Reward
“It’s common in conversation to draw on your own experiences to help you but be careful of doing this in a financial conversation”
able to approach you with them. In this instance, use technology to support your efforts. Payroll solutions like PayCaptain, which are very employee-focussed, are designed to give as much information as possible to support queries about pay and help employees build their financial resilience. Interactive payslips, help icons which break down tax calculations and tools that deliver helpful, personalised suggestions of things employees could do with their hard-earned cash to make the most of it at key points in their employment all help to bridge that advice gap, and ensure you have covered all bases in accessibility. “Payroll people have such a strong network” 8.) Build a like-minded network Payroll people have such a strong network. Seek out the like-minded people who want to offer the best support to their employees. Groups like the Money Guiders Network offer lots of great support and information to help people who aren’t qualified financial advisors but find themselves in positions where people are asking money-related questions. 9.) Consider ‘money first aid’ course This could help to build your confidence, particularly around having these types of conversations with employees in financial crisis. After all, we don’t expect a traditional first aider to administer care without a little training, so why would supporting someone with a financial emergency be any different? 10.) Use these additional resources ● StepChange (debt charity): https:// ow.ly/vzsv50R6qQe ● GamCare (gambling support): https:// ow.ly/XcYU50R6qSt ● Surviving Economic Abuse: https:// ow.ly/eU7J50R6qTK ● MoneyHelper: https://ow.ly/ oUyY50R6qVM ● Vulnerability Registration Service: https://ow.ly/Ur9F50R6qZ3. Following these pointers will ensure you’re always using your knowledge to have a positive impact. n
4.) Recognise vulnerability Is the person you’re speaking to displaying any signs of vulnerability? Financial vulnerability is so closely connected with other forms of vulnerability, such as long-term sickness, abuse and old age. The Vulnerability Registration Service is a great organisation to help you understand what the many vulnerabilities are and the way they can impact an individual. Helen Lord, their chief executive officer, says, “All of us face challenges in life which can make us vulnerable. These often mean that we need to call on others to give us support. Administration of any kind is often the hardest thing to manage when we’re struggling with life events, money or health and it is therefore very important to smooth the path for people to identify assistance where it is available. From the perspective of The Vulnerability Registration Service, we believe identifying vulnerability is key. Understanding someone’s circumstances at the earliest opportunity reduces stress for everyone.” 5.) Advice or guidance? Be clear about what you can do to help. it’s unlikely that you’re also a qualified financial advisor (but if you are, you can skip this bit). This means you should be very mindful of how you offer guidance to people. Financial advisors are specifically trained to offer advice on the best products and services someone should use. If you’re not a qualified financial advisor and you’re having a conversation regarding money
with an employee, you need to ensure you’re focussing on supporting them by signposting to sources of information which can guide them in making the best decisions with their money. Guiding centres around helping people identify things they could do with their money and letting them make an informed choice.
6.) Have a bible of trusted information sources
The number one place to start will always be MoneyHelper. It’s a website supported by the government’s Money and Pensions Service with an encyclopaedic amount of information delivered in a really easily digestible way. Your list should also have places / organisations to signpost to, that cover all types of more specialist financial situations, for example: ● gambling help ● debt advice ● food bank referrals ● financial abuse. If somebody needs a little more person-to-person advice over reading, then Citizens Advice is another excellent option to signpost to. They can make referrals to other resources which might not be accessible without their support. For example, invoking ‘breathing space’ to help with debt repayment management. 7.) Make advice accessible to all Even if you’re the most approachable, knowledgeable person, there will be employees who have questions but aren’t
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| Professional in Payroll, Pensions and Reward |
Issue 100 | May 2024
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