For Immediate Release
Wednesday, July 6, 2016
Collaboration on Living Wage across southwestern Ontario
LONDON, ON – Libro Credit Union (Libro) has committed to being a Living Wage employer, to further carry out its vision of growing prosperity in southwestern Ontario by transforming banking. Libro’s support for a Living Wage means all credit union staff are compensated at or above the highest Living Wage rate across the region’s 25 communities.
“Living Wage is one strategy in reducing poverty and increasing positive outcomes. Being a recognized Living Wage employer fosters social inclusion and supports the quality of life of our staff,” said Stephen Bolton, Libro Credit Union President, CEO and Head Coach. “Growing regional prosperity goes further than financial transactions and balance sheets. It’s about addressing complex social issues in southwestern Ontario and working collaboratively with organizations to help build and strengthen the communities we passionately serve. We recognize different businesses will make their own decisions about the best way to contribute to the health of their communities, and Libro encourages that conversation always.”
The Living Wage commitment aligns with Libro’s compensation philosophy of establishing a positive work environment and providing competitive wages. It’s one element of a strategic plan Libro is delivering to grow prosperity across southwestern Ontario.
In May, Libro announced its support for the initiative at an event in London, which launched www.livingwagelondon.ca, detailing how a Living Wage is calculated and encouraging local businesses to learn more about becoming a Living Wage employer. Other organizations represented at the event included Western Fair District, Downtown London, the Ivey Business School and the Middlesex-London Health Unit.
Last year, the Social Research and Planning Council released a report on what a Living Wage is in Perth and Huron County. Research shows that living wages help improve the overall quality of life in a community and help to lift children out of poverty by giving families a basic level of economic security. Employers who pay living wages report lower turnover and absenteeism rates, and greater employee engagement and loyalty while allowing the additional money working families earn to be spent in the local economy.
“It is fantastic to see a local organization stepping up and offering a living wage to their employees,” said Tracy Birtch, Director of Social Research and Planning Council. “With approximately fifty percent of local households in Perth and Huron County living under the annual income needed for their household to maintain the basic living expenses a living wage provides, this truly makes a big impact in the lives of many.”
“Since issuing the report in 2015, we have had many proactive conversations with employers in the region,” said Ryan Erb, Executive Director of United Way Perth-Huron. “Right from the beginning, Libro has demonstrated their commitment to prosperity in the region and now, with this formal announcement, United Way is pleased to celebrate with them while encouraging others to do the same.”
Being a Living Wage employer allows Libro to support its people and demonstrate a passion for employee engagement, retention and quality of life. It fuels conversations with peer businesses and other organizations working together to build prosperity across the region.
“In becoming a Living Wage employer, Libro continues to demonstrate its role as a pillar in our community," said Adam Vasey, director of Pathway to Potential. "By paying a Living Wage to all its employees, Libro is making a significant contribution to the long-term prosperity and health of the Windsor-Essex region.”
“We are thrilled by Libro’s commitment to being a living wage employer,” said Greg deGroot-Maggetti, Program Manager for Living Wage Waterloo Region. “The living wage is good for workers, for employers and for the community. It means people can cover their expenses and participate in their community. It helps employers attract and keep great staff. And it puts money into the local economy benefitting the community.”
Libro is undertaking many initiatives to strengthen the region’s economy including the launch of The Prosperity Project, which mobilizes and inspires people, businesses and communities to grow prosperity together. Since 2014, Libro has also invested nearly $1.2 million in the Libro Prosperity Fund, awarding grants to 70 organizations across the region that are building prosperity through economic development, youth leadership and money smarts initiatives.
About Libro Credit Union
Libro is Ontario's third largest credit union with $4 billion in assets under administration and more than 103,000 Owners across southwestern Ontario and has been recognized as a 2016 & 2017 Platinum Level Aon Best Employer in Canada. As a co-operative financial institution with more than 70 years of history, Libro supports the well-being of people, businesses and communities by providing high-quality financial coaching and profit sharing. Libro is proud to support The Prosperity Project, which aims to grow prosperity in southwestern Ontario by mobilizing and inspiring collaboration, strengthening the financial health of people, families and businesses, and investing in our communities to help the region prosper together. Libro offers a full range of financial products and services for consumers, businesses and farms, including savings and chequing, investing, and borrowing. Great service can be experienced through 31 branches, online, telephone, mobile devices and a network of 4,000 ATMs across Canada.
For further information or to set-up an interview, please contact:
Mike Donachie, Communications Manager
Libro Credit Union
P: 519-672-0130 ext. 4344