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 every month.
Alphageek Digital, based at Cubo in Victoria Street, brought in the scheme at the start of the month to add extra money to its 16-strong workforce’s incomes in return for their hard work.
The scheme is the brainchild of the company’s founders, Art Lindop, Kieran Flynn and Alex Mills, who decided to take action following a busy year which has seen the company relocate to the city centre and grow its staff numbers.
Staff at Derby digital agency Alphageek Digital have been given help during the cost-of-living crisis with a Greggs-style profit share scheme.
It is now midway through its busiest time of the year, including a hectic Black Friday when it devised and administered £30,000 worth of sales campaigns on behalf of its clients.
Alphageek’s staff are aged mainly between 20 and 26 and every month they will all be allocated a share of 10% of the company’s profits. They can choose to save it all up until the end of the tax year and take it as a lump sum or can opt to take their bonus at the end of the quarter.
The scheme mirrors a profit-share scheme operated by bakers Greggs, which also hands out 10% of its profits to staff, and retailers John Lewis which, as a co-operative owned by its workers, pays them 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.
In some cases 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 to get them through the next few months.
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 at Alphageek.
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.
“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.”
Originally set up in 2019, Alphageek offers a whole range of digital marketing services including social media advertising, pay-per-click, web services and content creation.
It uses its know-how to drive sales for a host of big-name clients across four continents and across a range of industries, including Casio, Derby high-end sportswear firm Huub and popular city doughnut bakers Project D.
Earlier this year it picked up two awards in the Breakthrough and Entrepreneur of the Year categories of the East Midlands Chamber Generation Next 2022 awards, which are open to individuals who are aged under 35.
For more information visit www.alphageek.digital
