Earlier this week we announced that Cosmic is now a Living Wage employer but we wanted to explain to you why we have made this decision in the hope that it might inspire other businesses to do the same and support a fair wage for their staff.
Take a look at our news release to find out what the Living Wage is.
So, what are the benefits?
From a business perspective, becoming a Living Wage employer is great on a practical level because an independent study examining the business benefits of implementing a Living Wage policy in London found that more than 80% of employers believe that the Living Wage had enhanced the quality of the work of their staff, while absenteeism had fallen by approximately 25%. Two thirds of employers reported a significant impact on recruitment and retention within their organisation. 70% of employers felt that the Living Wage had increased consumer awareness of their organisation’s commitment to be an ethical employer.
From staff members’ point of view there has also been a change among surveyed businesses. A huge 75% of employees reported increases in work quality as a result of receiving the Living Wage. 50% of employees felt that the Living Wage had made them more willing to implement changes in their working practices; enabled them to require fewer concessions to effect change; and made them more likely to adopt changes more quickly.
For Cosmic it extends further than the obvious benefits to Living Wage, as a Social Enterprise it makes sense for us to be a Living Wage employer however this is not the only reason we chose to become one. Most of you will be aware that in 2014 we employed full time 3 of the 7 apprentices we have had over the last few years. We wanted to support their development and anyone else who is employed in the future by Cosmic. This continues our commitment to be a fair and responsible employer in the local economy.
Cosmic CEO Julie explained why Cosmic had taken this decision.
"The Living Wage offers employees of all ages a chance to ensure that their working time is valued appropriately and gives employers a solid foundation on which to build a meaningful and effective wage structure. Cosmic is committed to ensuring that our employees are offered this level of wage as a starting point. It sits very firmly alongside our ongoing commitment to skills and personal development which ensures that our staff grow into highly talented digital experts.
Cosmic is very proud to achieve Living Wage Employer status, and we encourage all other businesses to adopt this approach to ensure that jobs and skills development, particularly those in digital roles, are valued and developed in the years ahead."
To find out more about becoming a Living Wage accredited employer visit the Living Wage website http://www.livingwage.org.uk/how-become-living-wage-employer. To find out more about Cosmic’s experience with paying the Living Wage email [email protected] or give us a call in the office on 0845 094 6108.