How financial wellbeing can stop the talent drain in social impact

TERN is a social enterprise helping refugee entrepreneurs create and develop businesses across the UK. Their goal is to launch 2000 refugee-led businesses by 2025.

To do that, they need a team that is passionate, driven, and committed. But for social impact companies like TERN, keeping talent in the sector is difficult as people get older. Charlie Fraser, the company’s Co-Founder, explains…

“In the social impact sector, employees know they may have to sacrifice some of their own financial security to work on making the world a better place. We’re looking to change this, but the sacrifice is still there.”

“The problem is that over time, as employees become more established and knowledgeable about their own financial future, they drift away from social impact. They recognise how much capital they need to sustain their livelihood.”

“This leads to a talent drain, especially when progression pathways can be limited.”

 

The importance of good financial wellbeing to TERN

When working in social impact, good financial wellbeing takes on a different weight. Employees have to be more conscious and open about their finances so they can do more with their salary and prepare better for their future. 

This is something Charlie wants for his team: “we need to help people engage with financial wellbeing and give them access to the support they need. This will make working in social impact a more attractive proposition.”

“It’s a more mature approach and ultimately it will mean retaining staff. This was a big incentive for us adopting Bippit. It’s the ethical thing to do, but we also need the type of expertise that we build up in social impact to stay and remain committed to causes.”

 

Why TERN partnered with Bippit

Around two thirds of the entrepreneurs TERN works with are financially insecure and living in relative poverty. In order to better support them, Charlie was keen to up-skill the TERN team so they felt confident talking about money in a way that would empower TERN’s community.

Charlie says: “When we started talking to the Bippit team it seemed like a really nice marriage between enabling our community whilst also offering our team more broader support in their lives.”

“Our team is very diverse – demographic, gender, age, and experience-wise. Financially they have different concerns which makes understanding your payroll and savings quite difficult. It’s why I like Bippit so much. They are ahead of the curve in making sure that access to financial coaches is an everyday occurrence and not just for the super wealthy.”

It’s through our expert coaches that each employee can get 1-1 support via video or messaging. This impartial help is something 88% of employees now want (according to PWC’s Financial Wellness Survey).

 

Giving TERN the flexibility their team needs

When we started Bippit, we knew how important it was to be flexible and open, both from a product and service perspective. This is something Charlie was looking for…

“The way Bippit is approaching things, and the fact that they’re a young and growing company, allows us more playing room to make it appropriate for our team. They’ve been very flexible.”

“I was super impressed by the product. Bippit recognises that people learn in different ways. We have some team members who want to do a live chat, and others who want to have pre-submitted questions to guide the conversation. The fact Bippit can do both is great.”

“You can see budget breakdowns for your spending, and the platform has so many useful API integrations with the different options of connecting your bank accounts and showing your savings.”

 

The story so far

Charlie says: “Bippit will massively build on our culture of support. A culture that looks to recognise the sacrifices team members make for working in our sector.” 

“Bippit is trying to look at things through a different lens and that’s what really excites me about it. They’re democratising access to financial coaches which is a really powerful concept.”

Along with the likes of What3Words and Twinkl, TERN is one of the many companies benefitting from Bippit’s all-in-one financial wellbeing platform.

Want to learn more about your team’s financial health? Get a free financial health assessment and report from Bippit today.

 

 

Helping What3Words provide tailored financial support

what3words is a true game changer. A company that’s revolutionising street addresses by dividing the world into 3 metre squares so that millions of people can find and share exact locations.

Since it was founded in 2013, what3words has grown rapidly with 120+ employees working in Mongolia, India, Germany, the US and the UK. 

Their global team is diverse in both age and demographic and, like so many, was impacted financially by Covid. Sophie Pohling, People Advisor at what3words, explains…

“Post-Covid, more people were struggling financially with their savings. Some asked if they could pause pension contributions while others, who had moved further away from our London HQ, were worried about their new cost of train travel.”

“We started to think about how we could improve our team’s financial knowledge, because if they could manage their finances better then this would increase employee wellbeing and confidence.”

It was at this stage that what3words decided to offer their employees a session with a financial advisor, something they had first done back in 2019.

Sophie adds: “the session was a broad overview of how to save towards particular goals and milestones, what an ISA was, why to pay into your pension etc. The session got really good feedback but we thought: how can we tailor this a bit more? That’s when we started looking into Bippit as we wanted a more bespoke platform for employees.”

What attracted What3Words to Bippit

There’s a financial literacy gap at work. 

Employees are 2.2x more likely to leave when they’re financially stressed, but they’re rarely given the tools they need to talk about, or improve, their finances.

It’s why we built Bippit: to help employees take control of their financial future with the support of expert 1:1 financial coaching that’s tailored to them. Something what3words needed for their team.

Sophie explains: “we wanted to offer people access to a financial wellbeing platform that provided a broad range of support but on an individual basis.”

“We have some employees who are very familiar with cryptocurrencies, investments, shares, and ISAs and who are pretty financially savvy. And we have others who just don’t know where to begin when diversifying their finances.”

“Bippit covers both groups and, when we reviewed financial wellbeing platforms, Bippit seemed very good value when you consider its offering, the webinars they run, and the support they provide.”

Supporting staff and staying competitive

57% of employees have had to change their financial plans due to Covid, while 77% of employees admit to worrying about money at work.

These stats are just some of the reasons why what3words was keen to improve their employee’s financial wellbeing. As Sophie explains…

“It’s really important we give our staff the support they need, and improving their financial wellbeing plays a big part in that. Bippit will help our staff manage their finances better which will increase employee wellbeing and confidence.”

“This may help reduce any problems we have around finances and pay. But mainly, Bippit just means we’re giving our staff the support they need to manage their lives better. It helps us stay above the competition and ensures our people are satisfied. 

what3words launched Bippit during Talk Money Week (fortunate timing given the Week’s aim to get people sharing their financial concerns). It was also important to Sophie that employees had access to Bippit’s financial coaches before December so they could better handle the financial pressures that come with Christmas. 

Sophie adds: “I think the surprising thing was the sheer speed of the Bippit set-up. The perseverance of the Bippit team to make sure the product was tailored to us was very impressive.”

 

The story so far

Sophie says: “Bippit is a great one-stop shop. Everything is in one place and it’s very easy to speak to an expert financial coach or get information through the resources hub. I’m excited to see how our team engages with the platform over the coming months.”

Along with the likes of Gympass, Acacia Training, and Digital Detox, what3words is one of the many companies benefitting from Bippit’s all-in-one financial wellbeing platform.

Want to improve your team’s financial health? Get in touch to book a free Financial Wellbeing Lunch & Learn for your workplace.

 

 

Improve the health of your employees and company by talking about money

We all have money worries – whether it’s dealing with debt, navigating life events, or having the funds to achieve our goals – and for many, these worries have only increased in the past 18 months: 57% of employees have had to change their financial plans due to Covid-19.

However, too often we suffer in silence. 

For a range of reasons, talking about money is not the done ‘thing’. And, yet, if we talk:

– we can feel less stressed or anxious

– we can make better and less risky financial decisions  

– we can have stronger relationships with those around us

This is why Talk Money Week (9-12th November) exists: to encourage conversations, alleviate concerns, and build financial confidence. This is crucial for companies, as employees are 2.2x more likely to leave their job when they are financially stressed.

“Worries about debt, bills or other financial issues can feel overwhelming and impact our mental wellbeing and relationships,” says Dr Kate Daley, Psychology Lead at Unmind (the UK’s leading workplace mental health platform). 

“This can have knock-on effects on performance at work, interactions with colleagues, and ultimately your sense of fulfilment in life.”

Chelsea Dennison, a professional financial coach at Bippit, adds: “It’s so important to talk about money for your own wellbeing. You can learn so much and get guidance around various life events. It can be life-changing, especially if you have conversations about money when you’re young.”

Opening up is the first step to taking back control of one’s finances. But how can employees do that? And how should companies respond to foster a culture of openness? Here’s how to get started…

Three tips to help employees talk about money worries

77% of employees admit worrying about money at work. This affects their productivity, and can lead to absenteeism and resignations (something companies are seeing with the Great Resignation).

To make people feel comfortable – and confident – starting financial conversations at work, Dr Kate Daley believes it’s important for employees to know and do three things…

1. Talk to someone you trust

“This person might be able to offer some advice or a new perspective. They could be a friend, colleague or family member. If you prefer to talk to someone anonymous then you could call a telephone helpline, or use a webchat or financial wellbeing platform.”

2. Understand you’re not alone 

“Many people conceal the truth about their financial positions, even to themselves, so don’t judge yourself based on what others are telling you about money. Instead, know that communicating your money worries is a hugely positive step towards taking back control of your finances, and your future.”

3. Use the right language

“How we talk about money really matters. The words we use can either empower or overwhelm us. Try using positive and aspirational language to improve your relationship with money. For example, instead of using the term ‘Retirement Planning’ use ‘making employment optional’.”

How to listen to your employees’ money worries

55% of companies don’t offer employees support with their financial wellbeing, despite 81% of millennials wanting to work for a company that cares about their financial health.

Wherever your company is in its financial wellbeing journey, if an employee opens up about their finances then it’s crucial you listen, acknowledge, and act. Below are four tips to help you…

1. Reframe the conversation

Chelsea says: “we need to go beyond just talking about investments and pensions, and look at what money and wealth actually mean to people. That way, the conversation becomes an easier one to have as it’s about life in general.”

“When we start to look at what we want from life, and how money can help us get there, we become more content. We stop thinking about how much we need and how much is enough, and we start to focus on what we have.”

“If you work with employees to reframe the conversation, then asking for financial support becomes a much more natural behaviour.”

2. Know you don’t need to have the fix

Chelsea says: “always make conversations as open as possible, whether you’re able to support or not. You don’t need to have all the answers, but create the space for employees to start the conversation (you can even set a specific date and time in the calendar for 1-1 conversations), then actively listen.”

3. Offer confidentiality, responsibly

Kate says: “if someone confides in you it’s important that they’re able to trust you to keep things confidential. As a rule of thumb, you shouldn’t talk to other people about anything they tell you, unless you ask the person’s permission first.”

“The exception to this is if you believe the person is in real risk, financially or emotionally. In this situation, it’s important to seek professional help.”

 

4. Share your own financial story

Kate says: “similar to fitness training, pairing up with a friend, colleague or relative can help improve financial wellbeing. When someone shares their present money reality with you, share your own concerns. This builds trust, normalises the conversation, and increases the likelihood of better outcomes.”

 

What can your company do to improve financial wellbeing?

Financial concerns make employees four times more likely to be clinically depressed. It’s why you can’t have a good mental wellbeing strategy without having a good financial wellbeing strategy. 

For the former, there are tools like Unmind. Underpinned by clinical psychology and powered by technology, Unmind’s platform helps employees proactively measure, understand, and nurture their own mental health across seven core areas of wellbeing – fulfilment, coping, calmness, happiness, connection, health, and sleep.

For the latter, there are tools such as Bippit, an all-in-one financial wellbeing platform that gives every employee unlimited access to a qualified financial expert to talk to, so they feel less stressed, more secure, and more settled in their job.

Want to improve your team’s financial health? Book a free Financial Wellbeing Lunch & Learn session for your workplace.

 

 

Talk Money Week: Tackling The Great Resignation with Financial Wellbeing

If you find it hard to talk about money then you’re not alone. 

It’s why Talk Money Week (9-12th November) exists: to kick-start the conversation across all walks of life, including in the workplace.

In fact, there’s no better time for employees to have someone to talk to about money, during what’s been labelled the “The Great Resignation”. That’s because employees are 2.2x more likely to leave their job when they are financially stressed.

Two companies – What3words and TERN – who are embracing Talk Money Week, and tackling employee wellbeing head on, are now launching Bippit; giving their staff access to 1:1 support from professional financial coaches. 

We spoke with both of the companies to find out how they’re staying competitive in the job market, and using financial wellbeing to tackle The Great Resignation and boost employee happiness…

What is The Great Resignation?

From July to September, there were 1.1 million job vacancies across the UK. This was the second consecutive 3-month period where job vacancies passed a million. 

People are leaving their jobs in droves, in what’s being billed as The Great Resignation. Job supply is outstripping talent demand across all sectors – a worrying sign for any founder, owner, or HR professional – and it’s going to get worse before it gets better.

In a recent Randstad survey, 24% of workers said they planned to change jobs in the next three to six months. It’s very much an employee’s market.

Why is it happening?

Short answer: Covid.

Longer answer: the financial stress levels of employees are at an all-time high, and the past 18 months have seen wants and needs alter dramatically. 

Attitudes and expectations have changed, not least around remote working which has weakened company loyalty. Much of what kept people happy in their jobs – e.g. a relatively short commute time, a comfortable office, or company friends – no longer exists. If that’s created an opening for people to reconsider the company they work for, the ease at which they can now move jobs has turned that opening into a chasm.

Put simply, employees want more from their jobs and, if they don’t get it, they’re more likely to move. It’s why employee satisfaction and happiness are so important. 

Gone are the days when a strong culture or benefits package were nice-to-haves. They’re now essential in staying competitive – both in the job market and as a company. It’s why many businesses are offering their staff all-in-one financial wellbeing support in a bid to attract and retain talent.

 

Increasing employee satisfaction through financial coaching

A recent survey of UK HR professionals and business leaders found that their top two priorities right now are employee engagement and overall wellness.

People want to work for a company that cares about their wellbeing. Mental, physical, and financial. Forward-thinking companies are having to adapt their practices and employee perks to make sure they are holistic and work in our new remote world. 

It’s a challenge Sophie Pohling, People Advisor at What3Words, has seen first-hand: “post-Covid, some of our people asked if they could pause pension contributions. And others, who had moved further away from our London HQ, were worried about their new cost of train travel.” 

“We started to think about how we could improve our team’s financial knowledge, because if they can manage their finances better then this will increase employee wellbeing and confidence.”

“It’s really important we give our staff the support they need, and improving their financial wellbeing plays a big part in that. It helps us stay above the competition and make sure our people are satisfied.”

 

Attracting and retaining talent through financial wellbeing

Talking about money, especially at work, remains one of society’s great taboos. Employees may not seek support when they need it most, which can contribute to them looking for a job elsewhere. 

This is something Charlie Fraser is looking to change at TERN, the social enterprise he co-founded which supports refugee entrepreneurs in the creation and development of their own businesses. Charlie recognises that, since TERN focuses on social impact rather than profit, “employees know they may have to sacrifice some of their own financial security to work on making the world a better place.”

However, he adds, “if we put financial wellbeing front and centre to help them feel more secure, it will ultimately mean retaining staff.” 

“This is why we’re now supporting our team with their financial wellbeing. It’s the ethical thing to do, but it also ensures that the type of expertise we build up in the team stays and remains committed. We need our team to be both financially and professionally secure.”

By supporting your team’s financial wellbeing you can help them make their money go further, and get true value out of existing benefits like pension contributions, and share schemes. This eases financial concerns, making them happier and less likely to leave, but also helps you as a company at a time when you may not be able to increase salaries. 

People want to work for a company that cares about them and their future, and that’s why research from PwC has found that 9/10 young workers would prefer to work for a company that supports their financial wellbeing. 

This can be done in a number of ways, but 1:1 support from a financial coach is the low-hanging fruit that can have an immediate impact on employee satisfaction. If it’s not grasped quickly, companies face an uphill battle in tackling The Great Resignation.

Want to talk about financial wellbeing?

Bippit’s all-in-one financial wellbeing platform that gives every employee a qualified financial expert to talk to, so they feel less stressed, more secure, and more settled in their job.

It’s why companies including what3words and TERN have partnered with Bippit to support their staff. 

Want to improve your team’s financial health? Book a free Financial Wellbeing Lunch & Learn session for your workplace.