S3 E3: “PAYING FOR GOOD” PODCAST ON ‘The Real Living Wage’ with Emily Roe, The Living Wage Foundation
“Who are your key workers?”
4th FEBRUARY 2021
This week on my ‘PAYING FOR GOOD’ podcast we’re turning our attention to the first of the United Nations sustainable development goals: NO POVERTY. As remuneration professionals, we spend, dare I say, a disproportionate amount of our time designing complex schemes for leaders and probably not enough time on the pay of the wider workforce, including employees at the very bottom of the hierarchy.
These are the very same people that we’re relying on so heavily during this pandemic: supermarket workers, delivery drivers, care workers and many others, directly employed by us or through our supply chain, in and outside of the UK .
When we think about poverty, we tend to think of people being out of work. What about people in work, sometimes holding several jobs, who still don’t earn enough to make ends meet? There are currently 5.5 million UK workers in this situation. That is one out of every five! And it’s for them that the living wage movement was founded 20 years ago.
To eradicate poverty in the UK working population, the Living Wage Foundation sets real living wage rates every year, independently calculated and based on a basket of goods that reflects the real cost of living. Currently set at £9.50/hour nationwide and £10.85/hour for London, this represents an increase of nearly £4,000 per year in London compared with the Government national living wage (£8.72/hour), and makes a big difference to employees of companies that pay it.
In this episode of the podcast, Emily Roe, campaign manager of the Living Wage Foundation, outlines the business benefits of joining the 7,000 organisations already accredited by the Foundation:
- to you as an employer, even if you’re already paying at or above the real living wage
- to your employees and customers
- to your investors
Your action takeaway:
Emily encourages all businesses that can afford it to pay the real living wage. Information on how to become accredited by the Living Wage Foundation, case studies and the investor toolkit are available on its website.
As always, if you have any questions on the topic of Responsible Reward, feel free to email me at firstname.lastname@example.org or book an introductory call here.