Marks & Spencer has announced a record £89m investment in its retail pay offer, and a further £5m annual investment to enhance its maternity, paternity, and adoption policies.
Stuart Machin, Chief Executive, says: “Our vision is to be the most trusted retailer - and that starts with being the most trusted employer. That’s why 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.”
As well as investing in pay for store staff, M&S is also making improvements to its maternity, paternity, and adoption policies. Last year, M&S was one of the first retailers to introduce a neonatal leave policy that provides up to 12 weeks’ fully paid leave to any UK member of staff whose baby requires specialist neonatal care, without having to worry about using up their maternity, paternity, or adoption leave.
Also last year, M&S introduced a new flexible working offering, Worklife, with the aim of helping staff achieve a better work/life balance. Through the programme, more than 3000 retail managers have additional flexible working options to choose from, including spreading their hours over five days, working a four-day compressed week or a nine-day compressed fortnight.
