I write you on behalf of the Sudbury Workers Education and Advocacy Center to outline the benefits of implementing a living wage policy within your business. A living wage policy is simply a policy that would ensure your employees are paid wages sufficient to cover the basic costs of living in the Greater City of Sudbury. Such a policy would benefit both your employees and your business.
The cost of living in Sudbury had been calculated by a group of experts in 2015 based on the basic expenses incurred by a family of 4 with both parents earning the same wage and the two children being aged 7 and 3 years. After adding all the costs and subtracting subsidies, grants and other sources of financial assistance for families, the Sudbury Living Wage Steering
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Although lower wages may seem like an easy way to minimize costs they may actually hurt your company’s profitability. Paying living wages will save company money by reducing the turn over rate, which in turn means less time and money spent on training. Financial gains of living wages also come in the form efficiency in work; employees who stick around longer are more accustomed to the way the company works and how work is expected to be done. There are also some more discrete benefits to implementing a living wage policy.
Paying living wages has proven to increase employee moral making for a more productive workspace. It has also been shown to increase employees’ pride in their work, as they feel valued by their employers. Both of these things make for better workmanship thereby elevating the company’s reputation for quality. Living wages also allow an employee to rest well and eat a healthy diet as well as dealing with reduced financial stress. These things all make for a more alert and productive employee, once again increasing work efficiency on top of reducing the likelihood of workplace accidents and