On 13 April 2016, Benefex were accredited by the Living Wage Foundation and became a LWF employer.
The Living Wage Foundation was launched in 2011 following more than a decade’s work to establish a Living Wage which genuinely reflects the cost of living within the UK. The Living Wage is an hourly rate which is set independently and updated annually. It differs from the recently implemented National Living Wage in that it is not mandatory – employers can choose to sign up to it and become accredited. It also applies to all employees aged 18 and over, as opposed to the National Living Wage, which only applies to employees aged 25 and over.
As an employer, we have felt strongly for some time that becoming an accredited Living Wage employer has been fundamentally the right thing to do. The success of our business is intrinsically linked to the 160 employees who work here. Without their drive, enthusiasm and passion, we wouldn’t have accomplished even a fraction of our achievements to date.
Our company vision very much supports this sentiment. “Every organisation is dependent upon people for its future performance, productivity and growth. We drive engagement and give your people the power to change the world.” We work with our clients every day to maximise the experience both employees and employer receive as part of the working relationship. A truly great outcome is achieved when both employees and employer positively impact upon each other, driving the organisational objectives forward as they do so… and we believe that organisations who choose to implement the Living Wage can make a significant difference to this relationship as a result.
Whilst we can’t quantify how the Living Wage will impact on employee engagement levels, it is difficult to argue against the positive influence it will undoubtedly have on engagement. It stands to reason that an employee who is spending a large amount of their day fretting over financial worries will be significantly less engaged in the work they are employed to carry out, than an employee who feels they are being fairly rewarded by their employer and is able to cover their day-to-day costs of living. Yet another very compelling reason for organisations who are yet to take the plunge to seriously consider becoming Living Wage Foundation accredited employers.
The news of our accreditation and the personal impact this has had on a large percentage of our employee body has been incredibly well received, and we know that this will make a real and tangible difference to a number of our employees. It’s another significant building block for us in the steps we are taking to ensure that Benefex is a genuinely fantastic place to work.