2021 - Flare HR

Emergency fund vs. sinking fund: What’s the difference?

Posted on July 28, 2021August 11, 2023 by Cassiano Pessoa

An emergency fund and sinking fund may sound kind of similar, but they are actually very different tools both aimed at improving your financial security. Let’s look at the differences.

What is an emergency fund?

Good cash management means putting funds away for a rainy day in case you’re hit by a big cost that comes out of the blue—like an illness or a car breakdown.

This is where an emergency fund comes in. It delivers a financial safety net so you don’t have to get a loan if something untoward and unexpected happens to you or your family.

How much do I need?

There’s no strict rule here, but when it comes to an emergency fund, more is better. Even if you can only save a little at first, it’s a good idea to start, and to do it regularly.

For instance, if you put $40 a week into a savings account, you’ll have over $2,000 by the end of the calendar year, which will give you something to fall back on if a crisis hits.

Experts suggest that a good general target is to have enough money in your emergency fund to cover three months of expenses at a minimum.

How to save for an emergency fund

Sticking to making regular payments is often the hardest part when it comes to building an emergency fund.

When it comes to this part of the equation, some ideas to take the sting out of it include setting up a separate savings account, automating your savings, and maximising your offset account if you have a home loan.

How is a sinking fund different?

In business the term ‘sinking fund’ has a specific technical meaning, but when used in common parlance it refers to a strategic way to save money by regularly setting some aside.

A sinking fund is completely separate from your savings account or your emergency fund, and can be used to save up for things like home repairs, a holiday, or a new car.

Simply put, while your emergency fund should be reserved for something that comes at you unexpectedly, the idea of a sinking fund is to save for a specific and planned expense.

How to create a sinking fund

There are few simple steps here. First, dedicate a savings account to hold your sinking fund in, that you won’t access for other expenses. It can help to give the account a name in line with the expense or saving goal.

Next, you need to decide how much you’re going to store in your sinking fund as a starting point. This will likely depend on your individual financial circumstances and the goal you’re aiming at with the fund, such as whether it’s for a new car or a weekend getaway.

From there, you’ll need to decide how much you’ll put away in the sinking fund on a regular basis whether that’s weekly, monthly or quarterly.

How much should I have in a sinking fund?

Unlike with an emergency fund, the amount you need in a sinking fund account depends on the estimated cost of the expense. Once you’ve accumulated that amount, you’re able to spend it for the specified expense.

Another way to organise your sinking fund to guide your saving—if you want to get a bit fancier—is to split it into categories of expenses in line with your goals. You can deposit money for recurring expenses like taxes, subscriptions and insurance premiums, one-off purchases like a new computer or car, and then large events like anniversaries or birthdays.

Remember, the bottom line is that emergency funds and sinking funds are not mutually exclusive – both mechanisms are ways to take greater control over your finances and are ways to give you more financial freedom in the long term.

How to give better feedback: using the SBI model for success

Posted on July 27, 2021August 11, 2023 by Cassiano Pessoa

When people disappoint us, instead of addressing issues head-on, we’re often quick to create stories in our heads. We make assumptions. And left unaddressed, assumptions can lead to misinterpretations and strained relationships.

Without taking the time to have challenging conversations, we’re unlikely to move forwards. Trouble is, as humans we tend to avoid conflict and never want to offend. That’s where the SBI feedback model — otherwise known as Situation-Behavior-Impact — can help.

But first, what is SBI?

Regardless of whether it’s at work, socially, or at home, giving feedback isn’t easy. It can cause anxiety for the person delivering feedback, and defensiveness for the person on the receiving end. The SBI structure assists people to have these conversations successfully.

SBI helps the giver of feedback to focus on specific situations, actions and behaviours rather than the person or their attributes. This means feedback is objective, and because it’s not personal: there’s less chance of offending others.

It’s something Catherine Bowyer, executive coach and human behaviour specialist, says can help take emotional reactions out of conversations.

‘I find many managers don’t like delivering ‘negative’ feedback because they might upset the other person,’ she said. ‘SBI allows the feedback giver to be more objective. It’s less likely for the receiver to take feedback personally because they can separate what they did from who they are.’

How does it work?

Putting the SBI model into practice is simple and easy. It operates in three steps. Firstly, clarify the situation. To do this, be specific about the situation in which the behaviour occurred. For example, it’s better to say, ‘during our conversation yesterday…’ rather than, ‘In previous conversations…’ Being specific helps to avoid confusion.

Then, describe the behaviour observed. It’s important to describe observable behaviour, without including opinions or judgments. For example, saying, ‘you said something incorrect,’ is more objective than ‘you weren’t acting with integrity.

To describe behaviour without opinions, Catherine recommends being as impartial as possible. She often asks clients, ‘if you were to video record your team member doing this behaviour, what would you see them doing on the recording?’

‘It helps them separate who the person is (or who they think they are) from what they are doing,’ she said.

Finally, explain the impact the person’s behaviour had. Describing the result of the behaviour helps others see the practicalities of their actions.

How can SBI improve behaviour?

Before we jump to conclusions about why people act the way they do, it’s important to ask why. The extended SBII model includes an additional step — intention. Asking others about their intent helps us avoid misconceptions. Clarifying intent also means understanding the other person’s perspective.

Begin these conversations by asking what a person hoped to achieve or why they did what they did. Understanding others perspectives is useful when giving direction for improvement and it can spark the beginning of further coaching.

To ensure that feedback is useful, Catherine also recommends discussing both actions and consequences. She recommends stating the actions you’d like the other person to take as a result of the feedback. Then discussing the consequences that will occur if the changes aren’t implemented.

The result

When we clearly articulate feedback using the SBI or SBII model, we’re less likely to cause offence. And tangible, practical feedback allows others to change their behaviour.

‘The SBI structure helps the receiver have a better understanding of their behaviours, and what they can do to improve or change them.’

Regardless of the situation, giving feedback is never easy. But without discussing issues, we’re bound to wind up misinterpreting others’ intentions. SBI offers a safe structure to speak, understand, and listen — something we can all use from time to time.

Are you a good coach? 5 techniques to get better

Posted on June 25, 2021August 11, 2023 by Cassiano Pessoa

In sport or athletics, we never question the need for a coach. Coaching is essential for development and motivation, staying focused on the field when the stakes are high, and helping the team realise their full potential. But when it comes to the workplace, coaching is often overlooked.

All employees—from entry-level positions right up to the CEO—can benefit from personal development. And managers at all levels can, and should, act as coaches. We’re all eternal learners, after all.

The right guidance at work can help unlock an individual’s personal potential, which can ultimately drive better performance outcomes for the company.

So, are you a good coach, and could you be better?

1. Be humble

We all have our weaknesses. But do we see them? A study of Australian leadership showed that 84% of frontline managers believe they’re good at gaining employee commitment. Yet only 50% of employees think their managers involve them in decision making.

Coaching isn’t just for juniors. Everyone can both benefit from coaching and act as a coach for others. Being a mentee and mentor, means offering skills and experience to others, whilst being willing to receive feedback. Good leaders have the humility to know there’s always room for improvement.

2. Start with empathy

Empathy is a hot topic these days. That’s for good reason. Beyond employee wellbeing, empathy can impact productivity and motivation. A CCL study showed that empathy is positively related to job performance. And a Businessolver report found that 77% of employees would work longer hours for an empathetic employer.

Empathy means coming from a place of understanding and compassion. In the workplace, coaching with empathy can take many forms. Showing a genuine interest in employee’s needs, noticing signs of overwork, and nurturing individual ambitions, are just a few.

3. Show appreciation

One of our most basic needs as humans is to feel valued. At work, it’s no different. A whopping 93% of employees say their productivity increases when their employer recognises their accomplishments. Yet 41% of employees say their managers don’t show enough appreciation.

Recognising what’s already going well––rather than focusing on what isn’t––can help employees feel valued and respected. The best coaches focus on the positives alongside areas for growth. Practice appreciation by calling out wins, celebrating milestones, and noticing positive progress.

4. Listen before you respond

As coaches, we’re guides, not know-it-alls. Successful coaches don’t tell others what to do. Instead, they listen, understand, and offer potential solutions and strategies.

Coaching can help unlock potential, but it shouldn’t create cookie-cutter employees. Humans are diverse and should be celebrated as such. Celebrating diversity isn’t just good for individuals, but companies too.

Improve your listening skills by asking open-ended questions, practising deep listening, and pausing before speaking to ensure you’re offering options not instructions.

5. Set specific goals

Goal setting is powerful. A review of 141 research papers found goal setting had a positive effect on behaviour and a Dominican University study found that those who wrote down their goals were 20% more successful than those who didn’t.

Coaching without goal setting is like driving in the darkn without a map. Setting specific goals––and writing them down––means tracking progress and making tangible improvements over time. Creating specific, achievable, and relevant, SMART goals, will yield better results. A win-win for everyone.

Coaching at work can empower a workforce and improve company performance. Almost every employee can act as a coach and everyone can benefit from guidance: it’s how we improve. Utilising these techniques can help individuals succeed while bettering the bottom line.

Why now could be the best time to sell your car

Posted on June 23, 2021August 11, 2023 by Cassiano Pessoa

By Mark Biggart, Flare Cars

I’ve worked in the automotive industry for almost 20 years, and I’ve never experienced what’s happening in the used car market right now. I just sold my two-year-old hatchback for a $1,000 profit — that’s $1,000 *more* than what I paid for it just two years ago. A friend bought a new Mazda CX5 three years ago, drove it for 30,000 kms, and just sold it for only $4,000 less than what he paid.

Think about this for a second. The unwritten rules for car ownership dictate that a car will dramatically depreciate in value, from the moment you pick up the keys. So there’s probably never been a better time to sell.

So, what’s happening in the used car market, and why?

Market values for popular used vehicle models are up by 30% compared to B.C. (before COVID).

Why is this happening? Well, mainly due to COVID-19. For most of 2020, new car production and sales were severely impacted by the pandemic, and as a result, fewer cars were traded in, breaking the demand and supply balance in the used market.

Additionally, you may have heard about the global shortage of superconductor chips required for vehicle engines and electronics. This is further restricting the new car supply, and forcing people to buy used cars as an alternative option.

What does this mean for me?

While this isn’t great news for anyone in the market to buy a second-hand car, for those who own a car, whether it’s outright or financed, now could be a great time to realise its value.

One of my clients, Cam, was recently tossing up whether to re-lease his 3-years-old Mazda CX5 with $17,000 owing, or sell it and get a new car. He did a quick research on some car trading websites and was surprised to find out that the 50,000kms vehicle was worth much more than he had imagined. He ended up selling it for $33,000, only $2000 less than the original purchase price when he first leased it, meaning he walked away with an additional $16,000 cash tax-free in his bank account. What’s better is that he gets to lease a brand new CX5 all over again – a black one because his wife got to pick the colour this time!

Through the novated leasing program offered by Flare Cars, you could also unlock significant savings on your car and there are two ways we can help:

Lease a new car. You can sell or trade in your current car (arrange your own, or we can help!), release the cash and lease a new car for an exciting upgrade. New car prices have not increased in line with used ones, and we can still get you great fleet discounts through our national dealership network, plus saving 10% GST on purchase price upfront.
Sale and leaseback. If you’d rather keep your current car, you can do a sale and leaseback to pocket any equity or capital gain tax-free, and finance the remaining value of your car through a novated lease arrangement. This option works well whether you have existing finance on your car or own it outright.

Additionally, both options will save you thousands in running costs, GST and income tax over the life of the lease.

Sounds great! How do I get started?

Reach out to us for an obligation-free consultation so we can get an understanding of your current situation, and run an initial quote on the car you want to lease – whether it’s new, used or the car you already drive.

Flare Car is exclusively available to you as an employee benefit at your workplace. If you’re not sure whether this program is offered by your employer, get in touch and we can help you find out.

Information provided in this article is of a general nature only and we have not taken your personal financial objectives, situation or needs into account. Flare Cars strongly recommends seeking independent financial advice to take into consideration your own personal financial circumstances before entering into any lease arrangement.

Your credit rating: Why does it matter?

Posted on May 18, 2021August 9, 2023 by Cassiano Pessoa

Credit ratings. You hear a lot about them but there’s not much out there actually explaining what a credit rating is, and what lenders use to calculate them. So, here’s the lowdown.

What is a credit rating?

Lenders use your credit rating to decide whether to approve you for credit or lend you money. In simple terms, the rating helps them understand how likely you are to pay back any money they lend to you.

That means, whether it’s a credit loan, business loan or a home loan, your credit rating is a key metric lenders analyse in the approval process. It can also affect stuff like approvals for mobile plans, power or water, and bank overdrafts.

When it comes to the rating itself, it’s usually a score from 0 to 1200 or 0 to 1000. The higher the number, the less likely lenders think you will default on the loan. It’s worth taking the time to get your rating in decent shape as information can stay on it for years.

Where do I find my credit rating?

Credit reporting agencies, the companies that compile your credit rating, usually use a five-point scale — excellent, very good, good, average and below average — with people at the bottom of the ladder, down near zero, commonly finding it challenging to access credit.

You can get a copy of your credit report and credit score for free every 3 months by contacting a credit reporting agency like Equifax, Experian or illion. There are also online credit score providers that will give you your credit rating, usually in a matter of minutes, in return for you letting them use your personal information for marketing purposes.

How’s my credit rating calculated?

This is what can seem so mysterious. You may think you have a pretty good history on credit, but then get a nasty shock when you get a look at your actual credit rating.

So what exactly is taken into account to work out your credit rating? According to the federal government, your credit report, which is the official document that contains your credit rating, includes personal information like your name, date of birth, address and driver’s licence number as well as info from your financial past.

Once you get past all that, then comes the important stuff. This is the information that pertains to your credit rating and includes any defaults on utility bills, loans and credit cards, your repayment history, previous credit applications, bankruptcy and debt arrangements if you have any, and previous credit report requests.

How can I boost my credit rating?

There’s no silver bullet here, but there’s certainly lots of things you can do to help bolster your credit rating. Simply put, it comes down to being on top of your finances. It’s mostly action like paying bills on time, making minimum repayments on credit cards and personal loans, and regularly checking your credit score to make sure no errors have occurred.

On the flip side, you also need to ensure you’re not doing things that will damage your rating and see you slip down the credit score ladder. On this front, it’s a good idea not to do things (if you can avoid it) like maxing out your credit card, missing loan repayments, making multiple credit applications in a short space of time, or getting court orders made against you for outstanding debts. That last one in particular is sure to hit your credit rating hard.

Remember, whether you’re just applying for a new credit card or looking to make a big life decision like buying a new home, lenders will likely examine your credit rating before approving your credit application. So take the time to get yours looking as good as possible.

Information provided in this article is of a general nature only and we have not taken your personal financial objectives, situation or needs into account. We recommend you consider if you need to seek professional financial advice before making any financial decisions.

What is active listening, and why should you use it at work?

Posted on April 29, 2021August 11, 2023 by Chris James

Active listening is the process of fully engaging with someone during a conversation by paying careful attention, asking thoughtful questions, and taking the time to understand what’s being said. This is easier said than done, as active listening requires an immense amount of focus. But investing in this skill is well worth the effort, as you’ll see in our post.

Why active listening is an essential workplace skill

You may be wondering: Don’t we practice active listening every day? Not necessarily. It’s important to recognise that there’s a huge difference between hearing and listening. The former is a passive process, while the latter is active. We’ll illustrate the difference with an example.

Let’s say you’re having a conversation with a colleague about an urgent project. When you’re speaking, it’s clear they’re not paying attention – they’re constantly glancing at their phone and not making eye contact. Your teammate also frequently interjects with their own thoughts without acknowledging yours. While this colleague may hear what you say, it’s clear they’re not actively listening.

Now let’s say you’re having the same conversation with a different team member. This person gives you verbal cues to make it clear they’re engaged with you. They also give you the space to speak and follow up with thoughtful questions to make sure they understand what you’re saying. This is active listening in action.

Seeing these two examples side-by-side, it’s clear why active listening is an essential skill for the workplace. By practicing active listening, you can:

Form better relationships. When you take the time to listen to your colleagues, you strengthen your relationship with them. Having a solid foundation like this makes it easier to collaborate, communicate, and work through problems.

Position yourself as a leader. Being a good leader and being a good listener go hand-in-hand. When you can demonstrate that you possess active listening skills, people are more likely to respect you and turn to you for guidance.

Improve your problem-solving abilities. In every role, you’re going to encounter obstacles. How well you overcome these hurdles has a lot to do with your ability to understand the problem – and this can only be accomplished by actively listening to the inputs of your team members.

5 recommendations to practice active listening

Now that you understand the importance of active listening in the workplace, let’s discuss tactics to incorporate them into your day-to-day role. Here are a few of our favorite recommendations.

1. Approach the conversation with an open mind

When you enter a conversation with a rigid mindset, it’s unlikely to be productive. You’ll be so focused on getting your own point across that it’ll be difficult to pay attention to what the other person says. Instead, try to approach every discussion with an open mind and be prepared to change your mind. This will make the process of active listening much more manageable.

2. Use verbal cues

Paying attention to verbal cues is critical to active listening. For instance, you may notice that your colleague frowns when talking about a decision made by the leadership team. This is an excellent opportunity to ask a follow-up question to see what’s bothering them and better understand their situation.

Similarly, you want to provide verbal cues as well. Nodding, smiling, and making eye contact are all great ways to show your conversation partner that you’re engaged with what they’re saying. This type of body language also makes whoever you’re speaking with feel more comfortable, increasing the chances that they’ll be transparent with you.

3. Ask clarifying questions

A great way to strengthen your active listening skills is to ask thoughtful follow-up questions. By doing so, you’re signalling to the other person that you’re interested in the conversation and are eager to hear the speaker’s message. These clarifying questions also present a great opportunity to deepen your understanding of the discussion.

4. Be present

We’ve all had the experience of being part of a conversation where we excitedly wait for the perfect moment to interject with an opinion or fun fact. While this is totally normal, it can take away from the experience of active listening. When you’re busy planning what you’re going to say, you’re likely not paying attention to the other person and won’t absorb the information they’re sharing.

5. Paraphrase

Another great technique for active listening is to paraphrase what the other person is saying. This gives you an opportunity to confirm that you’ve fully understood the message your colleague is trying to convey. If you’re not sure how to do this, try using a phrase like “what I’m hearing from our conversation is that…” And follow up with “am I understanding you correctly?” to give the other person an opportunity to make clarifications.

Active listening is a valuable skill that can be used both in and out of the workplace. With enough practice, you’ll start to experience the benefits, from forming stronger relationships to improving your problem-solving skills. Use our recommendations to practice, strengthen, and fine-tune your active listening skills.

Determine your financial wellbeing score with these five questions

Posted on April 21, 2021August 9, 2023 by Cassiano Pessoa

A simple and easy way to start cultivating financial wellbeing is with a self-assessment to determine your financial wellbeing score. Not only is this a super way to review your finances, it’s also an opportunity to take stock of your financial situation and make positive changes (if needed). Given the current financial climate, now is the opportune time to undergo a financial health check. In the March 2023 quarter, all five Living Cost Indexes (LCIs) in Australia experienced rises, including Health, Housing, Food and non-alcoholic beverages, and Insurance and financial services. Medical and hospital services saw a 4.2% increase due to higher fees and private health insurance premiums. Electricity and gas prices rose by 14.3% due to higher wholesale prices, while food prices increased due to weather-related impacts and higher input costs. Put simply – it’s an expensive time to be alive, so let’s dive in and determine your financial wellbeing score.

What is financial wellbeing?

While there’s no strict definition, the term ‘financial wellbeing’ is often used to describe a state that includes being able to meet your financial obligations, having enough financial freedom to enjoy life, being in control of your money, and having solid financial security. ANZ defines strong financial wellbeing as ‘having enough money to meet your needs now and in the future.’

When looking for signs of financial wellbeing in your day-to-day life, it’s often a good thing if you can stay on top of your bills and debt, have enough money put aside for emergencies, and keep extra cash on hand so you can plan for important future expenses, like a house deposit or education expenses.

The state of financial wellbeing in Australia

While 60% of employees are content with their current compensation, “financial pressure” was found to be the most stressful factor in a survey of 1,500 Australian workers commissioned by Flare. It is not shocking, given the state of the economy right now. In particular, housing costs are cited by 77% of workers as a source of moderate to high stress¹. Now is as good a time as any to prioritise your financial health, as the rising cost of housing is unlikely to ease pressure anytime soon.

Knowing your level of financial wellbeing enables you to better understand your saving and spending behaviours, giving you a money snapshot that can be used to make adjustments.

What’s more, in addition to small tweaks to spending and saving, assessing where you’re at in terms of financial wellbeing on a regular basis can help you break bad money habits and assist you to reach your financial goals faster.

What questions should I ask?

When it comes to assessing where you sit in terms of financial wellbeing, one common method is to ask yourself a set of questions, and then give yourself a rating on each.

One of the most well regarded, and quickest to use, Aussie financial wellbeing surveys asks respondents to answer from 4 (completely) to 0 (not at all) on the following five questions. See how you go on the following:

Once you’ve determined your score for each, multiply the total by five, and this will give you your overall financial wellbeing score. A score of 0 to 22.5 means you’re “having trouble” on financial wellbeing, 25 to 47.5 means you’re “just coping”, 50 to 75 means you’re “getting by”, while 77.5 to 100 indicates you’re “going great”, and is the top category.

Thankfully, if you didn’t score as high as you’d like, or just want more financial peace of mind, financial wellbeing can move up or down depending on the decisions you make.

Whatever the result, you can feel positive that a financial self-assessment is the first step to better financial wellbeing and getting your personal finances headed in the right direction.

¹Flare National Employee Benefits Index, 2023.

What is unconscious bias, and why does it matter in the workplace?

Posted on March 26, 2021August 11, 2023 by Chris James

Most people say they would never judge a person by how they look, their gender, race, sexual orientation, religion or age. But according to social psychologists at the University of Washington and Yale, 90-95% of people judge people unconsciously. This is known as unconscious bias.

What is unconscious bias?

Unconscious bias are thoughts or feelings we’re not directly aware of, that influence our judgement. They are the attitudes and stereotypes that affect our views, our actions, and our decision-making ability, which we’ve unconsciously created from our own background and experiences. It happens automatically, and is triggered by our brain making quick judgements and opinions of people and situations.

Why do we have unconscious bias?

Everyone has biases, whether we’re aware of them or not. It’s a fundamental aspect of being human. Scientists believe that these quick judgements and decisions can help us navigate the world without being overwhelmed, because the unconscious mind can process more information than our conscious minds. However, the downside of this is that prejudice occurs during important decisions such as recruitment, healthcare and criminal justice which can disadvantage people.

Why does unconscious bias matter in the workplace?

When unconscious bias is present in the workplace it can drive negative impact in the following ways:

talented people are left out of your workforce, or not allowed equal opportunity for development and career progression
diverse voices aren’t heard in meetings and decisions can be impaired
culture is not genuinely demonstrating inclusive workplace principles
employees are not able to fully contribute to your organisation
creativity and productivity of your team or organisation may be compromised.

Common types of bias at work

Introductions and first impressions

Foundations for first impressions come from our own experiences and sense of the world — what’s familiar to us. Our reactions to someone we don’t know may be positive, negative, or neutral depending on what’s visible or audible about them; depending on their race, perceived sexual orientation, accent or a number of other characteristics.

First impressions are powerful. We need to be aware of the impact that has on the assessment you have when you first meet them.

Stereotypes and performance bias

Performance bias occurs when people who are part of dominant groups, such as being white or male, are judged by their expected potential, while those who are part of less dominant groups such as people of colour or women are judged by their proven accomplishments.

Heidi vs Howard: Gender bias in success and likeability

In 2003 Frank Flinn, a Columbia Business School Professor and NYU Cameron Anderson ran an experiment to test perceptions of men and women in the workplace.

They started with a Harvard Business School case study about a real-life entrepreneur named Heidi Rosin. The case described how Heidi became a venture capitalist using her outgoing personality, and vast personal and professional network, that included many of the most powerful business leaders in the technology sector.

They gave the case study to two classes of students. One class read Heidi’s story and the other class read the same story but with one difference, they changed the name from Heidi to Howard. Then, they polled the students.

Students rated Heidi and Howard as equally competent, which made sense because their accomplishments were identical. Yet while students respected Heidi and Howard, Howard came across a more “appealing colleague” Heidi, on the other hand was seen as “selfish” and not the type of person you want to hire or work for.

The same data, with a single difference: Gender, created vastly different impressions. This experiment supports what research already has clearly shown which is that success and likeability are positively correlated for men, and negatively correlated for women. When a man is successful, he is liked by both men and women. When a woman is successful, people of both genders like her less.

Women are expected to be nurturing and care-taking, while men are expected to be assertive and action-oriented. Having to produce results and be liked makes it harder for women to get hired and promoted, negotiate on their own behalf, and exhibit leadership.

What can you do in your team, or at work?

Become mindful of your own unconscious bias and reflect on it.
Take the Harvard Implicit Assessment Test to see what your unconscious biases are.
Call out unconscious bias when you see it. If we can create an environment where we recognise bias, we can improve together.
Standardise processes like hiring by building a grading criteria, asking the same questions to candidates and setting the same tests.
During the hiring process, get managers to speak last. A manager’s perspective can influence a team’s input. See what more ideas can arise, if a manager listens and speaks last.

Celebrating women leaders at Flare on International Women’s Day

Posted on March 8, 2021August 11, 2023 by Chris James

This International Women’s Day, the theme is #ChooseToChallenge. We are so fortunate to work with so many phenomenal women here at Flare, and we spoke with 4 of our female leaders about what this year’s theme means to them, and their best tips for living your best financial life and building inclusive workplaces.

Liz Crawford

Chief Technology Officer, Flare

Liz is an engineering, product, and data science leader with a background in artificial intelligence and entrepreneurship.

What does #ChooseToChallenge mean to you?

To me, the theme is about being a force for positive change. Identifying opportunities and taking action against them, speaking up. There are ways each and every one of us can make a difference. As someone in a technology leadership role I have the opportunity to mentor women, to build a diverse and inclusive team and to influence others to do the same.

At Flare, we believe in empowering every Aussie to live their best financial life. How do you approach this in your own life?

There is so much that goes into this. I’m a big believer in hard work and honing your craft. This helps take care of your personal revenue line while you are younger via your ability to earn money for the work you do. For me, it’s not about maximising this revenue line, work is a large part of my life and it is important to me that I enjoy it and believe I’m contributing positively to the world.

The other side of this is savings, investment and spending. I have always spent less than I have earned which has allowed me to save and invest. Saving has required me to be frugal at times (I spent years doing a PhD on a fellowship), but it’s never meant not having necessities. I know that is a privilege. Everyone’s situation and preferences are different and at Flare we aim to help people in the ways that matter for them.

What advice do you have for businesses that are looking to build a more inclusive workplace?

Take the time to educate yourself. There is so much material out there you can learn from. Two specific tips on hiring. First, be aware of how your hiring criteria can skew your pool of eligible candidates. For example, if women engineers are less represented in a particular developer community, and you limit your search to that community you will likely end up with a worse gender ratio than companies with broader criteria. Second, if you want to hire a more diverse group, make a point of sourcing for it. Don’t just say, well we can’t do better because the candidate pool lacks diversity. If you care, make the effort. Same thing goes when organising a conference, recruiting a board, etc.

Brittany Wong

VP Marketing, Flare

Brittany is a marketing leader experienced in leading and building collaborative, high performance teams to drive market position, build demand and accelerate customer growth.

What does #ChooseToChallenge mean to you?

This is all about taking a stand for gender equality, and equality for all — and doing something about it. From what I’ve learned, gender inequality is at the heart of many injustices and socio-economic issues in communities and the world. Though many of us care about equality, few of us take action to drive change. “Choose to challenge” is a call to action to do something about it.

At Flare, we believe in empowering every Aussie to live their best financial life. How do you approach this in your own life?

In my early twenties, I lived my best ‘party’ life, studied, traveled and worked crazy hours to start my career. But behind the scenes of all of this, I was always working to pay off my upcoming credit card bill. This trend went on for years, and I thought nothing of it. As I earned more, I spent more. It wasn’t until I was 25 when a girlfriend (that went out as much as I did), bought a house on her own without any financial assistance. I was floored. How did she do this? Weren’t we all spending our hard earned money frivolously? When I asked her how she did it, she told me that her mom, who raised her and her sister on her own, had taught them to put 20% of their earnings away every pay cheque since she started working at 16. My girlfriend followed her mom’s advice (which was mandatory at the start) and told me she never noticed the difference when it came to living life. This simple habit was the difference between me (who had absolutely no money to buy a house) and her (who was a homeowner at age 25).

I’ve learned that simple financial habits can go a long way. All you need to do is get started with one or two savings habits, then you can start investing and multiplying your wealth.

When I was young, technology didn’t exist to support or educate people on financial habits, but today, it does. Anyone can empower themself to live their best financial life with the right habits, education and tools; and that’s why I’m proud of what we’re building at Flare.

What advice do you have for businesses that are looking to build a more inclusive workplace?

Start somewhere. If you don’t believe building an inclusive workplace is important, then you can’t make progress towards it.

My advice is to start small and build up from there. Find a passionate group of people who care about inclusivity, identify a Project Sponsor (or senior executive) to support and raise awareness of the initiative, and drive progress through action and programs that can be felt and experienced by employees.

Janine Fry

Head of Customer Experience, Flare

Janine is a customer experience leader who has extensive experience in technology businesses.

What does #ChooseToChallenge mean to you?

For me it’s challenging the perception of women in the workplace, and more specifically in leadership. We should not need to mirror and mimic the behaviours which made our male counterparts successful. Successful leadership can be reflected in some of those non-traditional ‘success’ qualities such as kindness, empathy and tenacity; where you don’t need to have the loudest voice to be heard.

At Flare, we believe in empowering every Aussie to live their best financial life. How do you approach this in your own life?

Before becoming a teacher, my Dad was an actuary and created a home where we were able to have difficult conversations about money, where the art of deciding between wants and needs were regularly practiced and where instant gratification was not common. Dad had a saying ‘people first, then money, then things’ (I later discovered it was ripped from Suze Orman)! For us, it meant – comprehensive insurance for my folks (life, income, health), good schools for my sister and I, followed by savings, then needs, then wants. It’s an approach I continue to practice, and an approach which overtime has enabled me to focus on long term financial wellness. The key takeaway here is acknowledging that finance is a deeply-emotional topic for many folks and having conversations early with kids is vital.

My sister and I were raised to be fiercely independent and wildly curious, which I’m forever grateful for, as it has shaped my view on learning. Educating myself on the things I don’t understand to enable informed, balanced financial decisions has been a game-changer for me.

What advice do you have for businesses that are looking to build a more inclusive workplace?

We all have our biases which have been developed and shaped by our experiences. For me, personally it’s acknowledging they exist and continuing to work to educate myself on that which I don’t understand. Assuming the best in everyone and giving myself time to deeply understand the experience of others.

Appreciate the fundamental reality of human nature. That we all like to be given an opportunity to be treated as individuals in an environment where our individual needs are considered and catered for. When that is done in a genuine and heartfelt way, diversity and inclusion organically starts to happen.

Emily Butler

Head of Consumer Marketing, Flare

Emily is a strategic marketing and brand leader with 18+ years of global experience in digital, entertainment, e-commerce and startups.

What does #ChooseToChallenge mean to you?

For me this is all about speaking up when something doesn’t seem right, and elevating women’s stories at a time when their voices are more important than ever. There are plenty of traditional values being dismantled and challenged every day in Australia and around the world, but there’s always more work to do. I started my marketing career in media 20 years ago, when gender bias and casual sexism was just another day in the office. I honestly didn’t even know it was a thing, the behaviour was so normalised. Seeing my female mentors challenge what it means to be a working woman and parent today has been a big inspiration to me, and I’m always learning and acknowledging that I have a responsibility to lift other women up.

At Flare, we believe in empowering every Aussie to live their best financial life. How do you approach this in your own life?

Women in Australia retire with 40% less in superannuation than men, as we’re more likely to be out of the workforce to have children or provide care for family members. Combined with the gender pay gap, this can significantly impact women in retirement. Additionally, up to 16% of Australian women will experience financial abuse in their lives, which essentially renders women powerless in relationships as their access to money is restricted by their partner.

Developing a healthy, independent relationship with my money, and understanding how much I need to retire comfortably has been a big game changer for me. I had 5 superannuation accounts before I left Australia for New York back in 2011 — consolidating them via 5 different paper forms went very firmly into the too-hard basket as I packed up my life for the move. After I arrived in the city, I knew I had to get my act together and start adulting. I learned how to build my credit rating so I could rent an apartment. My now husband and I started saving — I am extremely fortunate to have a partner who shares every aspect of running our family 50/50. I opened a 401k retirement account as my employer made co-contributions — there is no compulsory superannuation system over there. I’m so grateful my boss at the time suggested I do this, as by the time I relocated back to Australia, my 401k was on par with what I had in those 5 superannuation accounts.

I’m really proud of our vision at Flare because we’re meeting Aussies where they’re at, and giving them the tools they need regardless of how far along they are in their financial journey. It’s never too late to start building healthy habits. And consolidating your super is extremely easy these days, especially if your super fund prioritises the digital member experience.

What advice do you have for businesses that are looking to build a more inclusive workplace?

It’s important to acknowledge our biases, unconscious or otherwise, and give underrepresented groups a voice. My advice to leaders and hiring managers is to check your privilege at the door, and don’t assume you know the challenges everyone faces on a daily basis. Speak to your teams. Understand how they feel, and be proactive in addressing any concerns they have. Having an open mind when it comes to hiring a woman who might be returning to the workforce is hugely important — I’ve seen how hard women have to work to feel in control of their careers. In New York, I went back to work when my first child was only 4 months old. I expressed milk for my baby in a bathroom, twice a day, for 6 months. This was very “normal,” and while going back was my choice, plenty of women do not have this luxury. They simply can’t afford not to work, or they’re concerned about the impact an extended break might have on their career.

Balancing work and family is hard — I really had no concept of this before I had children! I’m grateful to work at Flare alongside so many other parents, including our founders, Dan and James. They are both incredibly supportive and understanding when it comes to being a working mum and raising a family — and this should not be a rarity. Being human and empathising with each other is the key to a happy, inclusive workforce.

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What is an emergency fund?

How much do I need?

How to save for an emergency fund

How is a sinking fund different?

How to create a sinking fund

How much should I have in a sinking fund?

But first, what is SBI?

How does it work?

How can SBI improve behaviour?

The result

‘The SBI structure helps the receiver have a better understanding of their behaviours, and what they can do to improve or change them.’

So, are you a good coach, and could you be better?

1. Be humble

2. Start with empathy

3. Show appreciation

4. Listen before you respond

5. Set specific goals

By Mark Biggart, Flare Cars

So, what’s happening in the used car market, and why?

What does this mean for me?

Sounds great! How do I get started?

What is a credit rating?

Where do I find my credit rating?

How’s my credit rating calculated?

How can I boost my credit rating?

Why active listening is an essential workplace skill

5 recommendations to practice active listening

1. Approach the conversation with an open mind

2. Use verbal cues

3. Ask clarifying questions

4. Be present

5. Paraphrase

What is financial wellbeing?

The state of financial wellbeing in Australia

What questions should I ask?

What is unconscious bias?

Why do we have unconscious bias?

Why does unconscious bias matter in the workplace?

Common types of bias at work

Introductions and first impressions

Stereotypes and performance bias