Celebrating Living Wage Week

Living Wage Week runs from 4th-10th November, and is the annual celebration of the Living Wage movement. It is difficult to hear that 12.9% of employees in the UK are still paid below the real Living Wage. Waterman Aspen take our responsibilities as an employer seriously, and the information below outlines our stance on the importance of being a National Living Wage employer.

Importance of being a National Living Wage Employer

Adoption of the National Living Wage is crucial for reinforcing trust within our company. It signifies our commitment to the wellbeing of our colleagues and assures them of our genuine interest in their welfare.

This approach ensures transparency and provides clarity to all colleagues, solidifying our dedication to their financial stability. 

Responsibilities of a National Living Wage Employer

We must ensure that all colleagues receive a salary in line with the annual rates set by the Living Wage Foundation. These rates are typically announced towards the end of each year, with an adjustment period of a few months. Our periodic salary reviews, aimed at aligning with these rates, rarely reveal that adjustments are needed, and if so they are often minimal. This is because we take great care in ensuring that our colleagues are compensated fairly.

Reasons for adopting the National Living Wage at Waterman Aspen 

1. Employee financial support and visibility: This initiative supports our colleagues financially, and provides them with transparent information that can be easily accessed by looking at the Living Wage Foundation website.  

2. Adequate compensation: The rates set are higher than the national minimum wage, this ensures that all colleagues earn a fair wage that takes the rise of living costs into account each year. 

3. Equitable pay as a fundamental principle: Being a Living Wage Employer upholds our reputation and affirms our commitment to positive change. It’s a badge of honour that showcases our dedication to fair and equitable treatment for all colleagues. 

Challenges and benefits of implementing the National Living Wage

Each year, updating to the new rates involves additional administrative work. However, this effort is worthwhile as our existing pay structure already aligns closely with the living wage. The time invested ensures compliance and maintains our high standards.  

Impact on employees and the local community

It’s fair to assume that the living wage likely fosters a sense of security and support among our colleagues. It reinforces trust in our company and reassures them of our commitment to their stability. As we expand, this initiative ensures that our sense of family and support extends to our growing workforce. Our ongoing adherence to the living wage positively impacts the local community by promoting continuous improvement and support. 

Future plans for the National Living Wage at Waterman Aspen

We will uphold our commitment to pay colleagues in line with, or above, the living wage rates. Regular reviews and potential salary increases remain a priority to ensure we continue to meet and exceed these standards. Remaining a National Living Wage Employer is essential for both our colleagues and our business.