Amid growing concerns about rising living costs, we’ve announced a one-off £500 cost of living payment to help all our employees with increasing energy, food and living expenses.
As an Employee-Owned Trust (EOT), we are able to offer this £500 payment to our staff completely tax-free. The payment will be received by members of our staff who have been employed at the company since October 31st, 2022 and is just one of the many ways that we aim to support our employees and their families and help maintain our people-oriented culture.
We proudly became the first independent training provider in Wales to be employee owned in 2019, with 100% of the business now being owned by our employee-owners. At Itec we employ 180 people at 12 offices across Wales, all of whom benefit from the EOT model which includes a personal stake in the company and achievement-based rewards.
Ceri Murphy, Managing Director at Itec said: “One of the driving motivations for us implementing the Employee-Owned Trust (EOT) model was the fact that we wanted to encourage a culture of unity. A culture that we would like to build on to allow us to continue creating jobs, building careers, and investing in people.
“No matter who you are, whatever level you are in the business, you have an equal stake as everyone else. It’s a means of retaining and rewarding our staff for the hard work that they do, or in this case, supporting them in challenging times.”
For Itec employees, the EOT model not only makes their work more meaningful, they are able to see how their personal accomplishments then translate into the success and growth of the business as a whole. Putting the organisation in the hands of employees who have the same values, ethos, and culture as its founders helps guarantee the security and independence of Itec in the long-term.
Julie Dyer, Head of Operations at Itec, said: “Across the country people are struggling with the rising cost of living and we were very keen to be able to help contribute towards easing any worry for our staff. This cost of living payment is a way for us to show our employees that we care about their wellbeing and that they are taken care of.
“Our work has made such a positive impact on the communities we serve and has made a massive difference in the lives of our participants, which we owe to our people-centred culture. We hope that we can continue to help people reach their full potential with the help of our hardworking and dedicated staff.”
Itec has a long history of offering work-based learning and training programmes, with over 40 years of experience in the field. In Wales, we have a strong partnership with the Welsh Government and are contracted to deliver the £200m Jobs Growth Wales+ programme and the Restart programme. In addition to these programs, we also offer a wide range of apprenticeships across Wales to help our participants develop their skills and gain qualifications. We also have numerous commercial training contracts and relationships in London, providing even more opportunities for individuals to advance their careers through hands-on, practical learning experiences.