Financial Wellbeing Forum

Therese Procter announced as Financial Wellbeing Forum Chair

I’m currently the Chair and co-founder of a startup organisation called MeVie, a Senior Partner with HR consultancy OrgShakers, a Global Advisor for financial wellbeing business Wagestream, and now Chair of the Financial Wellbeing Forum. I’ve been fortunate enough to be featured in the Top 15 of HR Magazine’s list of Most Influential HR Practitioners on six occasions, and have formerly been a Chief People Officer at a leading retail bank, as well as spending 30 years with Tesco PLC working across a range of HR and strategic roles. Outside of work I’m a mother of two wonderful daughters, and my hobbies are all about being active and keeping moving – cycling, running, trekking, you name it. I’m also big into fundraising; I’m planning to embark on a climb up Kilimanjaro in January to raise money for the Breast Unit for The Princess Alexandra Hospital NHS Trust, so I’m currently training for that adventure! Why have you decided to take on the role of Chair for the Financial Wellbeing Forum? Financial wellbeing has always been a passion of mine. I’ve spoken on, written about, and worked with companies that are dedicated to improving the financial wellbeing of people, and I think that it’s so important for there to be a platform where this knowledge can be shared and accessed by all. This is why when I was asked to be Chair for the Financial Wellbeing Forum (FWF) I didn’t hesitate in accepting. The FWF are dedicated to sharing such important thought-leadership that will help to improve people’s financial literacy and educate them around better supporting their own financial wellbeing, and I couldn’t be more honoured to be a new addition to their organisation. And the fun doesn’t stop there, because I will also be chairing their annual Financial Wellbeing Forum event taking place this October. It is such a privilege to be able to convene with such a distinguished group of experts and organisations and discuss the importance of financial wellbeing in detail.","post_tag":"Leadership

Why scarcity-alleviating benefits improve business outcomes

Financial wellbeing benefits are playing an increasingly important role in supporting employees with all aspects of budgeting, saving, and education, but they can equally support in flipping the scarcity mindset, alongside tweaks to workplace policies and processes. 1 in 5 workers need help with commuting costs The challenge: An increasing amount of external research confirms a correlation between absenteeism and financial stress. There are many factors that might play a role in this, but one that is often overlooked is the cost of the commute, which might be driving workers to extreme measures - such as calling in sick. The difficulties and expense that the work commute presents may not be immediately apparent to those who work a 9-5 office job, where transport options are far more varied and available; however, deskless workers are often working unusual shift patterns, evening and night shifts, and public holidays - and can be left short of choice. Take a nurse who is working the night shift at a hospital, finishing in the early hours, which potentially leaves a taxi home as their only transport option - this is where the cost of commuting becomes a burden, and absenteeism becomes a viable option to tackle fears of financial scarcity. The plan: The UK’s largest, most in-depth study into flexible pay, revealed that 22.1% of people use flexible pay to cover the cost of their commutes. This finding highlights a universal expense that is often overlooked. Internal policies and benefits are usually built to support colleagues in the workplace, but do those policies support them in reaching work in the first place? Even small changes to policies and processes can make a really positive difference to teams; for instance, the frequency with which expenses are reimbursed, or overtime is paid. Flexible work is also becoming a popular term, which covers a lot of different working arrangements; but again, even slight tweaks, such as a allowing some flexibility to shift starts/ends, and having a straightforward system of swapping shifts, can potentially save workers time and money on their commutes, and flexibility on necessities like childcare. Additionally, flexible pay is a powerful financial tool when it comes to necessary expenses, like travel. Particularly in instances of overtime shifts or over-running hours, where extra costs crop up unexpectedly, having flexible access to pay can help mitigate the fears of financial scarcity that drive behaviours like absenteeism. ","post_tag":"Research

How employers can protect their workers from financial scarcity

Financial wellbeing benefits are playing an increasingly important role in supporting employees with all aspects of budgeting, saving, and education, but they can equally support in flipping the scarcity mindset. Here is an action-plan for employers on how your financial wellbeing benefits can reframe the scarcity mindset into one of abundance. Initiative Action Pay Pay is foundational to employee wellbeing - and will always be the most-valued workplace benefit. Where possible, regular/reliable increases to pay can provide greater budgeting flexibility and boost motivation. Tracking & visibility Tools to help provide shift-tracking and visibility over pay can be effective for managing a scarcity mindset. They can help drive positive decisions around budgeting, and motivate towards taking up extra shifts. Flexible Pay Flexible access to pay is an effective benefit to support employees in mitigating a scarcity mindset. Bills and expenses are not regular in timing or amount - being able to manage these expenses as and when required helps alleviate fears of financial scarcity. Savings Savings are paramount to financial wellbeing, but regular saving can be difficult for those on low-incomes. Accessible or automated savings options, including opt-out options, can make building a buffer manageable and support long-term financial health. Budgeting There are several benefits that can support employees with their budgets. Offering vouchers, discounts, insurance, or access to a rewards platform can all help to create space in a tight budget. State support Many workers are not aware that they may be entitled to government support, or may not know how to find out. There are many providers that offer simple calculators to access this information - which could provide workers with valuable extra income. Communications Providing a holistic set of financial benefits is the first step in supporting employee wellbeing - the next step is communicating them. Take advantage of all internal channels, utilise awareness days, and nominate champions to encourage uptake. ","post_tag":"Action-plan

How workers are being held back by feelings of financial scarcity

But how can a scarcity mindset, particularly one based around money worries, hold employees back from giving their best performance in the workplace? Here are some of the ways in which this manifests itself in the work environment. Absenteeism An increasing amount of external research confirms a correlation between absenteeism and financial stress. In a recent piece of research into how Wagestream’s members use flexible pay to support their budgeting and manage their finances, we discovered that 22.1% of people use it to cover the cost of their commutes. This finding highlights a universal expense that is often overlooked. Internal policies and benefits are usually built to support colleagues in the workplace - whether that's equipment allowances, food and drink, or discounted merchandise; however, do those policies support your colleagues to reach the workplace in the first place? The difficulties and expense that the work commute presents may not be immediately apparent to those who work a 9-5 office job, where transport options are far more varied and available; however, deskless workers are often working unusual shift patterns, evening and night shifts, and public holidays - and can be left short of choice. Take a nurse who is working the night shift at a hospital, finishing in the early hours, which potentially leaves a taxi home as their only transport option - this is where the cost of commuting becomes a burden, and absenteeism becomes a viable option to tackle fears of financial scarcity.","post_tag":"Research

Scarcity mindset and the impact on workforces

Inclusive Leaders: Caravan's People & Culture Director

Could you tell us about your background? What was the journey to your current position? I'm a high-energy People and Culture leader with over 15 years of experience in a people function and nearly 20 years in the hospitality industry. I moved from Brazil to the UK in 2004 to pursue a degree in Social Communications, which ignited my passion for People and HR. My areas of expertise include team engagement, recruitment, training/learning and talent development. Currently I hold the role of People and Culture Director at Caravan Restaurants and Coffee Roasters and prior to Caravan, I worked at Megan’s, Wahaca and Wagamama for several years. This shaped my 'People Magic' strategy through company expansion and team growth - driving culture and talent development and being instrumental for dozens of new site openings, focusing on culture and nurturing talent. Tell us more about your role as People & Culture Director at Caravan. What projects are you currently working on? What are you most excited about? In my current role at Caravan I implement the business's strategic vision, promoting an inclusive culture, and recruiting and developing top-quality, diverse talent. My people strategies, which I define as “People Magic”, are finely tuned to align with business goals, taking advantage of people analytics and a hands-on approach to ensure more adaptability and measured actions in the changing landscape of the hospitality industry and the world. Currently our 80:20 strategy is a core priority, where we aim to develop 80% or more of our internal teams into management roles, using our newly updated career pathways. ","post_tag":"Strategy