Over the last year, the Monzo team has grown from just a small group to more than 60 people and almost every week there’s a new face in the office, working on everything from sending out cards to writing our banking policies and procedures.
As we expand, we’re hiring talented people who are not only brilliant at what they do, but really care about our community of users, solving their problems, and building a digital bank account that genuinely helps people with their personal financial lives. We’re proud of how in touch we are with people that use Monzo day-to-day, and we’re trying to build a product that puts our users first.
Fairness, transparency and compassion are central to the work we’re doing here, and it’s important to us that our team and our work environment reflects that.
As part of this, we firmly believe in equal pay for equal work and we’re determined to make sure we don’t create discriminatory pay gaps. Pay should reflect the value of your work: capability, experience and contribution, not extrinsic things like gender or race. We also want to ensure that as Monzo grows, we remain committed to our ideals and ensure that everyone who works with us is paid fairly.
We are now Living Wage Accredited
To underscore our commitment, we’ve joined nearly 3000 other businesses and become a Living Wage accredited employer. This is a public commitment that every single member of the Monzo team, regardless of whether they are employed by us or third-party contractors, receives at least the minimum hourly wage of £9.75 (the London Living wage as set by the Living Wage Foundation and independently-calculated each year based on what employees and their families need to live) – significantly higher than the national minimum wage of £7.20. We see this as an absolute minimum and in all cases currently pay more than this.
Building the best team
Of course, making sure our team is paid fairly (and at least a living wage) is just the start. We want Monzo to be the place where you can do the best work of your life. We provide budgets for training and self-development; lots of opportunities to progress within the company; flexible working and childcare vouchers; and are setting up other benefits in the coming months.
We’d love to hear your thoughts about how we can continue to support our employees and the wider community as we grow. Contact us on Twitter @monzo, by email to email@example.com or on our community forum.