Yesterday we announced our partnership with the IICF which we hope will help us make an ever more positive impact on communities across the UK.
One of the biggest positive impacts a business can have however, is on its own employees.
Employees give a huge amount of their time and effort to the companies they work for. All too often however, pay and conditions aren’t keeping pace with broader circumstances in the economy. Recent years have seen inflation taking a bite out of people’s earning power for example while tax rises and the cost of living are also making life ever harder for working age people.
This is especially the case here in London, where Aspect is based.
We want to make sure our employees are paid a wage that not only reflects their talent and hard-work, but also that allows for the quality of life that we all deserve. That’s why today we’re pleased to announce that Aspect is now a living wage employer, as accredited by the Living Wage Foundation.
What is the living wage?
Unlike the minimum wage, the Living Wage is based on the cost of living and has therefore risen above the minimum wage as the cost of living and inflation have taken their toll on workers across the UK.
While the minimum wage is a legal requirement of employers, the Living Wage is something that employers sign up to voluntarily and Aspect is proud to join the 15,000 other businesses across the country who have also become Living Wage employers. To date nearly half a million employees have received a pay rise and found life a little more affordable as a result of the hard work of the Living Wage Foundation.
Why have we signed up?
As mentioned yesterday in our post about our membership of the IICF, when we set out to build Aspect we set out to take a different approach that gives businesses that’ve been underserved by the market the insurance they deserve. This approach extends to the communities we work with which is why we are partnering with the IICF. It also extends to our team. Without the hard work of our team, we wouldn’t have a business. Our team give their best day in day out and who have contributed to bringing Aspect to where it is today so, it’s only right that as a business we give something back.
We feel this will make their lives easier and set a challenge to other businesses, in insurance and beyond, to sign up to the Living Wage and give Britain a pay-rise. You can find out more about the Living Wage Foundation here.
Sebastian Bachelier, Senior Partnerships & Campaigns Manager said:
“We are pleased to welcome Aspect into the Living Wage Community. Businesses like Aspect that are willing to show leadership on this issue are vital to raising the bar for other businesses and taking some of the pressure off employees following years of inflation and cost-of-living price rises. This is a vital step towards responsible corporate citizenship and towards a robust and sustainable ESG policy.”
“Businesses signing up to the Living Wage Foundation have already given half a million people a pay-rise and, with the support of businesses like Aspect, we hope to go even further as we campaign for a Living Wage for all.”