In today’s ever-evolving business environment, it is not just financial success that defines an organisation’s worth, but also its people-centric approach and commitment to employee wellbeing.
My Money Matters, a leading financial wellbeing platform, stands as a testament to this philosophy. The organisation’s dedication to enhancing employee financial literacy and wellbeing has not only made a positive impact on its clients but has also earned it prestigious accolades, including an Investors in People (IIP) We invest in people accreditation, the title of UK Employer of the Year (Accredited – 50-249 people) at The Investors in People Awards 2023 and just recently, The Award for Best Change Management Initiative at The Investors in People Awards 2024.
We delve into the journey of My Money Matters, highlighting the strategies and initiatives that underpin its success. Aimed at prospective IIP clients, particularly business leaders and Heads of HR, this piece explores how My Money Matters leveraged its relationship with IIP to foster a positive corporate culture and set a benchmark for organisational excellence.
About My Money Matters
My Money Matters offer tailored financial education, products and services to employees across a diverse range of sectors. The platform’s core mission is to empower individuals with the knowledge and tools to make informed financial decisions—from day-to-day budgeting to long-term retirement planning. Operating in a sector characterized by rapid regulatory changes and economic fluctuations, My Money Matters has successfully navigated these challenges by consistently adapting its offerings and ensuring that its services remain accessible and up-to-date.
This dynamic environment requires My Money Matters to maintain a user-friendly platform that delivers trustworthy and relevant financial information. By doing so, the organisation has established itself as a reliable partner in promoting financial literacy and wellbeing.
Prioritizing People in Times of Change
During periods of significant business transformation, My Money Matters has made its employees a top priority. This focus is not only a strategic move to leverage employee skills and maintain productivity, but also a commitment to fostering a positive organisational culture. Recognising that employees who feel supported and valued are more likely to engage with and champion changes within the organisation, My Money Matters has emphasized open communication, effective leadership, and employee engagement throughout its transformation.
The organisation’s proactive approach to employee wellbeing has minimized anxiety, reduced turnover, and helped retain key talent during transitions. By aligning its people with the company’s vision and encouraging active involvement in the change process, My Money Matters has ensured a smooth implementation of new initiatives while preserving high levels of customer satisfaction.
Driving Engagement Through Effective Communication
One of the key focus areas for My Money Matters has been improving internal communication. The leadership team understands that clear, consistent, and transparent communication is crucial for employee wellbeing. It provides clarity, reduces uncertainty, and fosters trust between employees and management.
By enhancing communication channels and introducing new processes such as company-wide meetings, feedback sessions, and CEO Q&A forums, My Money Matters has created an inclusive environment where employees feel heard and supported.
These initiatives have not only promoted engagement and inclusion but also facilitated early conflict resolution and regular recognition and appreciation.
The introduction of People’s Champions—a group of employees representing various departments—has further bridged the gap between senior leadership and the wider team, ensuring that employee voices are represented and acted upon.
Overcoming Challenges in Implementing Change
Like any organisation undergoing transformation, My Money Matters faced challenges in implementing new communication strategies. Resistance to change, technological barriers, skill gaps, and consistency issues were some of the hurdles encountered. Measuring the effectiveness of new communication methods added another layer of complexity.
Despite these challenges, My Money Matters has remained committed to overcoming them through careful planning, continuous support, and a steadfast commitment to transparency. This approach has not only helped mitigate resistance but also ensured that changes were implemented smoothly and effectively.
The Impact of People-Focused Initiatives
80% of My Money Matters employees saw an improvement in their wellbeing after just a few weeks of new initiatives being implemented.
“I'm new to joining My Money Matters and already I've felt more support than anywhere I have ever worked. The level of kindness, respect, how helpful everyone is. I'm still in absolute awe of how genuinely friendly everyone is.”
The focus on communication and employee engagement has had a profound impact on My Money Matters. By fostering a more transparent and inclusive work environment, the organisation has significantly boosted employee morale. Clear, consistent messaging has reduced misunderstandings and uncertainties, making employees feel more secure and informed about their roles and the company’s direction.
Regular updates and open channels for feedback have increased employee engagement and job satisfaction, while enhanced communication has facilitated better collaboration and stronger relationships among team members. This has resulted in a more cohesive and supportive workplace culture, where employees are motivated, confident, and committed to the organisation’s success.
The Role of Investors in People in Shaping a Positive Culture
Working with Investors in People has been instrumental in embedding a positive culture throughout My Money Matters. The We invest in people framework provided the organisation with a structured approach to evaluate and enhance its people management practices. Actionable insights from the IIP assessment led to a refresh of company values, improvements in internal communications, and a renewed focus on leadership development.
The alignment of company values with its current mission and aspirations, along with the launch of initiatives like “My Talent Matters,” has enhanced transparency, trust, and engagement across the organisation. The external recognition from achieving the We invest in people accreditation has further bolstered employee pride and helped attract and retain top talent.
Moreover, the continuous improvement culture supported by IIP has ensured that the positive workplace environment at My Money Matters is not just a one-time achievement but an ongoing effort. By regularly assessing and refining its people management practices, the organisation is able to adapt to new challenges and maintain a motivated and productive workforce.
My Talent Matters – a new approach to supporting our managers
As My Money Matters enters the next phase of growth, there is a pressing need to ensure our team has the skills required to meet new challenges. A recent reorganisation has created more career progression opportunities for emerging talent, but our current managers and leaders sometimes perform inconsistently. My Talent Matters will address those gaps, aiming to elevate leadership and management capabilities to a common standard, ensuring consistency in how we operate and achieve our strategic goals.
The benefits of this project are:
- To provide our managers/leaders with the skills they need to be successful in their roles
- To provide clear competency/capability assessment framework to support our people with their career aspirations
- Share good news stories and strengthen our psychological contract between employees and the business
- To evidence our managers/leaders have the capability to support My Money Matters today and future ambitions
- Our people see that we are investing in them and that we are addressing our skills problem
- It will provide data on what has worked and what we could do differently for future projects
- We will start to foster a culture among managers/leaders and encourage further development
Why My Money Matters Recommends Investors in People
“My Money Matters highly recommends working with Investors in People to other organisations seeking to enhance their workplace culture and drive sustainable improvements. The We invest in people framework offers clarity on organisational performance in key areas such as leadership, employee engagement, and performance management. This clarity enables targeted actions that lead to a more motivated and productive workforce.
Furthermore, IIP helps organisations cultivate a culture of continuous improvement. By regularly assessing and refining people management practices, companies can ensure that they are always evolving and adapting to new challenges. The IIP accreditation not only boosts employee morale but also enhances an organisation’s reputation as an employer of choice, making it easier to attract and retain top talent.”
Practitioner Insights
Vincent Dolan, IIP Practitioner for My Money Matters, provided invaluable insight into the organization’s approach to its people and culture. From the very beginning of the assessment process, it was clear that the leadership team and employees were fully engaged and committed to the journey. The openness and willingness to engage with the assessment were evident not only from the leadership but also from the staff members who participated in surveys and conversations with the practitioner. This high level of engagement translated into an impressive employee engagement score of 98%.
Dolan noted “employees at My Money Matters reflect the organization’s strong positive culture, values, and ethics. Diversity and inclusion are seen as deeply embedded within the organization, with these values practiced daily. The organization’s focus on revisiting and realigning its core values and behaviours over the past few years is commendable, with these efforts contributing to the ‘real’ and lived experience of employees within the company. This culture of inclusion and alignment is further evidenced by survey results, with 92.5% of employees agreeing that they feel valued by the Managing Director and motivated to work at the organization.”
A key area of investment highlighted by Dolan was leadership and management training. Employees felt they were well-managed and supported on a one-to-one basis, a testament to the success of the training programs. These efforts to support and develop leadership within the organization were seen as having a profound and positive impact on employee motivation and satisfaction.
“Overall, the assessment confirmed that My Money Matters’ commitment to diversity, ethics, and its people is not only genuine but also serves as a solid platform for the organization’s future development. The positive ethos of the company is not just a set of aspirational goals but a lived experience for many staff members, and this was recognized by the senior team as the way forward. This strong foundation is expected to carry the organization into its next phase of growth and success.”
Conclusion
The success story of My Money Matters is a powerful example of how a people-centric approach and a commitment to continuous improvement can lead to organisational excellence.
By partnering with Investors in People, My Money Matters has set a new benchmark for employee wellbeing, engagement, and leadership development. For business leaders and Heads of HR considering Investors in People, the journey of My Money Matters offers valuable insights and inspiration. It underscores the importance of investing in people—not just as a means to achieve business success, but as an essential component of a thriving and resilient organisation.
Through its unwavering dedication to its people, My Money Matters has not only earned industry recognition but also the trust and commitment of its employees. As it continues to lead by example, My Money Matters demonstrates that when organisations prioritize their people, everyone benefits.
