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Alchemy Global has become an accredited Living Wage employer, joining some 4,000 organisations that voluntarily choose to pay the real Living Wage because they believe a “hard day’s work deserves a fair day’s pay”.
The Living Wage Foundation
The real Living Wage is higher than the government’s minimum, or National Living Wage, and is an independently calculated hourly rate of pay that is based on the actual cost of living. It is calculated each year and is announced by the Living Wage Foundation as part of Living Wage Week. It is currently £8.75 in the UK, with a higher rate of £10.20 for London, reflecting the higher costs of living in the capital.
“This commitment applies to not only directly employed staff, but also our third party contracted staff,” said Stuart Nash, managing director of security company Alchemy Global Ltd. “This is a long-term investment in our people based on our values and our belief that a team with good compensation and working conditions is in a position to provide a great experience to our clients.”
Nationally, 50% of employers reported that paying the Real Living Wage had improved their recruitment and retention, while 82% said it had enhanced their overall reputation.
Reducing training and recruitment costs
“The most tangible business benefit that goes with accreditation is the investment in our people; they are our most valuable assets,” Stuart said. “Well-paid staff are motivated and more productive. It helps with retention of staff and significantly reduces training and recruitment costs. Long serving employees create the consistency and continuity our clients expect.”
Employers choose to pay the Living Wage on a voluntary basis as opposed to the National Minimum Wage and the National Living Wage, which are statutory obligations.
Stuart added: “Paying the Living Wage makes absolute sense to us as an organisation – it’s part of our aim of being an employer of choice, which helps us to protect the long-term success of our business.
“As a values-driven business we believe in paying our workforce a meaningful wage and making a positive impact on their lives, regardless of position, age or location.
You can find other organisations who pay the Living Wage here: https://www.livingwage.org.uk/living-wage-map