Gairland is happy to announce that we are now an accredited Real Living Wage Employer and that means our tenants can become Living Wage Employers too.
But what is the Real Living Wage, and how does it differ from the national minimum wage?
The Real Living Wage is the only UK wage rate voluntarily paid by over 7,000 UK businesses who believe their staff deserve a wage that meets everyday needs – like the weekly shop or a surprise trip to the dentist.
The government’s current ‘National Living Wage’ is not calculated according to what employees and their families actually need to live. This often leaves employees in difficult or vulnerable positions at the end of each month.
The Real Living Wage rates are higher because they are independently calculated based on what people need to get by. By paying our employees the Real Living Wage, we help ensure our staff earn a salary that meets their costs of living, not just the government minimum.
Not every employer is in a position to commit to the real Living Wage. However, just thinking about the issues employees on the national minimum wage may face is a positive first step.
To qualify as a Living Wage Employer, businesses need to ensure that their staff and everyone in their supply chain are paid the Living Wage. This means your landlord, building managers, cleaners and other contracted or outsourced workers are paid a fair salary too. One of the Living Wage Foundations primary purposes is to call on businesses to recognise the important role of these ‘invisible’ workers within their companies and pay them a real Living Wage.
Our tenants can apply to become a Living Wage employer knowing that the team that manages the property where they work are already accredited, making it easier for them to do the same.
Plus, the Real Living Wage can benefit more than just your staff’s well-being, with 93% of Real Living Wage employers gaining as a business since accrediting.
Here are some of the most compelling benefits of being a Real Living Wage employer:
Better employee retention
A dramatic reduction in staff turnover falling on average by 25%. For a powerful case study, look no further than BrewDog, which saw staff turnover fall by 40%.
Happier staff equals more productivity
You guessed it. The data suggests that happy employees are up to 20% more productive than unhappy employees. 71% of Parents working full time and earning less than the real living wage worry so much it affects their day to day lives. By paying your employees the Real Living Wage and ensuring they have fewer money worries, they can fully focus on their projects.
Improved relationships between Managers and their employees
A chain is only as strong as its weakest link. Establishing a strong relationship with staff is key to a successful business, with strong relationships resulting in more efficient, productive, and loyal employees. 58% of Real Living Wage employers said it improved their relationships between managers and staff. A further 80% believe that the real Living Wage has boosted the quality of their employee’s work.
Enhance your reputation
Your name precedes you. The reputation of your business impacts all relationships and possible opportunities. Reputational benefits to companies paying the Real Living Wage were significant, including helping to attract new business and recruiting staff to professional roles. With 90% of all consumers agreeing that pay should reflect living costs, the living wage will help you stand out as a company that is ethical and fair.
To Join Gairland in becoming a Real Living Wage employer and to find out more about the benefits for your business and employees, click here.