Since the recent economic downturn stemming from worldwide issues such as the pandemic and Ukraine, the UK Government has implicated these changes to make life financially easier for lower-earning workers.
And, it’s easy for employers to feel this increase is a burden on their bottom line without any upside.
But you may be surprised…
Did you know that 80% of employers* felt their staff delivered better quality-of-work after the Living Wage increased last year?
Moreover, this is almost mirrored by employees themselves – with 75% of them also agreeing that their work had improved.
And since lower-earning workers are essentially the fundamental cogs within our business machine (waiting staff, receptionists, warehouse workers etc), increasing the wages for these staff essentially means that the fine mechanics of your business will be performed with more diligence and happiness by these employees.
In short, you can chalk this down as a win!
The new National Minimum Wage can make things harder when you’re trying to hire!..
But fear not, we’re going to cover why this is the case and how to ‘hack the system’ (for want of a better phrase) in our next post.