Moneyhub are reaping the rewards of implementing good employment standards

A good employer gets it...

Moneyhub

Moneyhub are a group of developers, financial experts, and optimists who share a vision for improving the financial wellness of people, their businesses, and their communities. Their aim is to change how the industry uses and views data. As architects of Open Banking, Open Finance, and Open Data, they strive to be a force for good - changing the status quo of how businesses interact with people.

Ingrid Anusic, of Moneyhub, explains why the company supports the West of England Good Employment Charter.

What good employment standards do you have in place?

Secure Work

No place or use of zero-hour contracts

Flexible Work

Employees choose where they work from: at home, the office, or an overseas holiday location, hybrid
Employees can choose to opt-out of some or all of the UK bank holidays and instead have those days added to their free holiday allowance

Real Living Wage

No FTE’s on less than the living wage of £21,360
Annual pay increase reflect, at a minimum, the higher of Consumer Price Index or Wage inflation
No annual pay review cycle. Promotion is recognition of demonstrable development and increased responsibility in areas that the business requires for growth and success. Therefore, promotion-based pay increases occur throughout the year, can be more than once

Engagement & Voice

We are collaborative, agile and nurturing at Moneyhub
Bi-weekly all hands meetings where anyone can speak and contribute

Recruitment

Documentation and training in place around our processes towards an unbiased approach
Senior management team has D&I training and further training is planned
Our 'More about you' form which new recruits are able to complete shows our commitment to treating everyone as individuals and embracing diversity and individuality

Developing People

To match people's progression our remuneration review structure is little and often (spot rewards)
Do not believe in bi/annual appraisals. Instead, we use a weekly digital review process (15Five) where anything can be raised or covered
Personal Development Fund (PDP)
Training courses for existing and new managers

Health & Wellbeing

We stay true to our mission of helping people achieve financial wellness and offer 10% pension contribution as standard
Family pay for all parents
Private medical insurance, accepting of all pre-existing conditions
Support for mental, financial, and professional wellbeing including 24/7 access to a GP online for consultations

What challenges and opportunities is your business facing, and how do you think the Charter can address them?

We identified early on our growth journey that to ensure continuous growth as a business - which includes retaining existing team members as well as adding new ones - we had to provide an environment where people can prosper, develop their ambitions, and fulfill their career goals. We've already implemented many of the Charter's guidelines and can speak from experience of what positive impact it has made on our team retention, their wellbeing, and ultimately the business.

How do you think the standards will positively impact your employees and business as a whole?

People are more positive, helpful, understanding, and more productive. We all work towards the same goal and everyone knows they have a safety blanket when needed. Staff turnover is extremely low, teams are supportive inter and cross-department which makes a huge difference on the bottom line.

What do you think the benefits are of introducing good employment practice across the West of England?

It will retain and draw talent to the region as well as attract other businesses and investment. It's a competitive advantage for Businesses with good employment practice as these will be the employers of choice for highly skilled employees.

Why have you chosen to put these standards in place?

We’re a group of developers, financial experts, and optimists who share a vision for improving the financial wellness of people, their businesses, and their communities. We started this company with the aim of changing how the industry used and viewed data. As architects of Open Banking, Open Finance, and Open Data, we strive to be a force for good - changing the status quo of how businesses interact with and service people. It all starts with our own team. The happiness and wellbeing of everyone at Moneyhub are incredibly important to us. We champion flexibility. We embrace diversity and inclusion. We are fair to everyone. We’re united in our excitement about developing industry-leading technology. And we’re thrilled to invite people into an industry with massive potential. Only if everyone at Moneyhub is looked after can we change the status quo. This is also enshrined in our values: CAN:

Collaborative: We work openly and easily with each other, our clients, and our users.
Agile: We are responsive, adaptive, and flexible in the face of changing priorities and client needs.
Nurturing: We create an environment where everyone can thrive and grow.

Become an employer of choice

About the Charter

The Good Employment Charter is an accreditation scheme that aims to improve employment standards in the West of England for organisations of all sizes and sectors, through characteristics that will raise the value and quality of work, allowing employers to become an ‘employer of choice’, leading them to higher staff retention rates, better productivity and contributing to a thriving economy.

The West of England Good Employment Charter will set the standard for working practices in the region. Supporting businesses of any size or sector to improve investment in their staff, enabling more inclusive, equitable & sustainable working practices, positively benefiting people, society, and the wider economy.