With around 8% of its 5,000 workforce having caring responsibilities, TSB places a strong emphasis on helping to ensure those in this situation are able to cope.
The bank has an established carers’ network, allowing those affected to support each other, and provides staff with 70 hours’ paid carers’ leave each year. Ariam Enraght-Moony, chief people officer at TSB, says: “We know that it adds to the commitment and stickiness of the talent that we have, as well as the knowledge and skills that we have in the organisation.”
Carers, as well as other TSB employees, can receive wider support when it comes to retirement planning. The bank offers access to Open University courses that provide information on retirement planning and a Midlife MOT, and can signpost people to organisations that can provide support and guidance with pension choices.
Through its pension provider Legal and General, staff can also use various tools such as retirement planners, a pensions calculator and access to a financial wellbeing hub.
TSB has also now extended its offering by providing staff with personalised adult care support, provided by KareHero. The provision means employees can receive help around finding and financing appropriate care, including care needs assessments, care benefits funding reviews and support with applications.
Over the next three years, TSB hopes it will help employees collectively access £1.78 million worth of government funding to support with care needs, and free up 13,000 hours that would otherwise have been spent finding out about the care system and making arrangements.
“A period of paid leave can help relieve some of the financial stress of being a carer but there’s still that mental stress of navigating the care landscape,” says Enraght-Moony.
As well as helping to retain talent, the organisation is hoping the caring initiative will lead to lower rates of absence and burnout, she adds.
