The Real Living Wage Explained
Unlike the National Minimum Wage or National Living Wage calculated by the government, The Real Living Wage is independently calculated based upon actual living costs. Employers choose to pay The Real Living Wage on a voluntary basis because it provides an ethical benchmark for responsible pay.
The campaign began with workers in East London, who found that despite holding down two or more minimum wage jobs, they were struggling to make ends meet and were left with no time for community and family life. The Real Living Wage has done much to tackle in-work poverty since 2001 and applies to all workers over the age of 18.
Since inception, the movement has received support from Politicians, Premier League football clubs and a raft of successful businesses including Signature Recruitment.
What’s Good for People is Good for Business
What has been the impact of The Real Living Wage on businesses across the UK? Over the years, research has shown a number of business benefits. The Real Living Wage has a positive impact on employee retention, work productivity and outputs alongside well-being for employees.
"The greatest asset of a company is it's people."
– Jorge Paulo Lemann (Co-founder, Banco Garantia)
Survey results published in 2017 showed that 78%, of the accredited Living Wage businesses who responded, reported increased staff motivation following accreditation. Alongside this, workers were choosing to remain within the business for longer and recruitment processes improved due to being an accredited Living Wage business.
Each year we celebrate Living Wage Week when the rates of pay are re-calculated to ensure they reflect the current cost of living. You may see lots of social media posts and communication material from Signature explaining our support of The Real Living Wage during this time.
We hope you will join us in celebrating Living Wage Week this November and support Signature Recruitment throughout the year as a Recognised Service Provider of The Real Living Wage!
To learn more about The Real Living Wage means to workers, please watch the video below: