Wednesday, 25 June 2014

RTA Business Asks Whether You Should Pay Your Staff a Living Wage

RTA Business asks whether you should be paying your staff a living wage if you want to attract the best talent and sell your business for a tidy profit.

RTA Business: We Secure the Best Deal for the Sale of Your Company

When you want to reap the benefits of all your hard work by selling your business, and walk away with a tidy profit, RTA Business Consultants is here to help. We use our teams experience and skill to ensure you walk away with the best possible deal for the sale of your business.

Our experience has taught us that attracting a potential buyer is nowhere near as easy as just showing them that you’re making money. You need to show them that when they take on your company, they have everything they need to make a sustained profit.

Skilled Workers Want More Money

A company is nothing without its staff. If you don’t attract the right workers with the right skills, you’ll never advance beyond your initial business model, and never make enough profit to make your business truly lucrative. Furthermore, if you’ve got sub-par staff, a buyer will notice, and it will undoubtedly turn them off.

So how do you attract the best talent? To answer this question you need to ask yourself what kind of jobs attract quality staff. The answer; jobs that pay. If someone is skilled and they know it, they’re not going to go for the first position they find, they’re going to wait until they can get the most money for their services. That’s just human nature.

What is a Living Wage?

Naturally, this is why staff in managerial positions receive the big bucks. But at RTA Business, we would argue that you need to take this philosophy and apply it to every single worker, by paying them a living wage.
A living wage, according to the Living Wage Commission, can be defined as: "an hourly rate of income calculated according to a basic cost of living in the UK and defined as the minimum amount of money needed to enjoy a basic, but socially acceptable standard of living."

RTA Business Concludes: You Should Pay Low Level Workers a Living Wage

Basically, it’s paying someone enough to give them a decent quality of life, and we would argue that you should pay low level workers a living wage to make yourself competitive. There are so many low level positions out there, that workers are spoiled the choice. Providing a living wage will make you stand out, giving you the edge you need to attract the talent that’ll take your business to the next level. 

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