Vestpod - Emilie Bellet, Women and Money

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Making Motherhood and Your Career Work For You, With Tobi Asare

Veronica Morozova

🤰Tobi Asare is a mum of two and founder of My Bump Pay, an online platform giving women the tools to smash the glass ceiling with a baby on the way and beyond.

💪 Tobi created the platform to help give women the confidence to achieve their career goals and take them through their career journey, while overcoming the motherhood penalty. Her work to help women thrive in the workplace was recently recognised by Prime Minister Boris Johnson

💥 Today on The Wallet:

1️⃣ Only 29% of first-time mothers return to full-time work in the first 3 years after maternity leave, and 47% of women in London say they did not get the flexibility they asked for at work. We discuss the challenges that mums face in returning to work, and the structural changes needed for parents to advance their careers.

2️⃣ We know the cost of childcare is a huge barrier for women when it comes to returning to work, so Tobi gives tips on how to successfully raise the conversation about flexible working with your employee and finding a solution that works for all parties.

3️⃣ Finally, we will break down how much it costs to have a baby, what you actually need to purchase when you’re expecting, as well as areas where you can cut back and save.

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  1. Always ask, push, and question

  • Unfortunately, taking time out of the workforce usually means that you’ll eventually be less likely to be promoted when you do get back to work, which means that you are likely to end up earning less than if you didn’t take the time off.

  • However, women are very capable and can do a better job than what their employers think they can do.

  • It’s important that women find the confidence to go after the opportunities they want and to voice their needs, irrespective of having a child or going on maternity leave.

  • When we learn to ask, push, and question from an early stage in our career, it is easier to negotiate when the time does come for you to take maternity leave.

  • My Bump Pay tries to reverse those perceptions and help women find the confidence to raise their hands for the opportunities they are capable of doing.

  • The stigma around women starting families is that they might not have as much commitment to their careers, however, Tobi says that this is often not at all the case, especially when women had been engaged with a particular employee before going on maternity leave.

  • Companies have to treat an employee returning to the workplace almost like they would a new employee — a period of re-onboarding, so to speak, to help women embed themselves back into the workplace.

  • Having more men taking shared parental leave or paternity leave enables them to have more empathy toward their colleagues, which creates a workplace culture that is more understanding to and welcoming of young parents.

  • Once you are planning on having a baby, it’s important to get really clear on what you want your career to look like and start planning ahead.

  • Write down your goals and share them, because when you share your goals with the relevant people, they will be the ones to make sure your wishes are recognised and embedded into your return plan.

  • You need to think ahead about what childcare options would potentially work for you. It’s not necessary to have everything figured out straight away, but it’s good to know your options ahead of time.

  • It’s also important to speak to people who have walked the journey — connect with like-minded people within wider networks who have had children and perhaps returned to the workplace, and don’t be shy to ask them questions!

  • If you feel like you have been unfairly made redundant, or something doesn’t sit right, don’t hesitate to call a legal helpline and ask for tailored advice. They will be able to direct you in the best way possible.


2. Consider flexible working and childcare costs

  • Have a good understanding of your maternity policy and don’t hesitate to ask HR for help.

  • It’s always worth asking about enhanced maternity pay, so always ask your employer about what is potentially available.

  • The government website is very helpful as a tool to understand all the different support you could be receiving, such as child benefits, so don’t forget to look into that, too.

  • If you feel like you have been unfairly made redundant, or something doesn’t sit right, don’t hesitate to call a legal helpline and ask for tailored advice. They will be able to direct you in the best way possible

  • When it comes to flexible working, it’s all about being output orientated and empowering them to get their work done in the time frame that works for them.

  • Engaged employees are more efficient and effective and are more likely to stay at your organisation for a longer time and perform at a higher level, so it is in the companies’ interest to offer flexible working options.

  • Because of the extortionate costs of childcare, women are often reluctant to go back to work. More needs to be done to make childcare more accessible to a wider number of parents.

  • Don’t leave sorting out childcare to the last minute — all the good and affordable places get snapped up very quickly.

  • It’s also worth speaking to people in the local community, as they can be an untapped source of knowledge.

  • If you have a partner, always consider having a conversation with them about sharing the burden of childcare. There can be different formulations of working patterns and domestic responsibility shouldn’t solely fall on the women’s shoulders.

  • Before you ask your employer for flexible working, make sure you come prepared and understand their perspective. Always think of the positives of the solution that you are putting on the table.

  • Try to make your flexible working request also work for that organisation, eg. their goal’s and ambitions.

3. It’s tempting, but try not to overspend on your baby!

  • The most high-cost item you’ll need is a buggy. Having the right car seat (if you have a car) is also essential.

  • Always try and find things on eBay or Facebook Marketplace when you can!

  • When it comes to baby clothes, keep in mind that they grow ridiculously quickly — so don’t get too crazy clothes shopping.

  • Forget about branded nappies — supermarket nappies get the job done just as well.

  • Always ask your friends with kids if they’ve got anything they can give away — chances are they’ll be more than happy to get rid of excess clutter.

RESOURCES: 

We shared some resources in this episode, all the links are below:

You can follow and connect with Tobi at:

*** Our podcast partners PensionBee are also offering you a £25 pension contribution (£20, plus £5 in tax relief) when you sign up. To claim the offer, follow this link: https://www.pensionbee.com/vestpod. Capital at risk. ***