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.