Becoming accredited as a London Living Wage employer could deliver a range of benefits for businesses and employers. This is the conclusion of a research report produced by South Bank BID.
The report, Living Wage South Bank, was launched at BID member accredited ballet company Rambert, with guest speakers the Deputy Mayor of London Joanne McCartney and Cllr Lib Peck, the Leader of Lambeth Council.
The project was undertaken by South Bank BID in partnership with the Living Wage Foundation and London Citizens, with grant support from the Walcot Foundation. It draws on business engagement, qualitative and quantitative surveys, and face-to-face interviews.
The findings reflect the value that consumers put on goods and services that that are provided by accredited employers, and explores the impact of accreditation on business growth, competitiveness, and social and economic mobility. It also looked at some of the barriers faced by employers in achieving accreditation.
The research findings highlight how nearly 90% would be more likely to buy goods of services from a London Living Wage employer, three-quarters of people would pay more for goods and services from a Living Wage, and 30% would pay a lot more. The Living Wage reflects the cost of rent, travel, food and bills and is currently set at £9.75 per hour in London.
Nic Durston, Chief Executive of South Bank BID, commented:
“The Living Wage South Bank project and the associated research that underpins it highlights the potential benefits to businesses in paying the London Living Wage, and in becoming accredited as doing so. These benefits include consumer choices and spending, brand reputation, and how employers and businesses can attract more residents into jobs.
Several South Bank businesses and employers already recognise the value of paying the Living Wage, as several are already accredited and others have become so during the project. We will offer support to any South Bank employer who is considering becoming an accredited London Living Wage employer – whether advice and guidance, brokering business to business support, or providing further insight into ongoing research.”
The research is available here: SB 9313 – Living Wage Report – Digital.