RESPONSIBLE BUSINESS

Our commitment to colleagues

  • Leanne Lancaster
  • 14 July 2022
  • 5 mins reading time

As an organisation, Schroders Personal Wealth (SPW) is proactive in leading social change through speaking openly about mental health, with colleagues wellbeing being at the centre of our business. This has been even more pertinent over the last two years given the extraordinary circumstances surrounding the coronavirus pandemic.

We prioritise wellbeing to create a culture where everyone thrives and feels happy at work. This includes partnering with Time to Talk, to end the stigma around mental health in the workplace, signing the InsideOut Charter and providing colleagues access to resources, such as the Headspace app and our Employee Assistance Programme.

We’re on a mission

Our mission is for everyone at SPW to work in a culture where their wellbeing is promoted with accessibility to a breadth of interventions to build and maintain optimum wellbeing, both inside and outside of work. Our wellbeing strategy is to have a proactive approach to holistic wellbeing across four pillars (Physical, Mental, Financial, Social).

Physical

We encourage everyone at SPW to actively manage physical wellbeing by providing access to tools and support enabling a proactive approach. We also share relevant content with colleagues to maximise awareness and build motivation.

Examples of key initiatives include:

  • Employer funded private medical insurance (BUPA and Babylon).

  • Flexible working policy.

  • Occupational health and workplace support.

  • Promoting an active lifestyle.

Mental

We are committed to breaking the barriers and stigma around mental health by normalising conversations and sharing stories across SPW. This is evidenced by our active culture discussing mental health in everyday situations and encouraging regular self-awareness check-ins. Senior leaders set the tone from the top and lead by example in this endeavour.

Examples of key initiatives under this pillar include:

  • Mental health advocates and champions

  • Employee Assistance Programme (“EAP”) and access to health applications, such as Headspace

  • Signatory of the InsideOut Charter

Financial

We understand the intrinsic link between financial wellbeing and physical, mental and social health and so provide support and tools to maintain good financial health. We emphasise the importance of good financial management ensuring an inclusive approach. To further support this initiative we have now removed initial advice fees for our colleagues.

Social

We have an inclusive culture by creating a sense of belonging at SPW encompassing values, beliefs, lifestyles and relationships. We emphasise the importance of workplace relationships by placing trust and respect at the heart of all our interactions. This is demonstrated through having people policies and a culture in place which has been shaped by colleagues, actively promoting collaborative working and regular all colleague events and recognition.

Employee representation

SPW wants to ensure all colleagues are represented and feel supported when at work, and so have partnered with unions Accord and Unite which provides colleagues with an independent support network.

We believe that all employees should have a voice and the opportunity to have their opinions and suggestions heard and so we are very pleased to announce that we created an Employee Forum in early 2022. The Forum is a group of elected members who collectively represent the views of employees across the business ensuring their views and concerns can be heard and shared with the Senior Executive team.

In addition, we have established four employee-led inclusion and diversity networks:

Disability Awareness Network - DAN

DAN is SPW’s Disability Awareness Network and is an open forum for all colleagues to discuss, address and raise awareness of disability matters. The purpose is to raise awareness of disability (whether visible, invisible, permanent or temporary), provide support to colleagues and positively influence the business to ensure that SPW is inclusive and accessible for all.

Lesbian Gay Bisexual Transgender (“LGBT”) & Professional Diversity Network - PRISM

PRISM is SPW’s LGBT and professional diversity network. The aim is to create a network which will make a positive difference to colleagues, culture and customers, by raising awareness of common LGBT issues and promoting and driving positive action across the business.

Enabling SPW to be an equal, inclusive and actively anti-racist workplace - UNITY

UNITY is SPW’s ethnic minorities diversity network. The network endeavours to enable SPW to be an equal, inclusive and actively anti-racist workplace, empowering colleagues to be themselves and make a difference through celebrating diversity of all ethnicities and cultures across SPW.

Women’s Network - SPWomen

SPWomen exists to empower colleagues to achieve their full potential by helping the business create a positive, inclusive and supportive working environment. The network provides a voice for members to help educate everyone in our business to be better informed on the specific network topics by understanding the experience and ideas of a diverse range of colleagues.

Getting the basics right

As well as ensuring that we are supporting our employees from a wellbeing perspective, we also understand the importance of providing reassurance that we haven’t overlooked the essentials.

Real Living Wage

SPW is an accredited Living Wage Employer meaning that every colleague will earn a real Living Wage. The real Living Wage is higher than the government’s minimum, or National Living Wage, and is an independently calculated hourly rate of pay that is based on the actual cost of living. This commitment applies to not only directly employed staff but also to our third party contracted staff. The Living Wage benefits colleagues and their families by enabling them to earn a wage they can live on.

Fairer Hours and Contracts

SPW is committed to taking a fair approach to zero or minimal hour contracts, including fair shift scheduling and cancellation policy, with proper consideration being given to contracts and guaranteed hours. A zero hours contract is a type of contract between an employer and a worker, where the employer is not obliged to provide any minimum working hours, while the worker 5 is not obliged to accept any work offered. We have no zero-hour contracts

What’s more, throughout the COVID-19 pandemic, SPW did not receive any government support, nor were any colleagues placed on furlough.

A return to normality?

Restrictions may have eased, but with the workplace looking very different to how it did at the beginning of 2020, it’s important that we continue to deliver effective wellbeing in this post-COVID world. Even before the pandemic, SPW were committed to defining valuable wellbeing strategies, and post-COVID they are needed more than ever.

Find out more details about our wellness strategy and how we’re committed to supporting colleagues at all levels in our Responsible Business Report.

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