Digital agency launches Greggs-style profit share scheme

Derby digital agency Alphageek has launched a co-operative-style profit share scheme to help its 16-strong workforce manage the cost of living.

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.

It launched at the beginning of December.

Alphageek’s staff will be allocated a share of 10% of the company’s profits each month under the plan, which they can choose to save up until the end of the tax year and take as a lump sum or opt to take as a bonus at the end of the quarter.

The initiative mirrors profit share schemes operated by Greggs, which also gives 10% of its profits to staff, and John Lewis, which pays its workers a yearly bonus.

Mills said most staff at the agency have taken the quarterly option.

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.”

The firm’s 26-year-old head of paid marketing, Dan Wild, is participating in the scheme.

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.”

Wild added: “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.”