As a manager, we can feel helpless & not in control about what the organisation is doing on big policy matters, but this has to start somewhere, so why not with you?

The focus for this Solve and Thrive episode is around wellbeing & wellbeing for staff at one time related to their physical state, then we added mental wellbeing as this need, requirement & crisis started to increase. And now, we have a wider consideration around the financial wellbeing of our staff. We are in another recession, & in work poverty is a real thing & growing more.

In April 2023, the CIPD published findings that over half of employees surveyed were experiencing difficulties keeping up with their bills & credit commitments.  This same research found that 33% of employees reported that money worries affected their ability to do their job.  With this in mind, it is great to see that in the CIPD annual health & wellbeing at work survey, that 57% of employers are promoting financial wellbeing. 

So what can you do as a manager to help, & I am drawing back to the 5 steps I mentioned in episode 1 of this podcast series.  With all these difficult circumstances, an holistic approach is needed.

Know your policies related to financial wellness, such as retirement plans, employee assistance programs, & financial counselling services. This will ensure you can effectively guide employees to available resources & feel confident in doing so - remember there is massive confidence in asking for help also, so this will be a great first step.  Find out what is happening across the organisation, speak with HR & Senior Management.

Ask questions, inquire about employees' financial concerns, such as budgeting, debt management, saving for retirement, or dealing with unexpected expenses.  Don’t push too hard or too fast, it will take time to establish trust to discuss such matters, & for some, this comfortableness may never come.  But where you can, understanding these challenges allows for tailored support & for you to signpost them to the right help. 

This links to effective communication around emphasising the importance of discussing financial topics openly & without judgment, you can create a safe space for employees to share their concerns & seek guidance on financial matters.  This is also not solved through one attempt; this is something to keep talking about. 

Which then links into the culture of the company & ensuring any steps you take are aligned with your organisational values, through the significance of promoting financial literacy & responsibility within the workplace culture, & support initiatives such as financial education workshops or seminars.

And always remember your own self-care, prioritise your own financial health & seek support if needed, demonstrating the importance of proactive financial management.

In this episode, we talk to Rebecca Andrew from Eleven Eleven Financial.  Rebecca shares 5 top tips on how you as a manager can best support your team members & take basic steps towards supporting your team members with their financial wellbeing:

1. Understand where your team members are at in their financial journey, through open communication e.g. survey

2. Proactively create financial education opportunities providing valid information

3. How best could we serve our staff with what we have available e.g. quarterly financial education sessions; flexible working to reduce the impact of childcare; remote working to reduce commute cost; sick pay benefits so staff need to pay additional premiums 

4. Introduce the concept of financial planning e.g. a Christmas goal, summer holiday goal for extra childcare or sports clubs 

5. Use awareness days to introduce topics for conversation & education pieces, through lunch & learns &/or education off the back of awareness days e.g. pension awareness days

6. In crisis, sign post to external companies & charities to ensure they get proper support in a discrete manner knowing they have a compassionate ear e.g. know where local food bank

Head on over to spotify to listen to the episode or you can see us on Youtube

Resources to help raise awareness on the law & on good practice:

Tackling in-work poverty | CIPD

Cost of living crisis: 3 ways SMEs can support their people (breathehr.com)

Tackling Financial Insecurity Together | Turn2us

StepChange Debt Charity. Free Expert Debt Help & Advice

Home | Money Advice Trust

Rebecca's background: 

All the important links to find Rebecca: Eleven:Eleven Financial 

Thank you, Rebecca, for sharing your knowledge & top tips – there is still a lot of work to do in this area of people management, although managers feeling more confident through gaining more knowledge, is a good starting point.  A position we can continue to & will continue to build on.