Siemens motivate 2,500 employees to increase retirement contributions
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Established: 1847
Industry: Engineering and technology
No. of employees: 15,000 +
The challenge
83% of employees were forecast to fall short of their DWP target income in retirement - risking a disengaged ageing workforce and limiting future career pathways for younger talent. Not having adequate retirement savings was employees’ ‘number 1’ financial worry, and despite investing heavily in pension communications in the past, employee behavior hadn’t changed.
The solution
Siemens appointed nudge to deliver a sales-free financial education program. They applied ‘nudge theory’ to repair their pension scheme design, offering enhanced company-matched contributions targeted at key groups. They also designed communications that were highly personalized to the age, salary, retirement contribution and other characteristics of each employee.
For me, the biggest, most important thing about our benefits strategy is to make this whole thing digital. We want happy people at the workplace who can enjoy what they do, and who don’t need to worry about their finances. Our employees love the content, they love how often they get nudged, not spammed and they love the personality of the communications.
Nikki Roche, Total Rewards Manager, Siemens
2500
Employees increased their retirement contributions
30%
Increase in contributions by over a third of employees
500%
Increase in engagement with financial education