Hermes Fund Managers (Hermes), a boutique fund manager with over £29 billion assets under management, has been accredited the status of a Living Wage employer, affirming its commitment to provide all employees and on-site contracted staff with compensation and benefits above the recommended Living Wage.
Hermes, which employs over 400 staff in London, joins an elite group of 100 accredited Living Wage employers in the UK. As an accredited employer, Hermes ensures that all employees are paid Living Wage and above which is an hourly rate, set independently every year (by the GLA in London). It is calculated according to the cost of living and gives the minimum pay rate required for a worker to provide their family with the essentials of life. The current Living Wage is £7.20 nationwide and £8.30 in London.
An independent study of the business benefits of implementing a Living Wage policy in London found that more than 80% of employers believe that the Living Wage had enhanced the quality of the work of their staff, while absenteeism had fallen by approximately 25%. 70% of employers felt that the Living Wage had increased consumer awareness of their organisation's commitment to be an ethical employer.
John Mould, Chief Operating Officer at Hermes Fund Managers, commented:
"We are pleased to be one of an elite group of employers accredited by Living Wage Foundation. As a business, Hermes campaigns for fair pay across the board - whether that is at the top end of the scale or indeed at the lower end - which is why we are proud to support the Living Wage Campaign. Hermes' success has been achieved through the excellence, integrity and commitment of our people. By becoming an accredited Living Wage employer we hope to demonstrate the value we place on the contribution that our staff make to the success of our business."
Rhys Moore of the Living Wage Foundation, said:
"We are thrilled to accredit Hermes as a Living Wage Employer. As the first fund manager to make a public binding commitment to pay the Living Wage their leadership within the sector"