The Oxford Living Wage is a key factor in the long term economic success of Oxford, it not only provides employees with a stable income but also shows that you’re an ethical business that cares about the welfare of your employees. Research shows that providing a competitive salary is a great way for employers to keep an excellent reputation and will also draw more attention to your business, therefore improving productivity, recruitment and retention of good staff. Studies show that 93% of employers believe that the living wage has enhanced their business and 86% of employers think that the living wage has enhanced their reputation as an ethical employer, these stats show the benefits of providing the Oxford living wage to employees and how making this small change can have a positive impact on your business.
Oxford is one of the most expensive cities to live in outside of London, which is why Oxford City Council have set the rate at 95% of London’s living wage. It’s important as Employers that we recognise this and do what we can to help our employees. Emily made it clear that putting your employee’s happiness first is key and will in turn mean that they provide better results. The Oxford Living Wage isn’t far off what most employers pay so Emily said: “it’s a no brainer and of course we wanted to get involved.” It was also discussed that now is the best time to make this change as the benefits of paying the Oxford Living Wage can be significant and can really help your business. This past year has been incredibly challenging for employees who are on a low income, so by providing the Oxford Living Wage it will not only help and support them but will help to lessen financial stresses.
Find out more about The Oxford Living Wage by watching the full Business Brunch below.wag