Time Finance has been accredited as a living wage employer, demonstrating a commitment to support a fair day’s pay for a hard day’s work. The living wage will see every employee and contractor at the company 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 over 23s, which currently stands at £8.91 per hour.
The AIM listed alternative finance provider currently employs over 160 employees over six UK sites. Its head office is situated in the South West, a region where over a fifth of all jobs (20%) pay less than the real living wage, accounting for around 456,000 jobs. Despite this, Time Finance is committed to pay all employees above this threshold and have been successfully approved as an accredited partner with the living wage.
Holly Mapstone, director of HR at Time Finance (pictured), explained: “We want to be recognised as an ‘employer of choice’, treating everyone as we ourselves would like to be treated. A big part of our ethos is creating a culture whereby our staff feel they are treated fairly, with respect and gain our unwavering support. The creation of our ‘culture club’ was designed to do just that. Acting as a forum for the employee voice to capture sentiment, ideas for improvement and how to make Time Finance the ideal employer to work for. Now, with our commitment to the living wage also in place, we can lead by example and continue our mission to put our employees at the heart of everything we do.”
Time Finance regularly engages in new initiatives and projects to support their employees and create an inclusive and market-leading workplace, including a talent leadership programme, and was named Employer of the Year in the Business Leader Awards in December 2020.
Laura Gardiner, director, Living Wage Foundation, said: “We’re delighted that Time Finance has joined the movement of over 7,000 responsible employers across the UK who voluntarily commit to go further than the government minimum to make sure all their staff earn enough to live on.
“They join thousands of small businesses, as well as household names such as Burberry, Barclays, Everton Football Club and many more. These businesses recognise that paying the real living wage is the mark of a responsible employer and they, like Time Finance, believe that a hard day’s work deserves a fair day’s pay."
The real living wage is the only rate calculated according to the costs of living. It provides a voluntary benchmark for employers that wish to ensure their staff earn a wage they can live on, not just the
government minimum. Since 2011 the living wage movement has delivered a pay rise to over 250,000 people and put over £1.3 billion extra into the pockets of low paid workers.