We started Living Wage week with a celebration of 25 years of success in the gorgeous surroundings of London’s Guildhall. The attendees ranged from employers to policymakers, worker representatives to schoolchildren — all coming together to champion the message. Through my involvement as co-chair of the Making London Work for All steering group, I’ve seen how much can be achieved through a shared voice – we have business leaders, the public sector, worker representatives, faith groups collaborating in a way that isn’t the norm, to focus on a common goal.
For millions of Londoners, life is tough. London’s poverty rate is at 27%, according to data from Trust for London. That’s why paying the Living Wage is a key driver, not only for employees but also employers. It boosts business productivity, with employees feeling valued and respected, and creates a point of differentiation for organisations, meaning attracting and retaining talent becomes easier. London is a powerhouse, and to keep the city thriving, we must ensure we have the right pay system in place.
At KPMG we have worked in partnership with the Living Wage for almost 20 years, starting in 2006 when we implemented the real Living Wages across all our UK offices and for our on-site suppliers. We then supported the establishment of the Living Wage Foundation and its employer accreditation scheme, becoming one of the first accredited Living Wage Employers in 2012.
When I reflect on our journey over the years, the business case is clear and the rationale to pay the real Living Wage has only increased.
A businesses strongest asset is its people. We look beyond our own workforce and advocate for the Living Wage accreditation to our supply chain, hearing directly the positive impact this has on workers. It also reflects the kind of employer an organisation wants to be, in a time where the UK labour market is competing for skills paying fairly creates an advantage.
A fair economy and a successful economy go hand-in-hand and do not compete. London’s success is its people; its army of commuters, its lunchtime hangouts, its buzzing atmosphere. All attributes we know and love and all because of the workforce behind them. Businesses play a key part in ensuring London’s success is accessible to those who want to share it. There is no silver bullet, but financial security is a starting point.