A Derby digital agency is easing the cost of living for its young staff members by launching a co-operative-style profit share to boost their earnings each month.
Alphageek Digital, which is based at Cubo in Victoria Street, brought in the scheme at the start of the month to support its 16-strong workforce.
The scheme was the idea of company founders Art Lindop, Kieran Flynn and Alex Mills who decided to do something for their staff after a busy year which saw the company relocate to the city centre and grow its workforce.
Most of the Alphageek team are aged between 20 and 26 and every month 10 per cent of the company’s profits will be shared out among them.
They can choose to save it up until the end of the tax year and take it as a lump sum or take their bonus at the end of each quarter.
The scheme mirrors a profit-share scheme operated by Greggs bakers, which also hands out 10 per cent of its profits to staff, and John Lewis which, as a co-operative owned by its workers, pays a yearly bonus.
Alex said that most of its staff have opted to go for the quarterly option, which will pay out at the end of the month.
He said for some this will help pay for Christmas gifts and treats, but increasingly it will also pay for necessities including fuel for their cars or home heating bills.
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He said: “We already pay above the Living Wage and have recently given pay rises too, but although our costs as a business have also soared, we wanted to be able to make a difference to our staff while also incentivising everyone and keeping morale raised.
“While some may be able to put the money towards a treat or a holiday, we’re very aware that increasingly staff are struggling to meet the day-to-day costs because prices keep going up.
“The first payment will go out at the end of the month and it comes off the back of a really busy quarter for us.
“We’re really pleased of the way that everyone has really pulled it out of the bag for us and this is a really positive way to recognise that.”
One staff member who will be benefitting from the scheme is 26-year-old Dan Wild, who is the head of paid marketing.
He said: “I’m married and have been able to make changes to my lifestyle and budget, such as coming into work by train rather than using my car, so I will be able use this bonus for treats and anything extra I like.
“However, I do know that others are finding the cost of living more of a challenge, so it’s great to be offered the payments above our salary so that everyone gets a reward from all of their hard work.
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“I don’t know of any other companies of our size which offers a scheme like this. It’s a lovely gesture and reinforces the company’s attitude that everything we do is a team effort.”
Alphageek offers digital marketing services including social media advertising, pay-per-click, web services and content creation.
It has worked across four continents and industries including Casio, Derby high-end sportswear firm Huub and city doughnut bakers Project D.