Siemens supports its people's financial wellbeing and reduces churn through the pandemic and beyondDownload
Industry: Engineering and technology
No. of employees: 303,000+ in 200+ countries
As one of the world’s leading tech companies, Siemens is always thinking about what’s next: building the technologies and innovations of tomorrow to adapt to the ever-changing world we live in.
And the business' wellbeing strategy is no different. Siemens knows it needed to adapt its financial wellbeing strategy to flex with the world of money that has seen unparalleled change over the past few years. One of its top priorities was to support its people through the pandemic and beyond.
In addition, Siemens' analysis found that 83% of employees were forecast to fall short of their DWP target income in retirement and despite investing heavily in retirement communications in the past, employee behavior hadn’t changed. The business realized the risks of this in creating a disengaged ageing workforce and limiting future career pathways for younger talent.
With these two significant financial wellbeing challenges in mind, Siemens found the perfect partner in nudge.
Siemens and nudge have worked together for 5 years on their financial wellbeing program. The program is underpinned by nudge’s global financial education platform with localized interactive learning modules and tools, that their people can access at any time. Through nudge, Siemens’ employees have had flexible, ongoing financial wellbeing support.
In addition, to support Siemens’ challenge of a changing world of money, nudge has delivered virtual masterclasses to Siemens’ employees through Covid and more recently to build employee financial resilience to deal with cost-of-living.
To overcome Siemens’ specific retirement challenge, in the initial period of the partnership, they worked with nudge’s Customer Success Managers to apply ‘nudge theory’ to change its retirement scheme design, offering enhanced company-matched contributions targeted at key groups. Siemens also designed communications delivered through the nudge platform – or ‘nudges’- that were highly personalized to the age, salary, retirement contribution and other characteristics of each employee.
Most strikingly is over the years of changing financial pressures, those employees that have used nudge are 16% more likely to have stayed at the company than those who have not engaged.
felt more connected to their employer, Siemens
Usage from those signed up
Less likely to churn if using nudge
Partnering with nudge has allowed us to adapt our financial wellbeing strategy as needed, empowering our people when it comes to their financial education. Examples are nudge’s financial stories and Early Careers Money Management masterclass which is now a module within our Early Careers development programme. We feel its important to provide financial education at all stages and circumstances of life and nudge has made this possible.
EMEA Compensation & Benefits Professional, Siemens