Supporting employees during the cost of living crisis

Wealthify’s purpose is to inspire anyone to build their future wealth. That extends to our people as well as our customers.

Faced with a cost of living crisis in 2022, we knew there was more we could do to help. We wanted to make sure we were doing everything we could to support our colleagues and their families during these difficult times. So, in February 2022 we sought a Living Wage accreditation to ensure our employees were being paid fairly for the work they were doing.

As expected, the results showed us that we had the right measures in place and were paying our employees a fair rate. However, given the rising cost of energy bills, we decided to award our colleagues an extra £750 towards their annual salaries to help. Of course, this is just the start. With the cost of living continuing to rise, we will carry on reviewing our support for employees which will include aligning pay with the new Living Wage rate.”

And in terms of talent acquisition, the Living Wage accreditation has helped us to show potential employees that we are a responsible employer that treats staff fairly. We showcase the badge on a variety of recruitment materials and have had some great feedback on it from new recruits since doing so.

We are proud to be one of the first Welsh companies to gain the Living Hours accreditation. We’re excited to be paving the way for other Welsh companies to do the same and ensure they’re paying staff fairly, especially in these trying times.

Moving forward, we’re working with the Living Wage Foundation on setting the Living Pension Standard during their pilot to help ensure our staff are provided with long term financial reassurance to help build their future wealth.

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