Helping Reduce Barriers to Employment with the Financial Wellbeing Toolkit

Finances are a major motivation behind finding employment,  however,   financial circumstances often act as a barrier to employment for many young people. Last month, DYW launched the Financial Wellbeing Toolkit to assist employers in recruiting and retaining young people. In this article, we will discuss financial situations which may affect someone's job prospects, alongside ways in which the Financial Wellbeing Toolkit  can support you. ​

​Why was the Financial Wellbeing Toolkit Created? 
The Scottish Government aims to reduce child poverty across the country, with ambitions to lift 140,000 children out of poverty by 2030. As child poverty, childcare and employability are interlinked, the Young Person’s Guarantee Employer Advisory Group and the Youth Leadership Panel suggested introducing a guide for employers to encourage consideration of employees’ and applicants’ financial wellbeing.
 
With the current cost of living and general uncertainty for the future, the Financial Wellbeing Toolkit aims to assist employers from businesses/organisations of all sizes and sectors, providing guidance on how to best support and consider the financial wellbeing of young employees.

Providing Support 
It is important that employees can seek advice on the following issues discreetly and anonymously, whilst maintaining dignity. Such support should be available and accessible to all employees from all backgrounds, regardless of whether they have indicated a potential need for support or not. Making support and advice readily available can increase loyalty amongst employees within your business/organisation, and therefore contribute to a healthy workplace where employees feel valued. There are many areas in which employees/applicants could be financially limited in what opportunities they undertake. Financial limitations can often include (but are not limited to): 

• Travel:  Travel costs can cause a catch 22 situation for those looking for employment, as some job-seekers may be limited in what they can apply for due to  low funds - particularly in the first month of employment where successful candidates will likely wait up to one month before receiving their first wage.  Being unable to attend interviews or accept employment due to high transport costs and no income can make it extremely challenging to break free of unemployment. The Financial Wellbeing Toolkit offers employers travel advice, discussing The Young Person’s Free Bus Travel Scheme, Jobcentre Plus Travel Discount Card and more. 

 

• Clothing and Work Attire:     Another potential obstacle for job-seekers   relates to clothing and work attire. Some work places may provide uniform, whilst others may set a dress code for which it is the staff member's responsibility to comply with. Professional clothing including (but not limited to) suits, dress shoes and formal attire can be pricey and may limit someone's ability to accept employment if they do not yet have appropriate clothing or cannot afford to purchase such before commencing employment. The Financial Wellbeing Toolkit advises employers on what they can do to ensure everyone has suitable work attire. This section signposts employers to other agencies and organisations who can help job applicants source professional clothing, as well as encourages employers to take steps in the workplace to guarantee suitable, safe work attire for all employees. 

 

• Financial Support : Some employees may be eligible for certain benefits and grants. Eligibility could be for a number of reasons, and it is important to treat such discussions with confidentiality. Employers can find links to resources and advice regarding benefits, grants and eligibility requirements, so that they can assist employees in ensuring they receive the most income they can. 

 

• Childcare Support ​: Childcare can act as a major barrier for parents/carers looking for employment. As an employer, you can help minimise barriers by familiarising yourself with the types of grants and funded childcare options that candidates and employees may be eligible for.  

 

• Money and Income: There are many ways you can help employees feel more in control of their finances. From offering a salary advancement scheme, paying the real living wage and/or simply signposting employees to support organisations and resources designed to help with managing money. ​

 
Were you aware of any of the barriers discussed above? If not, hopefully this post provided insight to challenges faced by many people entering the world of work, and more importantly, we hope that it inspired you    to consider ways in which you can improve the financial wellbeing of current employees and potential candidates. Each of the barriers featured in this article are discussed in more detail throughout the Financial Wellbeing Toolkit. You can download the toolkit from the Young Person’s Guarantee Employer Hub.

Final Thoughts 
On 6th June, DYW held the #YPAG23 (Young People are Great 2023) campaign, which aims to highlight the achievements and resilience of young people. On campaign day, DYW Scotland celebrated two Career Ready mentees who assisted in the creation of this toolkit. Once again, DYW would like to thank the two individuals for their hard work. ​
 

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