about where their money is going, seeking accreditation from the Living Wage Foundation sends a clear message to customers that your business respects and appreciates your staff.
What made Transcendit sign up?
'The Living Wage Foundation embodies everything that Transcendit stands for.' says Tom Tinsley, one of Transcendit's Director. 'We applied for Living Wage Accreditation, and we're delighted that it has been accepted. And we want to encourage businesses around Newcastle and Gateshead to join us, and pledge to offer their employees a wage that they can live comfortably on.
'Being in the North East, we've got a real separation between rich and poor - you can walk around Tyne and Wear and see the difference economically in certain areas. It's so important that we're investing in our employees, and paying them the wage they should be entitled to - not only because it's right for our colleagues, but also because a fair amount of that money goes right back into our community.'
Tom believes that all businesses need to be doing more, 'As employers, we have a responsibility to our employees. We have to recognise that they do have dependents, they have bills to pay. The Living Wage Foundation acknowledges the rising cost of living, and that people want more than to just scrape by and live paycheck to paycheck.'
Thinking of becoming a Living Wage Employer? Find out more on their website
