Possible redundancies have led to a people-first strategy of impactful financial education
What was the strategy that made iPSL enter the VIBs?
At iPSL we’re really proud of the initiatives we’ve put in place to support our people and we wanted to share our success with everyone else. Our industry is in decline as modern technology takes over and the use of cheques decline. We’re also facing Government and industry led changes later this year to the way we process cheques which mean we’ll be working with an image of the cheque rather than a physical copy. To support these changes we’ve worked hard to understand the risk and impact of this new cheque imaging technology, on both our people and our customers. We’re therefore working to planning assumptions which mean that, in 2018, our sites could reduce from 9 to 2. Under these assumptions over 600 colleagues will be impacted and could be at risk of redundancy.
Preparing for life after iPSL is something the management team and HR are really passionate about. So, to support our people through this difficult time and prepare them in the best possible way for the changes we’re planning to make we launched ‘What About Me?’, and for people managers ‘Leading People Through Change’ as well as Financial Education seminars for everyone.
WEALTH at work delivered the Financial Education seminars and we received some fantastic feedback from those that attended which made us realise that these seminars had a huge impact and made our people really think about their financial future. Everyone was given the opportunity to attend and as we’re a 24 hour operation we made sure we included sessions for our evening and night shifts.
We focused on providing a wide range of information and support for every age range. There were sessions for early career, mid-career and planning for retirement, so our people could book themselves in to the session that best reflected their future financial needs.
What does it mean to iPSL to have won the 2016 VIBs for Best financial education strategy and for Best strategy for making pay go further?
Winning these awards was amazing! We couldn’t believe we won one, so to win both was just fantastic. It was great to be recognised by leading industry experts for the hard work that had been put in by both iPSL and WEALTH at work to make these sessions happen and ensure they were a success with our people.
What impact has it had on iPSL to be an award winner for their people strategy?
Our people are key to our business success, both now and into the future and being able to offer them initiatives like this in return for the work they do is brilliant. We’ve received fantastic feedback and it’s been great to see colleagues putting into practice what they have learned. It’s also been great for our people to see iPSL recognised for our hard work too.
What are iPSL’s plans for 2017?
It’s going to be a year of great change for us as we move to new cheque imaging technology which will impact all of our sites and some of our people. We’re working with our management teams to bring to life the tools we shared in the Leading People Through Change course so that they have everything they need to appropriately support their teams.
Alongside this we’re also working on our outplacement support to help our impacted people look at alternative options, or plan for the future. This will include CV writing, interview skills and further seminars on how best to make us of any redundancy payments.
Is your financial education strategy a winning one? ENTER THE 2017 VIBS NOW!