Many of us are uncomfortable talking about money. The Employer’s Guide to Financial Wellbeing 2019-20 found that only 14% of UK employees felt ok talking about money in the workplace.
This can be a real barrier to employees seeking out help if they need it. Without the right culture embedded across your organisation, it will be extremely challenging to drive real change forward.
Andrew Armes, UK Head of Talent Acquisition for Roche has developed five top tips to enable culture change that don’t require a big budget or an extensive policy:
1. Spend time talking and connecting with each other
Let’s celebrate people getting to know each other without an outcome being required. If employees feel comfortable bringing their whole selves to work, rather than a work personality, it will have a positive impact on everyone’s wellbeing and productivity.
2. Sharing stories is key
Think creatively about the different channels that might be available to communicate stories from across the organisation. Sharing stories allows employees to connect to each other, builds pride and increases engagement.
3. Reward contribution rather than meeting hard targets
Questions to consider are “how do you make others feel when you work with them?”, “how did you develop yourself and others when working on that project?” or “what fears did you overcome by achieving that goal?.” The more employees feel that value is placed on their growth, rather than hard targets, the more trust will be built across the organisation.
4. Recruitment and promotion are key
You should be hiring and promoting people who display the behaviours and mindsets you’re seeking. Your recruitment process should also flag those that are practising behaviours that are unhelpful. The key is to ensure your line managers are equipped with the skills to interpret behaviour and answers to interview questions during the selection process.
5. Don’t forget leadership
Your senior leaders should be working on being the embodiment on the behaviours you’re seeking. They certainly don’t need to be perfect, but they should be actively trying to learn and grow.
Interested in breaking down the money taboo in your organisation?
Have a read of our toolkit - How to implement a financial wellbeing programme here. The toolkit will take you through a six-step process for ensuring you create an effective, holistic programme that works for your people.