Countering Inflation, ZOPA Raises Entry Pay by 20%

Digital bank Zopa has distributed a note that they are “bucking the trend” and raising entry-level pay by around 20% as other firms are letting people go. Starting pay for entry-level positions now commences at £27,000 – an amount that Zopa states is 25% a living wage in London.

Zopa said they were also providing £500 winter bonuses to anyone earning less than £50,000.

Zopa touted its operations reporting there have been no hiring freezes and no layoffs as they seek to “grow responsibly.”

Zopa said this is part of a wider package of new benefits that matches the best benefits of the UK’s largest employers, including:

  • Employees can work from abroad for up to 120 days a year, this is the industry’s boldest and most generous scheme to date.
  • Proactively suggesting 13 locations to fast-track moving as a digital nomad, including Spain, Portugal, and Greece.
  • Gender-neutral parental leave – all new parents can take 16 weeks maternity/paternity/adoption leave.
  • Enhanced bereavement leave of 15 days for all loved ones, including 2 days for pet bereavement.
  • Implementation of Medicash, a health cash plan covering everything from dental work and opticians to reiki and massage for well-being. This is in addition to the private health insurance we already offer Zopians.
  • In the process of launching Menopause Care, training Menopause Supporters (similar to mental health first aiders).
  • Selling annual leave, where Zopians can sell up to 5 days annual leave during a sale period and receive the equivalent of their day rate in their next pay pack.
  • Flexible Bank holidays, where Zopians can work any religious bank holiday and use the day off another time in the year.

While it is difficult to compare the benefits above with competing firms, the fact that ZOPA is not slashing employment while some other firms have felt compelled to cut costs may indicate expectations for solid performance going forward. ZOPA has long expressed its intent to pursue an initial public offering – something that could take place in 2023, depending on the economic environment.

ZOPA’s last annual report 2021, is available here.

 

 

 

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