Marks & Spencer (M&S) is making headlines with its latest announcement to boost the wages of over 40,000 store workers. The supermarket giant has disclosed that it will invest nearly £60 million in staff wages, marking its largest-ever investment in frontline workers' rewards.
Effective from 1st April 2024, customer assistant staff members will witness a significant increase in their hourly pay, with rates set to rise from £10.20 to £10.90 across the board. For employees in London stores, hourly wages will see a bump from £11.25 to £12.05. This enhancement not only exceeds the national living wage but also reflects M&S's dedication to providing competitive compensation packages to its workforce.
This decision is poised to benefit approximately 62% of M&S's 65,000 employees, reaffirming the company's commitment to supporting its frontline staff. The pay rise follows two separate increments over the past year, resulting in a substantial increase in the earnings of full-time customer assistants, amounting to nearly £150 more per month compared to the previous year.
Moreover, M&S's investment in its employees goes beyond financial remuneration. The company is also making significant strides in enhancing its family-friendly policies. Effective 1st April 2024, M&S will introduce a six-week paternity leave at full pay, a significant extension from the previous two-week allowance. Additionally, the maternity and adoption leave will be doubled to 26 weeks - also at full pay - representing a considerable £5 million annual investment.
M&S's commitment to supporting its employees during pivotal life moments is further exemplified by the introduction of a Neonatal Leave Policy. This policy offers up to 12 weeks of fully paid leave to any UK colleague whose baby requires specialist neonatal care, without depleting their maternity, paternity, or adoption leave entitlements.
The comprehensive approach to employee welfare underscores M&S's dedication to creating an inclusive and supportive work environment. By investing in both financial incentives and family-friendly policies, M&S is striving to be a beacon of best practices in the retail sector, setting new standards for employee well-being and satisfaction.
Stuart Machin, Chief Executive, stated:
“Our vision is to be the most trusted retailer - and that starts with being the most trusted employer. That’s why today we’re making our biggest ever investment in our retail pay offer to recognise our colleagues for the vital role they play each day. It means that since March 2022, we’ve invested more than £146m in our retail pay offer and increased our standard hourly rate by more than 26%. But creating a great place to work isn’t just about pay; it’s about the overall package and colleagues feeling valued and able to be their best. That’s why, in addition to our pay increase, I’m delighted to announce some significant improvements to our family leave policies to support colleagues through life’s big moments. A huge thank you to our 65,000 colleagues for their continued hard work.”
