The decision to pay at least the living wage to all employees is more than just an ethical one. The ability to attract and retain the best local talent can be increasingly difficult.
The Living Wage Foundation cites that in a recent study, two-thirds of employers saw a positive impact on recruitment and retention since implementing the living wage.
Paying a living wage to your staff can decrease your turnover rate, meaning that your employees will stay loyal to you for longer, becoming increasingly experienced in their field with you. Experiencing lower turnover will mean your workforce will be less disrupted, allowing for more quality work and individuals could become more focused and engaged.
According to the Living Wage Foundation, 80% of employers in the same study agreed that the living wage had enhanced the quality of work.