UCB boost bonus sacrifice take up through financial education
DownloadNo. of employees: 856
Industry: Pharmaceutical
Established: 1928
The challenge
UCB needed an innovative, new way of promoting their bonus sacrifice scheme to employees. Their objective was to drive better awareness and take-up of the scheme – helping employees understand the numerous benefits of opting for the bonus sacrifice and what it means for them and their personal circumstances.
The team engaged with their financial wellbeing partner, nudge, to develop a communications campaign that was underpinned with personalized, impartial financial education. By encouraging employees to consider reinvesting their savings into their retirement fund, and take part in nudge’s financial health checkup, UCB aimed to empower their workforce with the knowledge and skills to make informed financial decisions and secure their future.
The solution
UCB and nudge designed and delivered a targeted plan that communicated the bonus sacrifice scheme in three key ways:
- Financial education stories on nudge. The team used the interactive, step-by-step guides to educate their employees individually.
- Bite-sized posts on the bonus sacrifice scheme within the nudge feed. These posts aimed to provide clear and concise information so employees could understand the key details for them and their situation.
- Reward nudges (personalized benefit education communications) designed to prompt employees to learn more and participate in the scheme were sent via the employees’ preferred channel of communication, including email, WhatsApp and SMS
In addition to educating employees on the concept of bonus sacrifice and its tax implications, the communications also explained how the scheme operates within UCB. By linking directly to the UCB platform and providing step-by-step instructions, employees were guided on how to easily take advantage of the scheme – ensuring a seamless, user-friendly experience.
The outcomes
- 250 individuals actively engaged with the communications sent by nudge.
- 68% of employees engaged with the campaign decided to forgo their bonuses this year (record breaking).
- £2,000,000 was voluntarily sacrificed by UCB employees.
- £300,000+ was additionally saved in tax contributions for UCB.
250
employees actively engaged with the communications sent by nudge
68%
of employees engaged with the campaign decided to forgo their bonuses this year (record breaking)
£2,000,000
was voluntarily sacrificed by UCB employees
The impact of our campaign with nudge has exceeded all expectations, delivering clear and tangible results that truly speak for themselves. These remarkable achievements have successfully created a lasting and impactful educational experience for our employees that will continue to make a difference for years to come. Over 80% of our people are regularly using nudge, showcasing a diverse range of ages and salary levels actively utilizing their financial education on various topics. This surge in interest perfectly explains the enthusiastic embrace of the bonus sacrifice scheme.
Nadia Goodman
Talent Project Partner