Time Finance has now been accredited as a living wage employer; a commitment that supports fair compensation for a hard day’s work.
The Living Wage will see every Time Finance employee and entrepreneur receive a minimum hourly wage of £ 9.50 in the UK or £ 10.85 in London. Both rates are significantly higher than the government minimum for those over 23, which currently stands at £ 8.91 per hour.
The AIM-listed alternative finance provider currently employs more than 160 people at 6 locations in the UK. Its head office is located in the South West, a region where more than a fifth of all jobs (20%) are paid less than the real living wage, or around 456,000 jobs.
Despite this, Time Finance is committed to paying all employees above this threshold and has been successfully approved as an accredited partner with the Living Wage.
Holly Mapstone, HR Director at Time Finance, said: “We want to be recognized as an ’employer of choice’, treating everyone as we would like to be treated. A big part of our philosophy is to create a culture in which our people feel they are treated fairly, with respect and have our unwavering support.
“The creation of our ‘cultural club’ was designed to do just that. Act as a forum for employee voice to capture feelings, ideas for improvement and how to make Time Finance the ideal employer to work for. Now, with our commitment to living wage also in place, we can lead by example and continue our mission of putting our people at the heart of everything we do.
In December 2020, Time Finance was named Employer of the Year at the Business Leader Awards. The achievement recognizes the employer who has created a stimulating and supportive work environment for their staff and demonstrated a commitment to their well-being.
Laura Gardiner, Director of the Living Wage Foundation, said: “We are delighted that Time Finance has joined the movement of over 7,000 responsible employers across the UK who voluntarily commit to going beyond the government minimum. to ensure that all their staff earn enough to live on. to.
“They join thousands of small businesses, as well as big names like Burberry, Barclays, Everton Football Club and many more. These companies recognize that paying the real living wage is the hallmark of a responsible employer and they, like Time Finance, believe that a hard day’s work deserves fair pay.
The real living wage is the only rate calculated on the basis of the cost of living. It provides a voluntary benchmark for employers who want to ensure their staff earn a salary they can live on, and not just the government minimum. Since 2011, the Living Wage movement has raised the wages of more than 250,000 people and put more than an additional £ 1.3 billion in the pockets of low-paid workers.