Paying the Living Wage can help employers win the war on talent and attract and retain better staff, says Edinburgh recruitment specialist…
Paying the Living Wage is good for business, according to an Edinburgh recruitment specialist, which says it can help to bridge the gap between employers and better staff retention.
It can also help employers win the war for talent – particularly when the competition is so fierce, says Edgar Stewart.
Not only that but it can lead to better staff performance, say the professional services recruitment consultancy, which became a Living Wage employer earlier this year and is now encouraging other businesses to follow suit.
Director Bruce Hyde explained: “The war for talent is acute in many sectors and a lot of salaries are depressed after the recession so people are looking for raises.
“Therefore, the employers who opt to pay more, such as the Living Wage, will be more successful in attracting and retaining staff.
“In fact, better payers will always find it easier to attract good staff.
“Not only that, but paying more allows employers to increase their expectations and demand more out of their workforce. And that workforce is more likely to go the extra mile for an employer which is meeting their everyday financial needs.”
But that’s not all. According to Edgar Stewart, what they pay says a lot about a company.
“Companies that pay better tend to have a stronger employer brand; good, strong culture, and a forward-thinking mindset.
“These are the companies which recognise that people today are much more worldly wise and that, to stay competitive, they must continue to adapt, change and diversify.
“Scotland is slowly moving towards a more inclusive society, for example, with new initiatives being brought in to help facilitate this, such as the pensions auto-enrolment.
“The employers at the forefront of these changes and who embrace them proactively are much more likely to pay the Living Wage and ultimately hire and retain better, more loyal staff.
“Here at Edgar Stewart, we believe that everyone should share in the profit – from entry level staff to company directors.”