The team at Attic Self Storage all live and breathe London on a daily basis. Whether that’s travelling, socialising, or, of course, working. The pandemic, its economic aftershocks and the much-publicised “cost-of-living crisis” have squeezed incomes immensely. No one has been immune. We see this daily with our staff and customers.
The leadership team at Attic takes the welfare of our staff incredibly seriously and we are proud to have a “people-first” mindset. We believe that having a people-first mindset brings benefits and opportunities across all areas of the business including turnover, staff retention, and overall sickness levels. The Covid pandemic shone a light on the importance of health and well-being around us. It was an opportunity for us to strategise around ways we could improve our people metrics, focusing on staff well-being and retention.
Our business case is simple.
As part of our strategy, we aim to recruit the “best in class”. It’s not just our company values and culture that enable us to do this. People are attracted to a business primarily through salary, and culture retains them. Our teams all have bills and families to support, and we believe that if they can be comfortable doing so, they will be happier, provide better customer service and be far more productive at work, ultimately reducing turnover, improving retention, and increasing team stability.
We have long been advocates of the LLW, ensuring all our employees receive this as basic pay for several years now. With the increases to the LLW in 2024, for some staff, this has meant a pay rise of over 10%.
Since implementing the LLW we have seen:
- An increase in applications for roles.
- Lower staff turnover, just 10% in 2023.
- Higher productivity resulting in record-breaking occupancy, revenue and customer NPS scores.
- Employee engagement is at an all-time high.
- Lower employee sick days vs previous years.
- Our Google reviews have been excellent, helping to drive more customers.
- We have saved over £15k in recruitment and training costs in 2023 vs 2022.
- Our senior leaders focus more on coaching the team rather than directing and making better use of the employee skills we hired for.
“At Attic, we believe that by investing in people, we can become a market leader. Our KPIs will exceed targets. Our commitment to paying at least the LLW not only improved our internal metrics & freed up more time for our senior leaders, but it has also improved staff engagement, and in an uncertain world, it is fundamentally the right thing to do by our amazing teams”
What?
All our sales consultants will earn £13.22 per hour as a minimum, an average increase of £4k per year over 2023
The Results
- 10.7% staff turnover rate
- Double digit revenue growth
- NPS scores of 80%
- Staff promotions at 25%
“We are always proud to share that we are a LLW employer. This is part of our people strategy and underpins all our other benefits of having an industry-leading employee value proposition. Yes, there is a higher labour cost on the P&L but, having been involved in the industry for many years, no other company is producing the results we are. Every metric points to engaged and happy staff. The LLW is at the forefront of our basic package and is an important part of our company values and unique culture”
– Ben Holmes COO
Posted on 24th January 2024 by Shanaiqua Desa | Last updated on 18th July 2024
