How Beam is using financial wellbeing to attract the best talent
Beam is the world’s first crowdfunding platform for homeless people.
In recent years the company has been recognised by The FT as one of the most innovative organisations in Europe, and by The Guardian as one of the most important social innovations.
Beam’s members often become homeless because of their financial situation, so the team has to deal with a number of different financial issues and anxieties (both in their own lives and the lives of those they work with).
To help support them, Elise Bresler (Beam’s Senior People & Talent Manager) wanted to look at how a financial wellbeing platform could benefit Beam…
“The finance world has created its own language for things. Many don’t know what it all means, or how to use financial products, so they get trapped in difficult situations. Although we work in the tech world, Beam is a social cause and we’re not surrounded by finance talk, so it’s a struggle.”
“A number of our team were starting to look at mortgages and I’ve heard comments like I’m bad with money which is hardly surprising as no one really shows you how to manage your finances.”
“As a company we want our people to feel at ease in both their personal and professional lives. Everyone has a learning and development budget (normally £500 a year) but few are aware of the value of applying that to understanding more about financial topics.”
One financial wellbeing platform that works for all
88% of employees say they want support from an impartial financial expert, and through Bippit’s platform, every employee gets one-to-one access to a qualified financial coach.
A coach who adheres to the highest standards of conduct and ethics, and who has many years of training and experience. An employee can then speak to their coach as much as they like to deal with any financial issues and stress.
“When I first heard about Bippit I thought it was an incredible idea,” explains Elise. “Its expert coaching hooked me because it’s exactly what our team needs.”
“We’ve got all sorts of different people here who are looking for different things. Some are younger and just out of university. They need help understanding how to manage their finances. While some are older and want to start saving for mortgages.”
“When it comes to financial knowledge, there’s a big disparity between senior and junior people in the tech startup world and we want to try and close that gap. What’s great is that we can roll Bippit out to everyone.”
Creating happier and more settled employees
Employees are twice as likely to leave when they’re anxious about their finances.
Bippit deals with this stress, leaving employees feeling happier and more settled in their job. This is crucial given the winds of change that are present in the jobs market.
Elise adds: “Bippit makes us far more progressive and people have already mentioned how happy the platform’s made them.”
“We’re providing a variety of benefits but I think Bippit will separate us from other companies.”
“Not everyone is providing financial wellbeing yet – so Bippit’s platform will help us attract the very best candidates. People are really drawn to it in the benefits section of our job specs. It really grabs people’s attention.”
Saving time spent dealing with financial questions
Bippit’s professional coaches can deal with a range of employee queries, giving support on areas such as pension schemes, equity plans, taxation, and insurance cover. This frees up a company’s time so they can focus on the big picture rather than trying to be an expert in all financial matters.
“We get a lot of questions about pensions. From understanding them, to knowing how to put them all into one pot. With Bippit, everyone now has their own personal coach who can guide them through things like this.”
“In the Analyze section you can also categorise what you’re spending your money on. I know apps like Monzo do that but it’s on a superficial level. Bippit really dives deep into how to link your spending to your goals and does a lot of the work for you, so it’s a far more tailored experience.”
Giving everyone access to financial wellbeing
Beam initially tested Bippit with a handful of employees but they’re now rolling it out to the whole company. “So far everyone seems to be loving it,” says Elise.
“The articles and resources are super useful as they break down complex info into really digestible chunks. The platform explains jargon in layman’s terms and does a great job in making financial wellbeing accessible to everyone.”
Book a free financial wellbeing session today
Want to improve your team’s financial health? Book a free Financial Wellbeing Lunch & Learn for your workplace.