Living wage
Workforce Management Glossary
Living wage
What does the term living wage mean?
Different from minimum wage a living wage essentially means a wage that is sufficient enough to help provide and maintain a normal standard of living. With this in mind a living wage is often higher than minimum wage. The living wage is often viewed as something that is socially acceptable. Meanwhile minimum wage is viewed through the lens of being legally acceptable.
Does a living wage impact businesses?
Implementing a living wage is good for business and good for employees. By engaging in this payment metric businesses offer a point of difference which can be good for both attracting staff and customers.
When working for a business that believes in the living wage principle workers realise they are working for a company that values individuals both personally and professionally. This in turn works to create a positive workplace culture and increase employee retention rates.
How can businesses implement a living wage?
When it comes to financially compensating employees businesses have different rules and regulations to follow. For example they must adhere to minimum wage guidelines as well as any processes outlined by the awards or agreements they operate under.
With Roubler’s payroll compliance software built-in checks and balances provide yet another safeguard to ensure that an organisation’s unique pay rules are being followed in each and every pay cycle and payslip.