Living wage certification gives recognition to organizations that pay workers fairly. To achieve the certification, an employer has to apply and go through a certification process to verify that they meet the standards associated with official living wage employers. Oleeo is proud to be a living wage employer. We know how living wages positively impact the global economy, and we are dedicated to contributing to our employees’ quality of life.
‘Oleeo is thrilled to announce that as of May 2022, we have been accredited as a Living Wage Employer by the Living Wage Foundation. With our continued focus on social values, our people’s wellbeing and the importance of paying the real Living Wage supported by many of our clients, especially in the face of rising living costs, Oleeo is delighted to join the over 10,000 employers UK wide who are proud to be paying the real Living Wage.’ – Gemma Fox, Head of People and Talent Development and Ruth Ash, Commercial Manager.
If you’re interested in becoming a living wage employer, learn more about it and how it benefits your company and society as a whole.
What Is a Living Wage?
A living wage refers to the amount of money it takes to maintain a normal living standard. This figure is based on your geographical area. It considers the hourly rate you would need to pay for housing, food, healthcare, transportation, childcare, and taxes. A living wage varies from city to city since local economic conditions factor into many of these costs.
How Does Offering a Living Wage Benefit Businesses?
Offering your workers a living wage is great for morale, and it helps you establish yourself as an ethical company. It also helps you attract and retain employees, reduces turnover, and saves you money on recruitment and training.
When you pay your employees a living wage, it shows that you value them and their time. You’re committed to their well-being and career progression. Your employees won’t feel as much financial pressure, making it easier for them to achieve a healthy work-life balance.
Becoming known as an employer offering a living wage can also boost your brand image with potential customers. Most Americans (85%) are in favor of companies increasing their wages to align with the cost of living. Capture these potential customers by investing in your employees.
How Does a Living Wage Benefit Society?
Studies have shown that paying a living wage increases productivity. Workers who aren’t paid enough to meet basic living standards are often under stress. They may be working two or more jobs to make ends meet. When you offer a living wage, your employees don’t have to struggle and stress out about money. And they don’t have to work long hours at multiple jobs, which usually leads to fewer sick days and better mental health.
When workers are making more money, they also spend more, which boosts the economy. A Canadian study showed that increasing the minimum wage by 1% generated 0.5% more retail sales.
Living Wages Move Society Forward
Paying your employees a living wage makes them happier, healthier, and more productive. And when they have more money, they have more to put back into local businesses. Paying a living wage helps you establish yourself as an ethical and responsible employer, attracting brighter talent to your workforce.
While raising your employees’ salaries can seem like a large expense, doing so will help you in the long run. Achieving living wage certification shows you’re compassionate and that you care about attracting and retaining top talent. It can also help establish you as a leader among peer companies.
If you’re not already paying all your employees a living wage, consider making the change.
