Professional services organisation EY, London City Airport and asset wealth firm Schroders are among the employers that have signed the Good Work Standard, a new benchmark that recognises businesses for implementing and maintaining high employment standards, such as paying staff at least the voluntary London living wage.
The Good Work Standard was launched today (Monday 29 July 2019) by the Mayor of London, Sadiq Khan (pictured). It features a set of criteria that accredited employers have to demonstrate, including fair pay and conditions, employee wellbeing, skills and progression, diversity and recruitment.
The scheme, developed in conjunction with London-based employers, trade unions and professional bodies, aims to clarify the employment standards that Khan wishes organisations in London to achieve; this includes paying all staff at least the voluntary London live wage rate, currently set at £10.55 an hour.
Khan said: “The Good Work Standard will play a key role in tackling poverty and inequality in London. I’m calling on employers across our city to play their part: to pay the London living wage, to pursue greater diversity at senior levels, to achieve the highest standards in wellbeing and training and to ensure that their [employees] have a voice in the workplace.
“Employers will make these changes because they want to do the right thing, but also because they will see a great benefit in terms of recruitment and productivity. City Hall will now do everything possible to ensure that many more employers, in every sector and of every size, sign up to the Good Work Standard.”
A number of public, private and third-sector employers have already signed up. This includes retailer Lush, financial organisation Lloyds Bank, Transport for London, the Metropolitan Police Service, Southwark Council and professional services firm Deloitte.
The Good Work Standard is supported by the Chartered Institute of Personnel and Development (CIPD); the professional body is further developing a toolkit for organisations that participate in the scheme.
Khan has also launched the Healthy Workplace Award, an initiative that will operate in alignment with the Good Work Standard and provide a benchmark for encouraging healthier lifestyles at work.
Emma Holden, global head of HR at Schroders, said: “We believe that the mayor’s Good Work Standard employer recognition is a best-in-class initiative for businesses in the City of London and we are delighted to have been given this acknowledgment.
“Deep and lasting relationships are at the heart of our success as a business and our employee relationships are no different, that’s why encouraging the growth and wellbeing of everyone who works at Schroders is in our DNA. We look forward to working with the mayor of London on future wellbeing initiatives.”
Kim Coles, global financial director at Lush, added: “We are delighted to be recognised by this great movement, which is setting a benchmark for all of us to aspire to. It is great to have a set of standards to mark ourselves against to ensure we are rewarding and developing our staff to the best of our, and their, abilities.”