Barclays to consider living wage for all staff
The UK-based banking firm Barclays is to look into guaranteeing a “living wage” for its employees worldwide.
The company has paid its UK employees in line with the national living wage since 2003. It is now considering making the same commitment to all its staff internationally, CEO Anthony Jenkins announced at a recent shareholder meeting.
In a statement to the Huffington Post, Barclays said that: “Paying people that work for us a wage that supports a decent standard of living makes good business sense and is in line with our values. Currently, this is a UK-specific commitment but Barclays is aware of international efforts to combat wage inequality in other countries, and we are gathering information on how this can be implemented.”
The current living wage in the UK, as determined by the Living Wage Foundation, is £9.15 per hour in London and £7.85 elsewhere. Paying the living wage is voluntary; the UK’s legally enforced minimum wage is £6.50.
The Foundation argues that paying the living wage—which is the minimum required to meet basic living costs—offers benefits to employers, including reductions in both staff turnover and absenteeism.
IZA World of Labor author Armin Falk has written for us about fairness and employee motivation. He writes that: “Firms that emphasize the fair treatment of workers with regard to wages and other workplace conditions may produce better outcomes for both themselves and their workers.”Read more here.