Celebrating Five Years Of The Real Living Wage At Component Sense

As the world is gripped by a cost of living crisis, paying employees what they deserve is crucial.

The real Living Wage empowers people to plan for the future and provide for their families. Component Sense proudly celebrates five years of being officially real Living Wage accredited. However, Managing Director and CEO Kenny McGee admits that the business had unofficially paid the real Living Wage long before being officially recognised.

Component Sense’s pride in fairly compensating our colleagues goes beyond the official plaque on show in our warehouse. For us, it is also about encouraging other businesses to make the same commitment. Keep reading to learn more.

What it means to be a real Living Wage employer

For many, the real living wage can be the difference between surviving and thriving. At the time of writing this blog, the National Living Wage rate in the United Kingdom (UK) is £10.43 for those aged 23 and over. Conversely, the real Living Wage rate is £12. Component Sense is a global company, so we also ensure we pay well above the minimum requirement for colleagues working outside the UK.

The real Living Wage is the only independently calculated rate determined by what people actually need to live comfortably. Being formally accredited shows the business's commitment to current colleagues, customers, and industry talent. 

Our dedication to providing fair pay also led to Component Sense winning the Employees’ Choice Award at the Living Wage Champion Awards in 2022. This nod was particularly gratifying as the result was attributed to kind words from our employees.

“At 21, knowing Component Sense offers a living wage is a win. It’s more than just a job; it’s a sign that the company cares about us and values what we bring to the table,” said Nicole Bale, Junior Marketer.

Benefits of the Living Wage

At Component Sense, we firmly believe that providing the real Living Wage is a win-win. Although team member well-being is at the heart of the businesses’ wage structure, paying colleagues what they deserve makes business sense, too. There are many reasons why an increasing number of businesses are beginning to offer the real Living Wage. 

Better well-being

Less than one in eight adults say they are thriving in life. Although receiving fair remuneration will not solve everyone’s personal challenges, having enough income to live comfortably plays a large role.

There are documented links between low pay and poor mental health. When people have enough money to access proper healthcare, funds to pay for nutritious food, and spare income to participate in activities within the community, these factors add up to an overall improved quality of life. 

Growing the economy

If only a quarter of low-paid workers in the UK were given a pay rise to the real Living Wage, it is estimated that an additional £1.6 billion would go back into the UK economy. Economic stimulus is another significant benefit to businesses adopting the real Living Wage. People with more disposable income are likely to spend it locally on goods and services. 

Increased productivity

As mentioned, providing the real Living Wage also makes sense from a business perspective. In fact, 93% of real Living Wage businesses say they have benefitted from accreditation. Everyone has different motivations to work, but it is safe to say that employees are far more productive when they know they feel respected and paid what they are worth. Not only that, but fair pay is also known to reduce staff turnover. 

Attracting top talent

Especially in the electronics industry, skilled workers who are driven to succeed are very sought after. As a result, competition for top talent can be high. Yes, Component Sense offers flexible working, an EPIC culture, and continual growth and learning, but sometimes, money talks. 

View the latest job listings at Component Sense

One of the reasons Component Sense Managing Director and CEO Kenny McGee started his own company was due to frustrations with the corporate world. A big part of this was ensuring people had a proper work/life balance and felt valued. Being officially real Living Wage accredited for five years typifies this commitment. 

Whether it be the real Living Wage, our daily social coffee call, or our fantastic culture in general, find out for yourself what makes being part of Component Sense special. View our current job listings and apply now: