(qlmbusinessnews.com Wed 28th Feb, 2024) London, UK —
Marks & Spencer Boosts Pay Amid Supermarket Staff Competition.
In a bid to retain and attract supermarket staff, Marks & Spencer (M&S) has announced significant pay rises scheduled to take effect from April. The retail giant plans to elevate its minimum hourly wage for employees outside of London to £12, with those in the capital set to receive £13.15 per hour.
This strategic move positions all M&S workers above the mandatory National Living Wage, ensuring they are compensated at the voluntary Real Living Wage level. Approximately 40,000 employees across M&S's food and clothing sectors are slated to benefit from these salary increases.
Additionally, M&S has unveiled plans to implement substantial enhancements to its maternity, paternity, and adoption policies, reinforcing its commitment to fostering a supportive work environment.
Currently, M&S's minimum pay for non-London-based staff stands at £10.90 per hour, while London employees receive £12.05. With the National Living Wage poised to ascend to £11.44 per hour in April 2024, inclusive of 21 and 22-year-olds for the first time, M&S's wage hikes will position its workers 56p above the government-mandated minimum wage.
Joining the ranks of leading supermarket chains like Aldi, Sainsbury's, and Lidl, M&S's move to elevate its minimum pay mirrors recent industry trends aimed at bolstering employee compensation.
Since April last year, Tesco, the UK's largest grocer, has been remunerating workers £11.02 per hour outside London and £11.95 in the capital. However, Tesco and other market players will need to adjust wages to align with the forthcoming minimum wage adjustments.
In addition to wage increases, M&S disclosed plans to enhance support for its team support managers, who will see their hourly wage elevated to £13.05 outside London and £14.20 in the capital.
Furthermore, M&S outlined its commitment to pioneering progressive employee benefits, including six weeks of paternity leave at full pay effective April 2024, along with an expansion of maternity and adoption leave to 26 weeks at full pay, representing a £5 million annual investment.
Stuart Machin, Chief Executive of M&S, emphasized the company's dedication to becoming the UK's most trusted retailer and employer, underscoring the importance of fostering a workplace environment where employees feel valued and empowered to thrive.
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