A good wager for businesses

A good wager for businesses

There are more businesses in Scotland joining the Living Wage movement than in any other part of the UK, but what are the benefits to businesses? BQ takes a look.

The Scottish Living Wage Accreditation Initiative was established in April 2014 with the aim of increasing the number of employers in Scotland who are recognised for paying their staff the Living Wage.

The Living Wage rate is calculated through independent research using the ‘minimum income standard’ for the UK. Decisions about what to include in this standard are set by the public, so it is a social consensus about what people need to make ends meet – and, at £8.25, the full Living Wage is notably higher than the government’s “national living wage” of £7.20.

But no matter how much an employer might believe in the social impact of the Living Wage, they need to be able to make a business case for paying the rate. So how does the Living Wage benefit businesses? A recent survey of over 150 accredited Living Wage Employers in Scotland showed firms enjoyed positive impacts on