The living wage debate stands to be remembered as one of the rare opportunities for both employers and employees to advance. But organizations risk diminishing the impacts of the living wage if they adopt it in isolation as just another strand of the HR agenda. We believe the living wage should be part of a larger discussion about corporate values and culture, responsible employment and corporate brand.
"The living wage can become an important part of the rewards component of the employee value proposition, contributing to a stronger sense of purpose and engagement. This in turn has been linked to better customer service, higher performance, reduced absenteeism, improved retention and greater productivity, which supports cost reduction in other areas of HR related to recruitment, orientation and training."
Developing Meaningful Workforce Rewards
Business results are driven by people. But what are people driven by?
A paycheck, yes — but there’s more to it than that. Mercer has more than 70 years of experience understanding what drives employees and translating that knowledge into results. You won’t find data like ours anywhere else. Our benchmark database is the best in the business for evaluating and creating competitive compensation offerings.
We have the experience and the hard numbers to design your organization’s workforce rewards, structure incentive programs, manage internal equity, and, most of all, create a satisfied and more productive workforce.
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