TORONTO, July 17, 2013 /CNW/ - A new international wage standard used by
companies, non-profit organizations, and government agencies, opens
today for business in Toronto. Wagemark aims to reduce growing income
inequality by certifying employers that ensure that the ratio between
their highest and lowest earners is competitive and sustainable.
"We believe Wagemark is a simple way to create a level playing field and
build organizations and societies that are more competitive, prosperous
and fair. We're asking employers to make their mark for smart
business.'' says Peter MacLeod, Executive Director of the Wagemark
Wagemark-certified organizations commit to capping top compensation at
eight times the wage of their lowest paid decile of employees. The
Wagemark Standard has been in development for more than a year and
builds on recent research concerning the link between fair
compensation, workplace morale, worker productivity and long-term
"Wagemark is about establishing a new moral standard for companies that
want to see a better world." says Richard G. Wilkinson, Emeritus
Professor of Social Epidemiology at the University of Nottingham, and
co-author of the international best-seller, The Spirit Level: Why More Equal Societies Almost Always Do Better.
"Wagemark is a tangible solution to growing income inequality. It's
something that employers can adopt, that governments can endorse and
that consumers can demand." says Maureen Fair, Co-Chair of the Wagemark
Foundation and Executive Director of St. Christopher House, a partner
of the initiative.
Wagemark is delighted to welcome aboard its first cohort of
organizations and businesses including: Evergreen, Canada's third
largest environmental charity; Impact Mobile, a mobile software
company; oxiBrite, a manufacturer of detergents, urbanSpace, a property
development group, and Bellwoods Brewery, among others. Additional
Wagemark-certified organizations will be announced this autumn.
"Wagemark is an important initiative to highlight the issue of income
inequality at work and to reward the businesses that have low pay
differentials," says Deborah Hargreaves, former business editor at the
Guardian and financial editor at the Financial Times, and currently
Executive Director of Britain's High Pay Centre. "A large pay gap
between those at the top and everyone else undermines employees'
motivation and reduces productivity. There are strong business and
economic reasons for a low pay ratio and it is vital that companies
adopt these guidelines."
Wagemark certification costs $200 per year and can be authorized by any
Chartered Accountant. Proceeds raised by the Wagemark Foundation will
be used to fund new research on competitiveness and compensation.
Wagemark has been established with generous support from the Metcalf and
Download a backgrounder at: www.wagemark.org/backgrounder.pdf
Watch the 45 second launch video at www.wagemark.org
SOURCE: Wagemark Foundation
For further information:
Peter MacLeod, Executive Director
The Wagemark Foundation
392A King St. East
Toronto, ON M5A 1K9