S&S and Faber unveil cost of living support for staff

Simon & Schuster and Faber are paying staff a one-off sum to assist with the cost of living, as publishers work to help employees with soaring prices and energy bills.

The announcement by the two publishers comes after Canongate said it was also providing an additional payment to staff.

In October, Faber paid an additional one-off lump sum to all employees earning below £55,000, in response to unprecedented inflation.

“We have been doing all that we can to help mitigate the impact of the economic environment for our staff and we aim at all times to provide the best possible staff pay and benefits,” a spokesperson said. “In general terms, we gave a pay award of 5.4% in April.”

The independent’s starting salary increased from £25,000 to £26,350 on 1st April, and its profit-share bonus scheme paid out 10.4% of an annual salary in June.

Last summer, S&S joined other large publishers in raising its full-time staff entry level salaries to £25,000, and has recently increased this to £26,000.

“With the cost of living crisis constantly in the news, we know that everyone is feeling the pinch,” a spokesperson for the publisher said.

“In addition to this, in the past few months we have conducted a full benchmarking exercise, ensuring every person at every level is being paid competitively, taking into account inflation."

S&S staff are also being offered a one-off stipend payment this winter, which covers additional expenses and bills incurred while working from home, which has been backdated to March 2020.

“We continue to operate a hybrid working policy, with flexibility around the days people are in the office or working from home,” the spokesperson added.

The announcements come in the wake of many publishers announcing cost of living assistance measures for staff. Canongate staff have been paid a monthly subsidy since September 2022, and will continue to receive payments until March 2023, when salaries are reviewed. Employees at the Scottish indie who are on less than £36,200 receive £250, while those earning below £50,000 get £100.

Bloomsbury staff received a 5% pay rise and a 6% bonus this year, following the company’s bumper recent performance and in recognition of the soaring cost of living.

Penguin Random House and HarperCollins raised salaries for entry-level roles in July, increasing them to more than £26,000 per annum in response to changes in the labour market and to improve diversity. The change is in addition to both company’s annual pay review processes in January.

The Bookseller understands talks will be under way at the Big Four to reveal further assistance for staff in the new year.