Our client was looking for ways to ease the burden of financial worries for their people, recognising the negative impact that this could have upon their business. They knew that their existing benefits package, whilst generous, was out-dated and did not directly address financial wellness.
They understood that their people had different financial needs, concerns and aspirations. The level of financial understanding and education varied greatly amongst employees. Some were trying to save for a deposit or other life moment, some did not see retirement savings as an immediate need. Many, particularly the younger generations, wanted their employers to help them with these needs.
We asked our client if they understood how financially well their employees were. They told us they didn’t. We asked them if gaining an understanding of their employees’ financial state of health would help them focus their benefits spend and improve their business performance. They told us it would.
The JLT Approach
To begin with, we provided the client with our Financial Wellness Benchmark Report. Based on industry data and research, this gave them a sense of how financial wellness could impact their people.
Next, we conducted our Financial Wellness Survey, using scientifically-designed questions to give a real understanding of their employees’ financial wellness and their financial goals. We ran a carefully-structured communications exercise to get a high survey completion rate of 81%.
With the results in, we followed-up with our Analysis Report, created in conjunction with our partner Boost who are experts in survey analysis and behavioural psychology. The report summarised the data gathered, specific to our client, and drilled into detail to show exactly how financial wellness was affecting their people and impacting their business.
Then, we created a set of Financial Wellness Recommendations based on the analysis report. These included:
- a need for knowledge – both for general financial education and also specifics such as pensions and retirement awareness;
- a need for improved resilience – to support employees in building savings and emergency cover;
- a need for communications - to improve knowledge and awareness of existing benefits and to drive usage of these.
Following implementation of the recommendations, we’ll re-run the survey on a regular basis to measure the impact of the changes on employees’ financial wellbeing.
Our financial wellness consulting helped our client create a simple, carefully directed strategy that supported their paternalistic ethos by introducing a modern, 21st Century reward and benefits strategy.
Finally, it helped them shape a set of Key Performance Indicators to allow them to track the impact of the recommendations against their Financial Wellbeing Index.
What The Client Said
‘We knew there was an issue, but we didn’t understand where to direct our attention, or how to fix it’
‘It’s a great piece of work. Good quantitative, qualitative and representative view. The plan is very well organised and clear.’
For any query please contact Andrew Turner | Proposition Manager | +44 (0) 20 7309 8364 | Andrew_turner@jltgroup.com.