Founder Spotlights: Insights from Ennie Lim, founder of Honeybee
Founder Spotlights is part of our virtual event series in partnership with the NY Tech Alliance! Hosted by NYTA’s Andy Saldaña and Grasshopper Bank’s Micah Baldwin, where we check in with tech founders, entrepreneurs, and small business leaders looking to have candid conversations about their journey, their business and how they have been coping during this time of uncertainty.
Coronavirus has affected everyone around the world. Yet, its impact has varied greatly from person to person and business to business, often depending on who they are, where they live, and importantly, their financial situation. We recently sat down with Ennie Lim, Co-Founder and CEO of HoneyBee, a startup and certified B Corp helping to promote financial wellness from within the workplace. Ennie’s journey into the financial wellness space was sparked by her divorce. Her own financial setbacks helped her realize that she wanted to help others experiencing these issues. Ennie launched HoneyBee to help employers offer low cost 0% interest emergency funds and personal financial counseling to their workforce. Since COVID-19, Ennie has seen a surge in the need for financial support. Many businesses had to reduce hours, reduce pay, furloughed or lay off their workforces, employees were forced to drain their savings, borrow against their 401ks, or worse, resort to a payday lender. Ennie chatted with us about how vital financial wellness is for empowering ourselves and others, how sharing her personal story has helped her build her business, bring together her team, and to be part of a community of like minded problem solvers.
Destigmatize talking about financial wellness
Money is a touchy subject. So touchy, in fact, that Ennie tells us two thirds of people would rather talk about money than talk about their weight — and no one wants to talk about their weight! Employers can develop a good idea of the financial health of their team by taking a look at employee participation in retirement plans, if they are borrowing against their retirement, asking for pay advances, etc. Their financial state may also be indicative of their overall well-being. The stress of financial instability affects a worker’s mental health and can affect their performance on the job. It’s commonplace for companies to support the well-being of their employees with health insurance, dental and vision, even snacks. Yet, financial wellness has fallen by the wayside due to a long held stigma against talking about money. Ennie is looking to change that with HoneyBee, incorporating financial wellness plans like no-cost emergency funds, financial counseling, and financial health webinars into the workplace alongside other benefits. Ennie tells us, “I want to destigmatize financial health in the workplace and provide a safety net for all working Americans”. The turnkey solution doesn’t require any payroll integrations, all employees regardless of credit can get access to the program.Helping employees to better manage their money and offering them a safety net has practical results like funding children’s dance lessons, paying for a car repair, financing family vacations, and paying for MBAs. The thank you notes HoneyBee receives about how employees have benefitted from their programs are moving and very personal.
Promote authenticity by example
Ennie has become a master at helping others open up just by being authentically herself. She’s been candid about HoneyBee’s origin story, which began after her marriage ended, unable to get approved for an apartment, she was forced to move back in with her parents. Although it was a trying time, it provided the inspiration for where Ennie is today and sharing her story has helped her to build the company and her network of empathetic employers that want to help their workforce. In fact, Ennie tells us one of the things she’s most proud of is, “As CEO is it important to instill a culture of authenticity and transparency, to have an authentic desire to share stories.””. She even asks prospective hires to share stories of their own financial setbacks and how they overcame them during the interview process. She wants to see how they have overcome personal financial challengesNow that the team is working from home, they’re finding creative ways to stay open and connected, like playing games on Fridays or sharing something about who they are. Ennie thinks the team is closer than ever as a result, even working virtually.
Build a community of problem solvers
Ennie was willing to be true to herself and her belief that talking about money shouldn’t be taboo is part of the reason HoneyBee is seeing the success that it is today. Founders of mission-driven companies are natural problem solvers. Becoming a Certified B Corporation means that Honeybee has met the highest standards of balancing profit and purpose, offering social value, and providing public transparency. With only 2,200 B Corps across the globe, the group represents a community of leaders who are aligned in their vision to improve the world we live in. Ennie tells us that she recently felt humbled by the willingness of a powerful woman in the tech industry to speak with her about HoneyBee on a late Saturday night. She hopes to offer similar support as an advocate for women to talk more openly about money in the workplace. She’s already offering that support in her personal circles, as well as with her team. Ennie looks for problem solvers when hiring at HoneyBee. She goes out of her way to avoid referrals to ensure her team consists of employees with different backgrounds, life experiences and perspectives. Ennie tries to hire those with an entrepreneurial spirit and empowers her team to think independently. She says, “You have to allow them to make their mistakes and learn from it, we’re looking for problem solvers”. To reinforce this, she gives two books to new hires, “What Do You Do With An Idea?”, a children’s book written by Kobi Yamada and illustrated by Mae Besom that a simple idea can change the world, and “Emotional Intelligence 2.0” by Travis Bradberry and Jean Greaves, suggesting that everyone takes the test every year because she strongly believe that managing and improving your Emotional Intelligence will lead to long-term success not just at work but in your personal life. Ennie wants to mentor when she feels she’s ready, but it’s clear that she already has a lot to offer. To other entrepreneurs out there, Ennie recommends, “Build something that matters, and focus on the mission.”
We hope this post inspires you to have more open dialogues about financial wellness. Your willingness to be authentic in conversations about money could be just what your employees, your community, and yourself need. Thanks so much to Ennie Lim of Honeybee for her time and wisdom. Please join us for the next Founder Spotlight in our Founder Spotlight series featuring Regina Gwynn, Co-founder, TresseNoire on December 2nd at 12pm EST.
